Get CIPS L4M4 Exam Questions For Quick Preparation [2026]

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CIPS L4M4 Exam Syllabus Topics:

Topic	Details
Topic 1	Understand compliance issues when sourcing from suppliers: It explores legislative, regulatory, and organizational requirements for sourcing. It compares the use of audit and other mechanism of feedback.
Topic 2	Understand the key processes that can be applied to the analysis of potential external suppliers:
Topic 3	Understand options for sourcing requirements from suppliers: This section covers the sourcing process, approaches, options, and award criteria for obtaining requirements from suppliers. The sub-topics provide a foundation for strategic sourcing.
Topic 4	This section examines analyzing market data, obtaining quotations tenders, and assessing responses. The sub-topics focus on key processes for evaluating potential suppliers.

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CIPS Ethical and Responsible Sourcing Sample Questions (Q18-Q23):

NEW QUESTION # 18
A company has a low gearing of 20%. This shows that the company relies on equity capital and should therefore have less difficulty coping during tough economic times. Is this statement TRUE?

A. Yes- a low gearing ratio means the company's finances are made up of equity rather than debt
B. Yes- a low gearing ratio shows that the business is solvent and can deal with supply chain disruptions easily
C. No- a low gearing suggests that the company is financed by long-term debt rather than equity
D. No- a low gearing shows you that a company isn't likely to be profitable

Answer: A

Explanation:
the correct answer is 'Yes- a low gearing ratio means the company's finances are made up of equity rather than debt'.
Remember low gearing = good (based on equity), high gearing = bad (based on debt). Anything over 50% is considered high.
The two no answers are therefore incorrect and you can discount these straight away. The other yes answer is one of those answers which COULD be true, but isn't always true, and we'd need more information to know for sure. When you get options like this there will be one that is always right and one which is sometimes right
- so always pick the always right one.
Dealing with supply chain disruptions is complex, and depending what the disruption is, how big it is, what the industry is etc determines whether a supplier can handle it or not. Because there's more factors to consider than just gearing, this isn't the right answer.

NEW QUESTION # 19
Luke has sent out a Request for Information to test the waters of the supply market for a new product he is sourcing. He has received a high number of detailed documents back from suppliers. Which of the following is Luke now likely to know about the marketplace? Select THREE

A. exact costs of the item he's procuring
B. expected changes in the marketplace
C. acceptable lead times
D. samples of the product
E. amount of product competition

Answer: B,C,E

Explanation:
The correct answers are; lead times, product competition and changes in the marketplace.
You wouldn't expect to receive samples or costings from a Request for Information - rather, these should be expected as part of the Tender Competition

NEW QUESTION # 20
Which of the following is true for CIPS members who sign and comply with the CIPS Code of Conduct?
Members can ...
* gain an understanding of ethical and successful business operations
* acquire automatic entitlement to government sponsorship
* enjoy continued CIPS membership and access to resources
* bypass the need to comply with other voluntary or legal codes

A. 1 and 3
B. 1 and 4
C. 2 and 3
D. 1 and 2

Answer: A

Explanation:
CIPS members who adhere to the CIPS Code of Conduct gain insight into ethical business practices and retain their membership and access to CIPS resources. This commitment to ethical standards supports responsible sourcing by fostering a community of professionals who value integrity and best practices.

NEW QUESTION # 21
During which stage of the procurement cycle would you remove suppliers that do not add value, or could pose a risk to the buying organisation?

A. develop strategy
B. supplier selection
C. contract award
D. asset management

Answer: B

Explanation:
At supplier selection stage, unsuitable suppliers should be removed (those that do not add value or pose a risk).
At develop strategy stage you're not even looking at suppliers yet- you're just deciding what you need. At contract award and asset management it's too late.
CIPS procurement cycle - Procurement Supply Cycle | CIPS

NEW QUESTION # 22
A procurement manager is undertaking a financial due diligence of potential suppliers.
Which of the following financial elements are used in the calculation ofgearing?
Select TWO that apply.

A. Long-term loans
B. Current liabilities
C. Cost of sales
D. Ordinary share capital
E. Operating costs

Answer: A,D

Explanation:
Gearing is a measure of a supplier'slong-term financial riskand indicates the proportion of debt used to finance the organisation compared with equity. It is calculated usinglong-term debt (such as long-term loans)in relation toshareholders' equity (ordinary share capital). High gearing suggests greater reliance on borrowed funds, increasing the risk of financial instability and potential supply disruption. Cost of sales and operating costs relate to profitability, while current liabilities are short-term obligations assessed through liquidity ratios, not gearing. Procurement professionals must understand gearing when conducting financial due diligence to ensure suppliers are financially sustainable and capable of meeting long-term contractual commitments.
Reference:CIPS L4M4 Ethical & Responsible Sourcing Study Guide (v2) - Financial appraisal of suppliers; gearing and solvency analysis.

NEW QUESTION # 23
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