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L3M3 Contract Administration Questions and Answers

Questions 4

The price at which suppliers wish to sell and buyers wish to buy; and the market clears, is called the

Options:

A.

Equilibrium price

B.

Opprobrium price

C.

Closing price

D.

Polyvalent price

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Questions 5

‘When the supplier delivers the goods as ordered, two further documents are created.

a) The supplier’s XXX XXX, included with the goods

b) The buyer’s YYY YYY YYY’

Choose the correct replacement words.

Options:

A.

Delivery note, goods received note

B.

Purchase order, goods received note

C.

Formal quotation, terms and conditions

D.

Delivery note, service level agreement

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Questions 6

The letters ‘MEAT’ stand for:

Options:

A.

Most economically advantageous tender

B.

Most environmentally advanced technology

C.

Most environmentally advantageous tender

D.

Main economically advanced tender

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Questions 7

What is a contract?

Options:

A.

An agreement between two or more parties which is intended to be enforceable by any means feasible.

B.

An agreement between two or more parties which is enforceable in law.

C.

An agreement between two or more parties which is intended to be honoured.

D.

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

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Questions 8

If your organisation takes out insurance cover to address various risks, which one of the following risk management strategies is it adopting?

Options:

A.

Treat

B.

Terminate

C.

Tolerate

D.

Transfer

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Questions 9

A common term for the win-lose style of negotiations is:

Options:

A.

Illustrative

B.

Diminutive

C.

Destructive

D.

Distributive

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Questions 10

A concise structured document showing all risks for a contract / unit / organisation, including details of nature of risk, risk owner, anticipated impact, possible responses, etc

Options:

A.

Risk analysis

B.

Risk register

C.

Risk profile

D.

Risk manual

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Questions 11

In this course, the acronym ‘CPA’ stands for:

Options:

A.

Cost price adjustment

B.

Certified price assessor

C.

Critical path analysis

D.

Contract price adjustment

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Questions 12

The official power to make legal decisions and judgments in a given location, for example

Options:

A.

Jurassic

B.

de jure

C.

Jurisprudence

D.

Jurisdiction

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Questions 13

‘The CIPS Code of Conduct states that procurement professionals should not accept any business gifts under any circumstances.’ True or false?

Options:

A.

True

B.

False

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Questions 14

What do we call it when a seller sets a low introductory price to win customers, or to discourage competitors owing to the low margins achievable in the marketplace? Choose one.

Options:

A.

Cost mark-up pricing

B.

Competitive pricing

C.

Promotional pricing

D.

Penetration pricing

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Questions 15

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

Options:

A.

Extent of competition in the marketplace

B.

Cost of production

C.

Shareholder and managerial expectations of profit

D.

Customer perceptions of value

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Questions 16

‘Because they are set up for a specified duration, XXX contracts are subject to expiry rather than completion, unless they are renewed or extended.’

Options:

A.

Framework

B.

Term

C.

Spot

D.

Call-off

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Questions 17

Transfer of the rights and obligations of a contract onto a third party, is called:

Options:

A.

Assignment

B.

Association

C.

Acceptance

D.

Assignation

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Questions 18

A contract clause indicating damages to be recovered in the event of under-performance, with the proposed damages being a genuine pre-estimate of loss, is called a:

Options:

A.

Punitive damages clause

B.

Liquidated damages clause

C.

Penalty clause

D.

Unliquidated damages clause

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Questions 19

Which of the following statements is untrue? Select two.

Options:

A.

The framework arrangement establishes the basic terms and conditions that will apply to subsequent orders

B.

A framework arrangement cannot be used for consultancy services, although it can be used for construction work.

C.

There is an obligation to buy under a framework arrangement

D.

In most cases, a framework arrangement is not itself a contract.

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Questions 20

Win-win negotiations can be described as expanding the:

Options:

A.

Pie

B.

Sky

C.

Tie

D.

Dye

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Questions 21

Which one of the following is not an ‘E’ from STEEPLE?

Options:

A.

Economic

B.

Ethical

C.

Environmental

D.

Epistemological

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Questions 22

After a framework arrangement is in place, a further XXXX competition can be held. Which word replaces XXXX?

Options:

A.

Mini

B.

Maxi

C.

Micra

D.

Micro

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Questions 23

What gets measured, gets …’?

Options:

A.

Measured

B.

Procured

C.

Managed

D.

Lost

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Questions 24

In a reverse online auction:

Options:

A.

The highest bid wins

B.

The seller sets up the auction

C.

The lowest bid wins

D.

No bid wins

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Questions 25

What is the name given to costs which do not vary as activity levels in a business increase or de-crease?

Options:

A.

Variable costs

B.

Indirect costs

C.

Direct costs

D.

Fixed costs

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Questions 26

Qualitative research / data can accurately be described as XXX rather than 'counting'. What is XXX?

Options:

A.

Prying

B.

Probing

C.

Enumerating

D.

Summarising

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Questions 27

Key players have a:

Options:

A.

High level of interest but little influence

B.

High level of interest and little power

C.

High level of power and a high level of interest

D.

High level of power but little interest

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Exam Code: L3M3
Exam Name: Contract Administration
Last Update: Dec 1, 2024
Questions: 90

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