Free CIPS L3M3 Exam Questions

Become CIPS Certified with updated L3M3 exam questions and correct answers

Page: 1 / 18

Total 90 Questions | Updated On: May 21, 2026

Add To Cart

Question 1

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

Question 2

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 3

Goods or services which must be used together are called:

A : Complements

B : Compliments

C : Condiments

D : Substitutes

Answer: A

Question 4

A concise structured document showing all risks for a contract / unit / organisation, including details of nature of risk, risk owner, anticipated impact, possible responses, etc

A : Risk register

B : Risk manual

C : Risk analysis

D : Risk profile

Answer: A

Question 5

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

Page: 1 / 18

Total 90 Questions | Updated On: May 21, 2026

Add To Cart