ISO isn't an indices- it stands for 'International Labour Association'.

The others are all indices that measure economic data; consumer price index, producer price index

and gross domestic product.

GDP = gross domestic product = "the monetary value of goods and services manufactured or sup-

plied in a financial period". People use it to say whether a country's economy is strong or weak.

Stock markets look at the value of public limited companies within a country.

Commodity indices look at the value of commodities such as steel, oil and wheat at a point in time

Average changes in price over a year can be measured by CPI or PPI

The best way to deal with potential Conflicts of Interest is to openly declare these. Just because you

have a relationship with someone doesn't mean this is going to be an issue or lead to fraud, but it is a

good idea to keep a written record of these.

It wouldn't be a risk register, because how can you rate someone's risk of doing something dodgy?

Risk registers are for objective risks such as Health and Safety.

Intracompany trading is when two departments in the same company do trading. AND when two companies owned by the same parent company do trading. INTRA means 'within' - so it's doing business with yourself.

Raja should send out a RFI- request for information; this will allow him to gain feedback from the

marketplace prior to tender.

Speaking only with current suppliers will not provide all the information Raja requires.

He should not send out a request for quotation since he is still conducting market research

An open competition would be how he can procure, after he's completed his research

The correct answer is 'the supplier is able to work at the same technical level as the buyer'. It's about

being able to integrate the businesses together in terms of IT systems and such like.

ISO9001 is Quality Management so is therefore the correct answer. The other options can be used to

appraise suppliers but do not link directly or fully to Quality Management.

The Triple Bottom Line framework evaluates an organisation's impact on social, environmental, and

economic factors. Financial and environmental performance are critical components, along with

social metrics, aligning with responsible sourcing goals to promote sustainability and ethical

practices.

Incoterms describe the point at which an item is considered 'delivered' and explains who has the risk

of what during the transport of the goods.

gross profit = total revenue - cost of sales.

Learn all you can about financial ratios and financial statements for the exam- it's a very common

topic