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| Section | Objectives |
|---|---|
| Topic 1: Responsible Sourcing | - Environmental considerations and impacts - Sustainability in supply chains - Social responsibility and human rights |
| Topic 2: Ethics in Procurement and Supply | - Codes of conduct and ethical decision-making - Principles of professional ethics |
| Topic 3: Corporate Social Responsibility (CSR) | - Stakeholder expectations and governance - CSR frameworks and standards |
| Topic 4: Supply Chain Risk and Compliance | - Managing ethical risks in sourcing - Supplier compliance and monitoring |
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NEW QUESTION # 23
What are some of the benefits of conducting unscheduled supplier audits? Select TWO that apply.
Answer: A,D
Explanation:
Unscheduled audits can provide an unbiased view of supplier practices and help identify compliance issues that might be hidden during scheduled audits. This approach supports responsible sourcing by ensuring accurate assessments of ethical and quality standards.
NEW QUESTION # 24
Who was responsible for introducing the concept of Incoterms?
Answer: C
Explanation:
Incoterms, short for International Commercial Terms, were introduced by the International Chamber of Commerce (ICC) in 1936. These standardized terms are used globally to define the responsibilities of buyers and sellers in international trade, helping to avoid misunderstandings by clarifying tasks, costs, and risks involved in the delivery of goods.
Reference:
International Chamber of Commerce:
NEW QUESTION # 25
ABC Ltd works with supplier XYZ Ltd who uses a variety of subcontractors. ABC has recently learned of an ethical breach being committed by one of XYZ's subcontractors. What should ABC do?
Answer: D
Explanation:
ABC should do a 'root cause analysis' to find out where the issue has come about, and why. From there, once they know what the breach is and how serious it is, they can suggest corrective action.
They can't jump straight to terminating the contract or seeking damages as it's not the supplier itself but rather the subcontractor. Also that would be really hasty considering we don't know what the issue is and what the market conditions are like. That supplier may be the only one who can provide the product. We also don't know if the supplier knows about the issue themselves.
NEW QUESTION # 26
Elaine works for a British manufacturer of confectionary (sweets/ candy) items. One of the key ingredients is cocoa powder, which cannot be grown in the UK. Elaine therefore needs to look abroad for suppliers. Which of the following are risks that Elaine needs to consider when sourcing internationally? Select THREE
Answer: A,B,C
Explanation:
The correct answers are; currency exchange fluctuations, ethical behavior and cultural differences.
Shortened lead times is not correct because sourcing internationally would result in longer lead times. Export tariffs is not correct as Elaine is importing the items into the UK, not exporting them.
NEW QUESTION # 27
What type of ratio is used to measure a company's ability to meet its short-term financial obligations, specifically focusing on its ability to convert assets into cash to cover current liabilities?
Answer: B
Explanation:
Liquidity ratios assess a company's capacity to meet its short-term obligations using its most liquid assets.
These ratios, such as the current ratio and quick ratio, provide insight into the financial health of a company by indicating whether it has sufficient resources to pay off its immediate liabilities without raising external capital.
Exact Extract from Study Guide:
"Liquidity ratios: # Typical ratios: current ratio, quick ratio, cash flow ratio, etc. # Formulae of those ratios # Implications of liquidity ratios
NEW QUESTION # 28
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