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CIPS Ethical and Responsible Sourcing Sample Questions (Q195-Q200):

NEW QUESTION # 195
In which circumstances would it be relevant for a procurement organisation to apply the Pareto principle (the
80/20 rule) to analyse expenditure with suppliers? Select TWO that apply.

A. To identify strategic suppliers requiring closer management
B. To identify the expiry dates of existing supplier contracts
C. To identify optimum commercial opportunities to change supplier relationships
D. To identify the frequency of performance-related payments to suppliers
E. To identify the extent of variation of cost in a contract

Answer: A,C

Explanation:
The Pareto principle, or the 80/20 rule, is a tool used in procurement to identify that approximately 80% of an organisation's spend is typically with 20% of its suppliers. Applying this principle helps in:
* Identifying Strategic Suppliers:Recognising which suppliers account for the majority of spend allows organisations to focus on managing and nurturing these key relationships.
* Optimising Supplier Relationships:Understanding spend distribution can highlight opportunities to renegotiate terms, consolidate suppliers, or adjust sourcing strategies for better efficiency and cost savings.
Exact Extract from Study Guide:
"The Pareto Principle is used to identify that 80% of spend is typically with 20% of suppliers, enabling procurement to focus on strategic supplier management and optimise commercial relationships."

NEW QUESTION # 196
The International Chamber of Commerce (ICC) publish a list of commercial rules known as Inco-terms. What is the purpose of these rules?

A. to state which products can be exported from which countries
B. to provide internationally recognized product descriptions
C. to ensure buyers and suppliers pay the correct level of tax on imported and exported goods
D. to describe the point at which an item is considered delivered

Answer: D

Explanation:
Incoterms describe the point at which an item is considered 'delivered' and explains who has the risk of what during the transport of the goods.

NEW QUESTION # 197
Which of the following would you use to determine the outcome of a competitive tender? Select TWO.

A. location
B. reputation
C. price
D. quality
E. distribution

Answer: C,D

Explanation:
Price and Quality are the two considerations when marking a competitive tender.
Location, distribution and reputation may be considered for SOME tenders, but these would be sub-categories that fall under 'quality questions.

NEW QUESTION # 198
The gross profit of a company can be calculated by using a simple formula. What is this?

A. cost of sales - fixed assets
B. total revenue - cost of sales
C. assets - liabilities
D. debt owed - total sales

Answer: B

Explanation:
gross profit = total revenue - cost of sales.
Learn all you can about financial ratios and financial statements for the exam- it's a very common topic

NEW QUESTION # 199
A business may be faced with the challenge of deciding whether to source some of its requirements from external suppliers or whether to make them internally. Which of the following factors is likely to justify the decision to make the requirements internally?

A. External suppliers are likely to be overcharging
B. The other suppliers are using older technology
C. External sourcing involves cumbersome tendering procedures
D. The availability of in-house competencies and capacity to carry out the production

Answer: D

Explanation:
Internal production is often justified when a company has the necessary competencies and capacity. This approach aligns with responsible sourcing by leveraging internal capabilities for better control over quality, cost, and compliance with ethical and environmental standards.

NEW QUESTION # 200
......

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Latest L4M4 Exam Cram & Valid L4M4 Exam Tutorial

Seeing The Latest L4M4 Exam Cram, Passed Half of Ethical and Responsible Sourcing

CIPS Ethical and Responsible Sourcing Sample Questions (Q195-Q200):

Professional Latest L4M4 Exam Cram | 100% Free Valid L4M4 Exam Tutorial

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