CIPS – Whole Life Asset Management (L4M7) paper* 9 Leave a Comment / By Admin / June 11, 2024 Before you begin ✍️ You are about to practice the questions set for CIPS – Whole Life Asset Management (L4M7) paper* 9. Please put away any distractions and focus all your efforts on passing. ⏱️Time limit: 1 hour 30 minutes At the end of your examination practice, you will 📝 View your grade ✅ View the correct answers NOTE: The answers provided haven't been verified by an official CIPS-affiliated entity, therefore consider discussing your concerns with the instructor or fellow students for clarification. To begin your exam practice, wait a few seconds for the start button to appear, then tap the START button. "We're rooting for you all the way!" All the best. 😃 1. What would be the most effective way of breaking the vicious circle of blame? Writing a formal complaint to the MO/CEO of the supplier Calling the supplier out on social media Using the Conflict Resolution Matrix Move to a new supplier straight away None 2. What is absorption costing? Costing based on usage Discounted costs from supplier Absorbs indirect costs into the direct costs related to specific Jabs, processes or outputs Focuses on variable costs None 3. What is activity-based costing? Focuses on variable costs Costs based on usage Absorbs indirect costs into the direct costs related to specific jobs, processes of outputs Costs based on labor costs None 4. The Chief Financial Offices for a factory which produces engines for aeroplanes decides to spread the cost of the factory's heating across each unit produced. What is this an example of? Absorption coating Activity-based costing Direct costing Marginal costing None 5. What is the difference between mark-up and margin? Margin is the amount added to the cost of an item to get to its selling price and i expressed as a percentage, whereas mark-up is the amount added to the cost of an item expressed as a percentage of the selling price. Margin is the amount added to the cost of an item to get to its selling price and is expressed as a percentage, whereas margin is the amount multiplied to the cost of an item expressed as a percentage of the selling price. Mark-up is the amount added to the cost of an Item to get to its selling price and is expressed as a percentage, whereas margin Is the amount added to the cost of an Item expressed as a percentage of the selling price. Mark-up is the amount added to the cost of an item to get to its selling price and is expressed as a percentage, whereas margin is the amount multiplied to the cost of an item expressed as a percentage of the selling price. None 6. If the price is set above the equilibrium price, what will happen to supply and demand? Supply will exceed demand Both demand and supply will increase Both demand and supply will decrease Demand will exceed supply None 7. What would the price of the product be described as if a small change in price lead to a big change in demand? Inelastic Elastic Good valve Inexpensive None 8. Which of the four main structures of industries features no barriers to entry to the market or exit from the market? Monopoly Oligopoly Monopolistic competition Perfect competition None 9. Negotiation plans involve four key activities. Developing and prioritizing your objectives and limits, seeking to understand suppiter’s objectives, developing concession plans, planning the resources and logistics required and agreeing team roles. Understanding suppliers KPIs, Reaching a pre-negotiation objective with the supplier, researching the market, and researching the supplier. Seeking buyer's positioning, understanding suppliers BE point, developing concession plans, planning the resources and logistics required and agreeing team roles. Developing and prioritizing your objectives and limits, seeking to understand the supplier's objectives, researching the market, developing concession plans None 10. What towers the risk of negotiations going into a deadlock? Look for alternative suppers Blackmail Setting aside a larger budget Having as many tradable variables as possible None 11. Concessions planning helps identify which variables that you can negotiate with. What are the difficult concessions? These have high value to both you and the other party These have little importance top either party These are of little importance to you, but highly valued by the other party These have a high value to you, but little importance to the other party None 12. What are the easy concessions to win? These have a high value to you, but little importance to the other party These are of little importance to you, but highly valued by the other party These have little importance top either pasty These have high value to both you and the other party None 13. In what order are the stages of commercial negotiation? Opening stage, Proposing stage, Testing Stage, Bargaining stage, Agreement and Closing Stage Opening stage, Testing stage, Bargaining stage, Proposing stage, Agreement and Closing stage Opening stage, Testing stage, Proposing stage, Bargaining stage, Agreement and Closing stage Opening stage, Bargaining stage, Testing stage, Proposing stage, Agreement and Closing stage None 14. In which stage would you look to establish a 20PA (Zone of Potential Agreement)? Testing stage Bargaining stage Proposing stage Agreement and closing stage None 15. At what stage should you test whether the people in the room have the authority to make a deal? Bargaining stage Testing stage Proposing stage Opening stage None 16. At what stage would you trade concessions? Bargaining stage Opening stage Testing stage Proposing stage None 17. What is anchoring when negotiating? Sticking to your objectives Where people give too much weight on the first price put forward Sticking to your original price Seating position None 18. What is the difference between persuasion and influence? influence means ‘pushing’ on the other party so that they accept their own change In attitude or behavior as 3 result of your actions. Persuasion means ‘pulling’ on the other party, which gets them to change their attitude or behavior as a result of reflection Persuasion means ‘pulling’ on the other party, which gets them to change their attitude or behavior as a result of reflection. influence means ‘pushing’ on the other party so that they accept their own change in attitude or ‘behavior as a result of your actions Persuasion means ‘pushing’ on the other party so that they accept their own change in attitude or behavior as a result of your actions, Influence means ‘pulling’ on the other party, which gets them to change their attitude of behavior as a result of reflection. Influence means ‘pulling’ on the other party so that they accept their own change in attitude or behavior as 8 result of your actions. Persuasion means ‘pushing’ on the other party, which gets them to change their attitude ‘or behavior as a result of reflection None 19. Push and pull can each be broken down into two types. Which two types can push be broken down into? Select two that apply. Reasoning Collaborative Visionary Directive 20. You are an experienced buying manager for a large supermarket retailer. You have just taken on a new graduate whose lack of experience does not want to hinder the team’s record of turning around projects quickly. What style should you adopt with the graduate? Reasoning Visionary Directive Collaborative None 21. You and your team have been tasked by the buying director to deliver a project which is entirely new to any previous projects completed by the buying team before. What style should you adopt with your team? Reasoning Visionary Directive Collaborative None 22. During negotiations you keep repeating to the supplier how your company are in the process of squeezing the budget as part of efforts to raise capital for a new treatment. What negotiation tactic can this be described as? Salami [one slice at 2 times) Broken record Thank and bank Getting peanuts None 23. Whilst negotiating payment terms with a supplier, you wish for the other party to expand on an answer they have Just provided. What sort of questioning style is this? Hypothetical Probing Closed Open None 24. What is emotion labeling when improving listening skills? Putting feelings into words to help a person see things more objectively Letting the other person know what your thoughts are on the situation To repeat every so often what you think the person said to show you are listening Reflecting the speaker's words in terms of feelings None 25. Which communication method is interpreted least by the other party? The loudness of your voice Your body language and facial expression The tone of your voice The words you say None 26. Which of the below isn’t a benefit of reflection? Being able to tell the other party what you really think of them Lessons can be learnt, regarding which tactics worked/did not work Participants can be given the opportunity to air their thoughts with colleagues Assists current leaders in identifying future leaders in their ability to provide feedback None Your comment matters to us😊. Please share your experience. Please proceed to view your grade. Fingers crossed🤗 Time's upTime is Up!
