
L3M3 Contract Administration Recap Week 4
Authored by Helen Stone
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Professional Development
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assume you calculate a selling price by adding a profit element onto costs. Assume the profit element is equivalent to 100% of costs.
Is mark-up or margin being described here?
Mark-Up
Margin
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Profit is not a cost’... True or false?
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the name given to costs which do not vary as activity levels in a business increase or decrease?
Direct costs
Variable costs
Fixed costs
Indirect costs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The letters ‘MEAT’ stand for:
Main economically advanced tender
Most environmentally advanced technology
Most environmentally advantageous tender
Most economically advantageous tender
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sum of money credited to a buyer by a seller in recognition of a large volume of purchases bought throughout the previous year might be called a:
Historic refund
Retrospective Rebate
Retrospective Reward
Vendor Debit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Revenue-earning possibilities which are foregone as a result of implementing a plan; the cost of not doing something else.
Opportunity Cost
Overhead Cost
Indirect Cost
Absorption Cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one of the following is from the STEEPLE framework?
Socio-economic
Socio-technical
Socio-logical
Socio-cultural
Socio-pathic
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