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Contract Administration

Last Update 19 hours ago Total Questions : 90

The Contract Administration content is now fully updated, with all current exam questions added 19 hours ago. Deciding to include L3M3 practice exam questions in your study plan goes far beyond basic test preparation.

You'll find that our L3M3 exam questions frequently feature detailed scenarios and practical problem-solving exercises that directly mirror industry challenges. Engaging with these L3M3 sample sets allows you to effectively manage your time and pace yourself, giving you the ability to finish any Contract Administration practice test comfortably within the allotted time.

Question # 4

If your organisation takes out insurance cover to address various risks, which one of the following risk management strategies is it adopting?

A.

Treat

B.

Terminate

C.

Tolerate

D.

Transfer

Question # 5

Intangibility means:

A.

Handle with care – easily broken

B.

Ability to touch something

C.

Having a short shelf life

D.

Inability to touch something

Question # 6

The variable cost of a bottle of water is 25 cents. Selling price is $1, and fixed costs are one hundred thousand dollars. How many bottles of water must be sold to reach breakeven point?

A.

4 million

B.

133,333

C.

400,000

D.

13,333

Question # 7

Looking specifically at how a quoted price compares to the cost of production is called:

A.

Factor analysis

B.

Price analysis

C.

Psycho analysis

D.

Cost analysis

Question # 8

Which STEEPLE factor deals with issues of import taxes, rising home labour costs, regional grants, stability of governing regimes?

A.

Socio-cultural

B.

Legal

C.

Economic

D.

Political

Question # 9

Contribution is equivalent to:

A.

Selling price minus total costs

B.

Selling price

C.

Selling price minus fixed costs

D.

Selling price minus variable costs

Question # 10

In which quadrant of a SWOT analysis would the following appear? ‘Ageing workforce, strong trade union representation, under-trained procurement department’.

A.

S

B.

W

C.

T

D.

O

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