Pass the CIPS CIPS Level 3 Advanced Certificate in Procurement and Supply Operations L3M1 Questions and answers with CertsForce

Explanation

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.

Explanation

It is about climate change. The other answers are simply made up.

Explanation

Demographics now seen as being a part of STEEPLED.

The other terms shown have nothing to do with this topic and are simply fillers.

Explanation

This is simply false. Partnerships are normally unincorporated profit-oriented organisations eg ac-countants, lawyers, many consultancies, some retailers, etc. One significant factor about partnerships is that individuals' capital is normally at risk, unlike in limited companies, where the risk is limited.

Explanation

This is true.

The purpose of creating or entering into a trading bloc is to increase the volumes of trade between countries within that bloc. This is irrespective of trade between blocs, which may grow or not, de-pending on circumstances.

Explanation

Causal, not casual. They exert pressure about particular causes.

'Sectional' is an invention by me; blood pressure group is a rather weak attempt at humour.

Explanation

It was Milton Friedman who promoted this view in the second half of the 20th century. This view is now less popular than it was. 'The business of business is business' is another famous quote from Professor Friedman, meaning profit maximisation is what business should be concerned with, not broader social or welfare issues. This thinking takes the view that governments can legislate as nec-essary to cater for society's needs, funding such activities from taxation placed on successful profit-able businesses.

Milton Keynes is a place in UK; J M Keynes was a famous economist who took a different view to Friedman's and John Milton is a famous 17th century English poet.