2023 Perfect L4M8: Procurement and Supply in Practice Testking Exam Questions

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CIPS L4M8: Procurement and Supply in Practice is a highly respected and globally recognized certification program offered by the Chartered Institute of Procurement and Supply (CIPS). This certification program is designed to equip procurement and supply professionals with the knowledge, skills, and practical experience they need to excel in their careers.

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CIPS Procurement and Supply in Practice Sample Questions (Q55-Q60):

NEW QUESTION # 55
What are the two options for the disposal of an asset if resale is not possible?

Answer:

Explanation:
Disposal of an asset is the final stage in the decommissioning process of a fixed asset.
When a fixed asset reaches the end of its useful or cost effective life time within an organization, the decision is made as to whether it should be removed from the premises or disposed off.
If the asset is truly at the end of its life, no longer fit for purpose, not cost effective to repair and is not able to be exchanged, then disposal is the only option; there are two options for disposal;
1) Take the asset to land fill site
2) Taking the asset to a recycling plant.

NEW QUESTION # 56
Explain which factors should be considered when deciding the quantity of a product to order.

Answer:

Explanation:
When reviewing supplier's response the procurement professional should consider the right quantity of product or service that has to be ordered at anytime as against the price to decide how to gain the best cost.
Factors to consider include the following
(1)Cost of inventory
(2) cost of insurance
(3) cost of transportation.
These three should be considered against price.
Note: Incoterms are versatile and procurement professionals should understand how they are ap-plied and what point the risk transfers from being the supplier's responsibility to being the buyer's responsibility. It is important to consult the ICC for the most recent definitions, but in the following questions (101-111) you can understand the rules.
Note: sharpen your knowledge on INCOTERMS. Please consider the following Objective Re-sponse questions

NEW QUESTION # 57
Which Incoterm applies here?
The supplier is responsible for delivering the goods to the buyer's premises include arranging any custom clearances that applies, bearing all risk up until this point.

A. DAT - Delivered At Terminal
B. DDP - Delivery Duty Paid
C. FAS - Free Alongside Ship
D. DAP - Delivered At Place

Answer: B

NEW QUESTION # 58
What is needed for a contract to be binding?

Answer:

Explanation:
A contract is written or verbal agreement, made between two or more parties that is legally enforceable.
For a contract to be legally binding it must include intention of parties entering into the contracts.
All parties must have the capacity to contract or be contracted.
They must be of a sound mind, there should be a promise (offer) for performance from the other party and an exchange (consideration) of one thing for another within an agreement for contract to be binding, and there must be an acceptance of the offeror's offer by the offeree.

NEW QUESTION # 59
Describe three ways in which a supplier could improve the effect its company has on the environ-ment.

Answer:

Explanation:
Responsible and ethical sourcing promotes working with suppliers who want to have a positive effect on the environment or at least minimize the damage they cause. Suppliers can make effort to reduce their impact on the planet through reducing the pollution, taking steps to recycle or reuse products can improve on supplier's impact on the environment, also supplier can consider sustainability as another environmental factor. Suppliers with strong values on ethics will have a programme to return anything taken from nature in the form of replanting or replacing.

NEW QUESTION # 60
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