CIPS L4M1 - Key Phrases Questions and Answers
Compliance Correct Ans-Conforming to rules and regulations
Conflict of interest Correct Ans-A situation where a person has conflicting loyalties
Compliance Correct Ans-Conforming to rules and regulations
Conflict of interest Correct Ans-A situation where a person has conflicting loyalties
Corporate governance Correct Ans-The mechanisms, procedures and processes that are
used to control and direct an organisation
Corporate Social Responsibility Correct Ans-A business approach that contributes to
sustainable development by delivering social, environmental, and economic benefits for all
stakeholders
Cost impact Correct Ans-The amount of money spent on a particular product or service
Cost of sales Correct Ans-Amount of money spent on a particular product or service
Counter offer Correct Ans-A response to an offer that is different from the original,
including amended details, such as price
, CIPS L4M1 - Key Phrases Questions and Answers
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 about 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 of raw materials
needed for a production, at best possible rates
Direct Purchase Correct Ans-Buying something that is required to enable production
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 the shareholder which is related to
organisational profit
, CIPS L4M1 - Key Phrases Questions and Answers
Downstream Correct Ans-Processing the raw materials into the finished product
E-auction Correct Ans-An auction that takes place between a buyer and a seller on an
electronic platform
E-negotiation Correct Ans-Using an electronic method, ie meal to conduct a negotiation
artificial intelligence Correct Ans-Machines that display human-like intelligence
Assets Correct Ans-resources owned by a business
audit Correct Ans-A systematic inspection of a process or procedure to assess compliance
with requirements or regulations
Batch Quantity Correct Ans-Amount of products produced at a time
benchmark Correct Ans-Compare an element of one business, such as price, quality or
service against another
Bid Correct Ans-Offer a price, could be a response to a ITT
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