Free CIPS L3M3 Practice Exam Questions and Answers 2026

Contracts published by third party experts such as trade associations or professional bodies, widely regarded as favouring neither buyer nor seller, are called:

Revenue-earning possibilities which are foregone as a result of implementing a plan; the cost of not doing something else.

A concise structured document showing all risks for a contract / unit / organisation, including details of nature of risk, risk owner, anticipated impact, possible responses, etc

What is the term for a situation where a seller sets a high introductory price for a new product, to attract buyers who have a strong desire to get the product early, and who can afford it? The price then gets gradually reduced over time.

A justification of an action (expenditure) that is to be taken by an organisation.