CIPS Updated L3M1 Exam Questions and Answers by artur

Explanation

The primary objective of private sector is to create profit(s).

While the other answers may occur in private sector, they are not the primary objective.

Explanation

Pre-qualification QUESTION NO:naire is the correct answer.

A supplier quotation comes from the supplier side; both the RFQ and the ITT are intended to be more formally binding, including the price element, than what is described here.

Explanation

A local independent supermarket would be a private sector organisation - that is one intended to make a profit. The others suggested here would all be not-for-profit.

Public sector organisations, although not created to make a profit, are generally referred to as 'public sector' - often funded from taxation - with 'not-for-profit' often being funded from members, do-nors, or other voluntary sources.

Explanation

A market with only one buyer is called a 'monopsony'.

There may be other QUESTION NO:s in this test about the other terms shown, so I shall hold back on expla-nation(s) here.