Free CIPS L3M3 Exam Questions

Revenue-earning possibilities which are foregone as a result of implementing a plan; the cost of not doing something else.

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.

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

What do we call a contract term which is part of the contract, but which is not written into the contract documents?

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