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CIPS L3M1 Exam Questions
- Topic 1: Different Sectors of Procurement and Supply: Under this heading, there are different subtopics of the various sectors of procurement and supply including description of the categories and functions of private sector, roles, and scope of procurement in the private, public, not-for-profit/third sectors. Understanding the above sub-topics is very essential in an attempt to understand the concept of procurement and supply in general in these different sectors.
- Topic 2: Types of Pricing Arrangements in Commercial Agreements: It focuses on explaining pricing arrangements of use in commercial agreements so an entity can have the most effective price and cost management. This sub-topic is important because through this the role of pricing in procurement and supply can be deciphered.
- Topic 3: External Environment and Its Impact on Procurement and Supply: The external environment and their impact on procurement and supply comprise such subtopics as identification of the impact of the external environment and a description of implications of economic, political, legislative, environmental, ethical, and social criteria on the procurement and supply. Investigating these sub-topics is necessary for comprehending the external factors influencing procurement and supply.
- Topic 4: Procedures that Regulate Procurement and Supply: It refers to the regulations that guide procurement and supply. The subtopics discuss the types of documentation in procurement and supply and how these documented policies and procedures help in working within this field. Knowledge of the subtopics presents an essential overview of how regulatory aspects work in procurement and supply.
Free CIPS L3M1 Exam Actual Questions
Note: Premium Questions for L3M1 were last updated On Apr. 11, 2026 (see below)
A market situation where there is only one buyer in the marketplace is called:
A market with only one buyer is called a 'monopsony'.
There may be other QUESTION NO :s in this test about the other terms shown, so I shall hold back on expla-nation(s) here.
The system by which organisations are directed and controlled, thinking about business ethics and stakeholder responsibility, and where Directors may be held to account, is called:
Corporate Governance. Not to be confused with CSR.
Corporate identity relates to marketing and branding; corporate manslaughter is the concept of an organisation being criminally accountable for the deaths of humans through some lack of care. An example might be the deaths of rail company employees on the railway track, where the prosecution would attempt to show that it was the employers' fault.
A contract clause which entitles the buyer to hold back 5% of the final price for six months to en-sure everything is in order is known as a --------- clause:
'Retention' - from the word 'retain', meaning to 'keep in place', 'hold back', 'keep possession of' something (Concise Oxford Dictionary, fifth edition) . In this case, 5% of the contract price.
'The value of a commodity or service measured in terms of the standard monetary unit' describes:
The definition shown refers to the word 'price'. The price is what someone will pay for something - the extent to which a customer values something - and the reference to the standard monetary unit refers to, for example, a dollar, a Euro, a dinar or whatever.
The other answers are, to some extent, intended to confuse, as they use some of the words shown in the definition. Care must be taken not to jump to a conclusion here.
The response 'cost' should give pause for thought, as, in a sense, the cost of doing or making some-thing may have value. But value is determined by the customer - this definition is a reference to the value the customer would pay - the price.
'The optimum combination of whole life costs and quality' is one definition of:
An earlier widely-used definition of value for money as the right combination of price and quality has been updated to include the notion of whole-life costing.
The other answers shown are simply 'red herrings'.
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