CIPS L3M3 Exam Dumps

Get All Contract Administration Exam Questions with Validated Answers

L3M3 Pack
Vendor: CIPS
Exam Code: L3M3
Exam Name: Contract Administration
Exam Questions: 90
Last Updated: October 8, 2025
Related Certifications: Level 3 Advanced Certificate in Procurement and Supply Operations
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Free CIPS L3M3 Exam Actual Questions

Question No. 1

Which STEEPLE factor deals with issues of foreign exchange rates, inflation, consumer spending, labour costs and unemployment levels?

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Correct Answer: A

Economic.

I think foreign exchange at least couldn't fit into any other STEEPLE factor, so that's a clincher and it has to be 'economic'.


Question No. 2

How many 'Whys'?

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Correct Answer: A

'Five-Why Analysis' or 'Why-Why Analysis' is an approach to trying to determine the cause of an event. It can be used to link to / in conjunction with an Ishikawa diagram. The principle is that one repeatedly (as often as necessary, not necessarily limited to five) asks 'why?', and eventually an un-derlying reason will emerge, which if addressed effectively, will successfully resolve the problem. This is something which can often be observed naturally in small children. 'Why, Daddy?'. 'But why, Daddy?. Etc. (Or Mummy)


Question No. 3

According to Lysons and Farrington, two authors recommended by CIPS, which of the following are cost-based pricing models, as opposed to market-driven pricing models? Choose two.

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Correct Answer: C, D

Both penetration pricing and promotional pricing begin with the market price. Marginal pricing and rate of return pricing both look at the costs of doing something, and base their calculations on cost. These last two are therefore cost-based approaches to pricing.


Question No. 4

Assume you calculate a selling price by adding a profit element onto costs. Assume the profit ele-ment is equivalent to 100% of costs.

Is mark-up or margin being described here?

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Correct Answer: D

When price is discussed as a % of costs to be added on, the term is 'mark-up'.


Question No. 5

Imagine you discuss profit on an item for sale in your business as a percentage of the selling price. Assume the profit element represents 50% of the selling price. Is mark-up or margin being described here?

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Correct Answer: B

When profitability is spoken of as a % the selling price, the profit element is called the margin.


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