CIPS L4M1 Definitions- Questions and Answers 100% Pass
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Course
CIPS
Institution
CIPS
CIPS L4M1 Definitions- Questions and Answers 100%
Pass
Cost of Sales Correct Ans-Amount of money directly attributable to the production of
goods or services that are sold
CIPS L4M1 Definitions- Questions and Answers 100%
Pass
Cost of Sales Correct Ans-Amount of money directly attributable to the production of
goods or services that are sold
Counter Offer Correct Ans-A response to an offer that is different from the original,
including amended details, such as price
Cross-Functional Activity Correct Ans-Individuals from different departments working
together to achieve a common goal
Cycle Time Correct Ans-The amount of time it takes from receiving raw materials to
creating a finished product
Depreciation Correct Ans-The reduction overtime in the value of an asset held by a
company, often due to wear and tear. An amount for this is treated as a cost in a company's
annual accounts
Devolved Structure Correct Ans-Activities carried out at local levels
Direct Procurement Correct Ans-The purchasing of large quantities or raw materials
needed for production, at the best possible rates
Direct Purchase Correct Ans-Buying something that is required to enable production
, CIPS L4M1 Definitions- Questions and Answers 100%
Pass
Distributive Style Correct Ans-A style where one party wants to win and does so by
focusing on their own goals
Dividend Correct Ans-Sum of money payable to shareholders which is related to
organisational profit
Downstream Correct Ans-Processing the raw materials into the finished product
E-Auction Correct Ans-An auction that takes place between and buyer and a seller in an
electronic platofrm
E-Requistioning Correct Ans-Placing a requisition via electronic methods, i.e. e-mail or
automated systems
, CIPS L4M1 Definitions- Questions and Answers 100%
Pass
E-RFQ / E-ITT Correct Ans-An electronic version of a request for quotation or an invitation
to treat
E-Sourcing Correct Ans-The electronic procurement of products or services using internet-
enabled applications and decision support tools. The tools facilitate interactions between
buyers and suppliers through the use of online negotiations, online auctions, reverse
auctions, etc.
E-Specification Correct Ans-A specification that is prepared and sent electronically
Economies of Scale Correct Ans-The trend of cost per unit being reduced as output
increases due to factors such as increased bargaining power and the cost of tooling being
shared amongst larger numbers of units
Electronic Data Interchange (EDI) Correct Ans-The exchange of data between companies in
a computerised format
Enforceable in Law Correct Ans-A court can compel those involved in the contract to fulfil
their contractual obligations
Ethical Values Correct Ans-Values that govern a person's or an organisation's behaviour
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