Information generated through Purchase Price Cost Analysis can be useful to the purchaser, by helping to identify which of the following costs relating to the supplier? Select the THREE that apply.

• A.External costs
• B.Profit
• C.Material costs
• D.Market costs
• E.Budgeted costs
• F.Depreciation on equipment

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Active listening in negotiation includes which of the following activities?
1. Hearing
2. Interpreting
3. Rapport
4. Influence

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

Correct Answer: C

Explanation
Listening is a hugely important skill in the world of work. It's a key part of effective communication [...].
Regarding active listening, there is a model called 'The SIER Hierarchy of Active Listening'. It details four key stages required for effective listening. As with all models associated with active listening, its purpose is to help the listener be a better, more effective listener who really hears what is being said, connects with the individual with whom they are communicating andbuilds effective relationships.
The model is a hierarchical model meaning that each stage builds on the stage before it. While the model is sometimes used for training in the sales arena, it is helpful in all walks of life. The stages of the model are:
Sensing (including hearing and watching body language), Interpreting, Evaluating and Responding.
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If the value of the British Pound in other currencies is strong, which of the following is most likely to occur?

• A.The price of UK products in the UK will rise
• B.The price of UK products in the UK will fall
• C.The price of UK products abroad in foreign currency will fall
• D.The price of UK products abroad in foreign currency will rise

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If the price of a good is above the equilibrium price, which of the following will happen?

• A.The quantity demanded is equal to the quantity supplied and the price remains unchanged
• B.There is a shortage (i.e. an excess demand) and the price will fall
• C.There is a surplus (i.e. an excess supply) and the price will rise
• D.There is a surplus (i.e. an excess supply) and the price will fall

Correct Answer: D

In microeconomics, equilibrium price is determined when the quantity demanded is equal to thequantity supplied at equilibrium price in a market, there will be no shortages and no surpluses. If we combine our supply and demand curves on one graph, the point at which they converge determines the equilibrium price. If the price is set above this price and you read across the graph you will see the supply excess demand and there will be a surplus. In order to reduce this surplus, the price will need to fall. The scenario is illustrated in the graph below:
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Which of thefollowing is an objective of proposing phase?

• A.Check hypothesis and assumptions
• B.Trade concessions
• C.Create atmosphere conducive to agreement
• D.Start making tentative offers

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