CIPS Quiz Exam Questions and
Answers 100% Correct
Acceptance testing - ANSWER-A form of testing used to determine if the
requirements of a specification or contract are met
Accrual - ANSWER-An adjustment made to a set of financial accounts to
reflect activity that has occurred but for which cash has not yet been
received or paid
Annual planning cycle - ANSWER-Planning involves a number of activities,
such as analysis of opportunities, setting aims, exploring options, producing
detailed plans and reviewing the plan against expectations. A cycle of
activities as the result where each activity might need the previous activity
revised before the final plan is accepted
Approved supplier list - ANSWER-A list of approved suppliers who have the
skills (for example, technical, functional or financial) to undertake the work
,Benchmarked prices - ANSWER-The price paid for a product or service either
in the past or by other users in order to set a standard for future reference
Bill of materials - ANSWER-A comprehensive list of components, items,
materials and parts to create a product, essentially a recipe for the
production of an item
Break-even point - ANSWER-The level of output of a business at which
revenue equals total costs
Arms-length relationship - ANSWER-The relationship between two parties
each of whom has no obligation to the other
Asset value - ANSWER-The value of everything an organisation owns
Bargaining power - ANSWER-The ability of a company or individual to
influence another
Breakthrough result - ANSWER-The achievement of a particularly important
and significant result
, Business case - ANSWER-A document that sets out the justification for
undertaking a project on commercial grounds
Business requirement - ANSWER-The activities that meet the need of, and
provide value to, the business (also called business need)
Business requirement definition (BRD) - ANSWER-Sets out what the product
or service needs to achieve if all stakeholders are to be satisfied
Buying off-contract - ANSWER-The purchase of an item without a contract
when a contract for that item already exists
Call off - ANSWER-The purchase of an item using a framework agreement
that has already been through a procurement process
Capability - ANSWER-The ability of a supplier to meet an organisation's
specific business requirements
Capacity - ANSWER-The output of a business
Answers 100% Correct
Acceptance testing - ANSWER-A form of testing used to determine if the
requirements of a specification or contract are met
Accrual - ANSWER-An adjustment made to a set of financial accounts to
reflect activity that has occurred but for which cash has not yet been
received or paid
Annual planning cycle - ANSWER-Planning involves a number of activities,
such as analysis of opportunities, setting aims, exploring options, producing
detailed plans and reviewing the plan against expectations. A cycle of
activities as the result where each activity might need the previous activity
revised before the final plan is accepted
Approved supplier list - ANSWER-A list of approved suppliers who have the
skills (for example, technical, functional or financial) to undertake the work
,Benchmarked prices - ANSWER-The price paid for a product or service either
in the past or by other users in order to set a standard for future reference
Bill of materials - ANSWER-A comprehensive list of components, items,
materials and parts to create a product, essentially a recipe for the
production of an item
Break-even point - ANSWER-The level of output of a business at which
revenue equals total costs
Arms-length relationship - ANSWER-The relationship between two parties
each of whom has no obligation to the other
Asset value - ANSWER-The value of everything an organisation owns
Bargaining power - ANSWER-The ability of a company or individual to
influence another
Breakthrough result - ANSWER-The achievement of a particularly important
and significant result
, Business case - ANSWER-A document that sets out the justification for
undertaking a project on commercial grounds
Business requirement - ANSWER-The activities that meet the need of, and
provide value to, the business (also called business need)
Business requirement definition (BRD) - ANSWER-Sets out what the product
or service needs to achieve if all stakeholders are to be satisfied
Buying off-contract - ANSWER-The purchase of an item without a contract
when a contract for that item already exists
Call off - ANSWER-The purchase of an item using a framework agreement
that has already been through a procurement process
Capability - ANSWER-The ability of a supplier to meet an organisation's
specific business requirements
Capacity - ANSWER-The output of a business
