Contract management MCQs in Supply Chain

MCQs on Contract Management in Supply Chain

1. What is the primary objective of contract management in supply chain?
   • a) To reduce the number of suppliers
   • b) To ensure compliance with terms and conditions
   • c) To increase inventory levels
   • d) To enhance employee performance
   • Answer: b) To ensure compliance with terms and conditions
2. Which of the following is NOT typically included in a supply chain contract?
   • a) Payment terms
   • b) Delivery schedules
   • c) Employee training programs
   • d) Quality specifications
   • Answer: c) Employee training programs
3. What is the purpose of a Service Level Agreement (SLA) in a contract?
   • a) To outline the responsibilities of the supplier and buyer
   • b) To specify the financial penalties for non-compliance
   • c) To detail the acceptable performance standards and metrics
   • d) To describe the legal framework of the contract
   • Answer: c) To detail the acceptable performance standards and metrics
4. Which of the following is a key benefit of effective contract management?
   • a) Increased lead times
   • b) Reduced procurement costs
   • c) Increased number of suppliers
   • d) Decreased supplier communication
   • Answer: b) Reduced procurement costs
5. What is a “force majeure” clause in a contract?
   • a) A provision that allows for changes in pricing
   • b) A clause that exempts parties from liability in the event of extraordinary events
   • c) A term that specifies delivery schedules
   • d) A section that details payment terms
   • Answer: b) A clause that exempts parties from liability in the event of extraordinary events
6. Which phase of contract management involves monitoring and ensuring the fulfillment of contract terms?
   • a) Contract initiation
   • b) Contract negotiation
   • c) Contract execution
   • d) Contract closeout
   • Answer: c) Contract execution
7. What is the purpose of contract closeout in supply chain management?
   • a) To extend the contract period
   • b) To formally conclude the contract and assess performance
   • c) To renegotiate contract terms
   • d) To initiate a new contract with a different supplier
   • Answer: b) To formally conclude the contract and assess performance
8. Which of the following best describes a “breach of contract”?
   • a) The legal end of a contract period
   • b) The failure to perform any term of a contract without a legitimate legal excuse
   • c) The negotiation process between buyer and supplier
   • d) The formal signing of the contract
   • Answer: b) The failure to perform any term of a contract without a legitimate legal excuse
9. What is the role of contract management software in supply chain?
   • a) To automate production processes
   • b) To manage inventory levels
   • c) To streamline the creation, execution, and monitoring of contracts
   • d) To track employee performance
   • Answer: c) To streamline the creation, execution, and monitoring of contracts
10. Which type of contract provides for the adjustment of the contract price if certain conditions are met?
    • a) Fixed-price contract
    • b) Cost-plus contract
    • c) Time and materials contract
    • d) Incentive contract
    • Answer: d) Incentive contract

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