CIPS L3M3 Contract Administration Exam Exam Practice Test Questions

• Question 1

  What is a contract?

  • An agreement between two or more parties which is intended to be enforceable by any means
  • Feasible.
  • An agreement between two or more parties which is enforceable in law.
  • An agreement between two or more parties which is intended to be honoured.
  • An agreement between two or more parties which, all other things being equal, is in-tended to be enforceable by law.

  Show Answer Answer: B Next

• Question 2

  Conducting individual and group-based (focus groups) in-depth interviews. Is this quantitative or qualitative data gathering?

  • Qualitative
  • Quantitative

  Show Answer Answer: A Next

• Question 3

  Which of the following are internal factors in supplier decision-making? Choose two.

  • Extent of competition in the marketplace
  • Cost of production
  • Shareholder and managerial expectations of profit
  • Customer perceptions of value

  Show Answer Answer: B, ,C Next

• Question 4

  ‘Profit is not a cost’. True or false?

  • True
  • False

  Show Answer Answer: C Next

• Question 5

  Contribution is equivalent to:

  • Selling price minus total costs
  • Selling price
  • Selling price minus fixed costs
  • Selling price minus variable costs

  Show Answer Answer: D Next