Free CIPS L3M1 Exam Questions

Become CIPS Certified with updated L3M1 exam questions and correct answers

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Total 90 Questions | Updated On: Apr 03, 2026

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Question 1

‘The value of a commodity or service measured in terms of the standard monetary unit’ describes:

A : Cost

B : Value added

C : Price

D : Value for money

Answer: C

Question 2

An arrangement between a buyer and a supplier in which they agree to apportion benefits (such a reduced costs, or increased outputs) arising from particularly sound contract performance may be called:

A : Painshare

B : Fair share

C : Gainshare

D : Stocks and shares

Answer: C

Question 3

The film 'An Inconvenient Truth', made by former US Vice-President, Al Gore, is about:

A : Political lobbying and corruption

B : Ethics in commercial environments

C : Climate change

D : Biodiversity

Answer: C

Question 4

Which of the following constitute non-tariff barriers to trade?

A : Increased import duties

B : Complex customs procedures and paperwork for any goods crossing borders

C : Reduced import duties

D : Government subsidies to domestic producers

Answer: B,D

Question 5

Which one of the following is a commercial document issued by a seller seeking payment for goods or services?

A : Delivery note

B : Pre-qualification questionnaire

C : Invoice

D : Supplier quotation

Answer: C

Page: 1 / 18

Total 90 Questions | Updated On: Apr 03, 2026

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