Contract Management Basics - Beginner Level

Question 1
Which of the following best describes contract management?

(A) A systematic process for reviewing, organizing, and tracking contracts and vendor agreements.

(B) A process focused on reviewing contracts without addressing deadlines or tracking performance.

(C) A task that only involves creating and signing contracts without further oversight.

(D) A process solely for negotiating contract prices.

Question 2
What is a best practice for tracking vendor contract deadlines?

(A) Setting up a calendar system or reminders to monitor renewal dates.

(B) Not tracking deadlines to save time.

(C) Waiting for vendors to contact you with renewal notices.

(D) Relying solely on verbal agreements and memory to track deadlines.

Question 3
What is the key role of contract review in administrative roles?

(A) Ensuring that contract terms align with organizational requirements and compliance.

(B) Reviewing only the signatures on contracts while ignoring content details.

(C) Modifying contract terms unilaterally without legal advice.

(D) Skipping contract reviews to speed up the process.

Question 4
What is the purpose of organizing contract documents in a systematic way?

(A) To create a complex filing system that only senior management understands.

(B) To enable easy retrieval and ensure efficient management of contract information.

(C) To comply with outdated filing systems regardless of technology.

(D) To limit employee access so that contracts never need to be referenced.

Question 5
You are tasked with evaluating a vendor agreement. What should be your first step?

(A) Delegate contract review without oversight.

(B) Skim through only the payment terms assuming other sections are standard.

(C) Immediately sign the contract to demonstrate commitment.

(D) Carefully review the contract's terms and conditions to understand responsibilities.

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