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Pricing Concepts
Test Description: Review various pricing concepts.
Instructions: Answer all questions to get your test result.
1) The Robinson-Patman Act of 1975 outlawed:
A
price fixing
B
unit pricing
C
punishing retailers
D
price discrimination
2) Popular products for sale at-cost or below-cost in order to increase store traffic.
A
loss-leader pricing
B
penetration pricing
C
skimming pricing
D
price lining
3) The key to price planning is:
A
consumer needs
B
sales projections
C
cost and expense analysis
D
competition analysis
4) Psychological pricing strategies include:
A
prestige pricing
B
odd-even pricing
C
everyday low price
D
all of the above
5) Market share is the percentage of the whole market that belongs to a particular company.
A
true
B
false
6) Buying your favorite brand no matter the cost.
A
supply and demand
B
inelastic demand
C
none of the above
7) Helps consumers compare prices.
A
flexible pricing
B
unit pricing
C
return on investment
D
cash discount
8) It would be wise for me to memorize the formula for calculating break-even point.
A
False
B
True
9) Selling a product for one price to a customer and for a different price to another, similar customer is an example of:
A
price fixing
B
monopoly
C
subjective price
D
price discrimination
10) If demand for a product goes up when the price goes down the product has:
A
inelastic demand
B
all of the above
C
elastic demand
D
supply and demand
*select an answer for all questions
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