Online Access Free L3M1 Exam Questions

The idea / practice that some users / internal customers will spend organisational funds without in-volving procurement professionals when required to do so by organisational rules, is called:

• A.Maverick buying
• B.Merchandise buying
• C.Nonconformist procurement
• D.Off balance sheet procurement

Continuously gathering and analysing intelligence from sources such as professional, industry and trade journals, websites, conferences and exhibitions, published reports and online databases is called:

• A.Industrial espionage
• B.Environmental scanning
• C.Data analysis
• D.Purchasing research

Which one of the following is a commercial document issued by a seller stating what the cost would be of supplying certain goods or services, normally in response to an enquiry by the buyer?

• A.Pre-qualification question naire
• B.Supplier quotation
• C.Commercial invoice
• D.Request for quotation

Think carefully.
There is low consumer demand; production capacity is unused; prices are stable or are falling; busi-ness profits are low; unemployment is high; and business confidence is low. Is this:

• A.Recession
• B.Depression
• C.Boom
• D.Recovery

A market situation where there is only one supplier is called:

• A.Monopsony
• B.Monopoly
• C.Imperfect competition
• D.Oligopoly