Free CIPS L3M3 Exam Questions

Become CIPS Certified with updated L3M3 exam questions and correct answers

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Total 90 Questions | Updated On: Apr 14, 2026

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Question 1

A justification of an action (expenditure) that is to be taken by an organisation.

A : Business case

B : Competitive tender

C : Project management

D : Cost analysis

Answer: A

Question 2

Goods or services which must be used together are called:

A : Complements

B : Compliments

C : Condiments

D : Substitutes

Answer: A

Question 3

What is the term for a situation where a seller sets a high introductory price for a new product, to attract buyers who have a strong desire to get the product early, and who can afford it? The price then gets gradually reduced over time.

A : Contribution pricing

B : Price discrimination

C : Market skimming

D : Promotional pricing

Answer: C

Question 4

Contracts published by third party experts such as trade associations or professional bodies, widely regarded as favouring neither buyer nor seller, are called:

A : Good form

B : Paper form

C : Uni form

D : Trans form

E : Model form

Answer: E

Question 5

The expression ‘consideration’ means:

A : Being nice to people, in the expectation that they in turn will be nice

B : Being over 18 and being of sound mind

C : Some form of valuable exchange

D : Taking time to think about the gravity of the contract you may be about to be entering into

Answer: C

Page: 1 / 18

Total 90 Questions | Updated On: Apr 14, 2026

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