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Question 1

‘The value of a commodity or service measured in terms of the standard monetary unit’ describes:

Options :

A : Cost

B : Value added

C : Price

D : Value for money

Answer: C

Question 2

Thinking of the STEEPLED factors which may impact long-term on an organisation, under which one heading would the following appear: growth trends, unemployment patterns, incomes, interest rates exchange rates and tax rates?

Options :

A : Ethical

B : Political

C : Environmental

D : Economic

Answer: D

Question 3

The Paris Agreement is about:

Options :

A : Climate change

B : European free trade

C : Taxation on fashion houses

D : Rail freight rates

Answer: A

Question 4

Which of the following constitute non-tariff barriers to trade?

Options :

A : Increased import duties

B : Complex customs procedures and paperwork for any goods crossing borders

C : Reduced import duties

D : Government subsidies to domestic producers

Answer: B,D

Question 5

Which of the following would not normally be seen as part of public sector procurement?

Options :

A : Achieving defined service levels

B : An emphasis on the use of the competitive principle

C : Personal financial rewards from suppliers for buyers in return for awarding contracts

D : Personal bonus payments for procurement staff, linked to savings made

E : Pursuit of equal opportunities policies, internally and externally

Answer: C,D