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CIPS L4M7 Practice Test Material in 3 Different Formats

  • Lead1Pass has designed Lead1Pass which has actual exam Dumps questions, especially for the students who are willing to pass the CIPS L4M7 exam for the betterment of their future. The study material is available in three different formats. CIPS L4M7 Practice Exam are also available so the students can test their preparation with unlimited tries and pass CIPS Whole Life Asset Management (L4M7) certification exam on the first try.

    Candidates who successfully complete the CIPS L4M7 exam will be able to demonstrate their understanding of asset management principles and best practices. They will also be able to apply this knowledge to real-world situations, helping their organizations maximize the value of their assets. L4M7 exam is an important step for procurement professionals who are looking to enhance their skills and advance their careers in the field of asset management.

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    CIPS L4M7 Exam is a comprehensive test that assesses the candidate's ability to apply asset management principles to real-life scenarios. It is a highly sought-after certification as it demonstrates the candidate's proficiency in effectively managing assets throughout their entire life cycle. Successful completion of L4M7 exam also shows employers that the candidate has a deep understanding of the importance of asset management in maximizing asset value, reducing operational costs, and ensuring regulatory compliance.

    CIPS Whole Life Asset Management Sample Questions (Q66-Q71):

    NEW QUESTION # 66
    A supermarket calculates that the average holding cost for an item is $1.50 per cubic meter per day. A beer pallet which has volume of 0.5 cubic meter will be stored for 5 days. What is the holding cost of this beer pallet?

    • A. $4.00
    • B. $4.25
    • C. $3.75
    • D. $4.50

    Answer: C

    Explanation:
    The holding cost per day of the beer pallet is equal to 1.50/2=0.75
    The beer pallet is stored for 5 days, the total holding cost is: 0.75*5=3.75.
    LO 2, AC 2.2


    NEW QUESTION # 67
    Which of the following best describes the term 'periodic review'?

    • A. Items are reviewed when the Kanban is triggered
    • B. Items are reviewed when the price is at its lowest
    • C. Items are reviewed as part of an imprest system
    • D. Items are reviewed and orders placed depending on requirements

    Answer: C

    Explanation:
    Fixed-Time Period System (or Periodic Review system) is the inventory management system in which inventory is checked in fixed time periods, T, and the quantity ordered varies.
    The imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprest system is that a fixed amount is re-served, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.
    So the correct answer should be "Items are reviewed as part of an imprest system" LO 2, AC 2.3


    NEW QUESTION # 68
    Which of the following is the correct statement about total ordering cost?

    • A. Rise as the order quantity rises
    • B. Fall with the per period usage rate
    • C. Rise as the average stock level rises
    • D. Equal the number of orders placed times the cost of placing an order

    Answer: D

    Explanation:
    Typically, ordering costs include expenses for a purchase order, labor costs for the inspection of goods received, labor costs for placing the goods received in stock, labor costs for issuing a supplier's invoice and labor costs for issuing a supplier payment. These costs are irrelevant from the size of the order and are incurred every time a firm places an order.
    The total ordering cost will be equal to ordering cost per order multiply with number of orders.
    Reference:
    LO 2, AC 2.2


    NEW QUESTION # 69
    Which of the following is the definition of work in progress inventory?

    • A. Inventory not yet introduced into the production process
    • B. Inventory introduced into production but not completed as of the stocktake date
    • C. Inventory that has finished the production process
    • D. Obsolete inventory

    Answer: B

    Explanation:
    Work in progress is the stock part-way through a manufacturing process; in the service sectors the term is also used for anything between order and delivery.
    Reference:
    LO 2, AC 2.1


    NEW QUESTION # 70
    What is meant by the term 'obsolete stock'?

    • A. Stock which has been stolen
    • B. Damaged stock
    • C. Stock which has become outdated
    • D. Low value/low risk stock

    Answer: C

    Explanation:
    Obsolescent stock is stock, usually finished goods, which is in good condition and satisfactory working but for which demand is irreversibly falling towards zero. Once this demand reaches zero the stock can be considered 'obsolete'. It cannot be used or sold in its current state. Food ingredients (like candy canes) which are out of date are another example.
    Reference:
    LO 2, AC 2.1


    NEW QUESTION # 71
    ......

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