Pass the CIPS Level 3 Advanced Certificate in Procurement and Supply Operations L3M3 Questions and answers with ExamsMirror

Explanation

When profitability is spoken of as a % the selling price, the profit element is called the margin.

Explanation

This is true. Profit is what is left over after you've covered all your costs. In simple terms.

Explanation

Socio-cultural. The only 'S' in the framework.

Explanation

Inability to touch something.

Services are intangible, which may present challenges when specifying / buying.

Explanation

Even if you don't know what 'Epistemological' means, you should know it's the odd one out.

It relates to the philosophical study of knowledge.

Explanation

English law, with Scots and European law being different.

In many Commonwealth countries, the legal system used is based on historic English law, thus many lawyers around the world are familiar with many of the fundamental concepts of English law, including the law of contract.

Contracts should state which legal system applies.

Explanation

Not only are the flowers a relatively short-term acquisition of low value, there are unlikely to be many whole life cost elements / possibilities.

The other suggestions however, contain a minefield of long-term cost possibilities.