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Ch. 22 Test Review #2
Test Description: A review of the promotion and price marketing mix elements.
Instructions: Answer all questions to get your test result.
1) Which of the following would not be a useful guide in determining what to purchase?
A
Personal favorites of the business's owners
B
Comparison studies of competing businesses
C
Feedback from customers
D
Company records
2) Which of the following is a disadvantage for a business that buys all of its products from one supplier?
A
The supplier would likely charge a higher price.
B
The supplier’s service may not be as good if it doesn’t have to worry about other suppliers.
C
If the supplier’s workers went on strike, the buyer might not be able to get the products it needs.
D
The business may not be able to get good credit terms from the supplier.
3) A price reduction that manufacturers give to their channel partners in exchange for additional services is a
A
Cash discount
B
Quantity discount
C
Trade discount
D
Seasonal discount
4) Purchasing snow blowers in the summer to help the manufacturer balance production and inventory levels often qualifies the buyer for a
A
Quantity discount
B
Cash discount
C
Seasonal discount
D
Trade discount
5) The actual price a customer pays for a product is the
A
Discount
B
Cost of goods sold
C
Markup
D
Selling price
6) For manufacturers, the total cost of the materials, operations, and personnel used to make a product is the
A
Markup
B
Cost of goods sold
C
Discount
D
Selling price
7) The cost of goods sold plus operating expenses plus net profit equals the
A
Gross profit
B
Markup
C
Selling price
D
Margin
8) On an invoice, credit terms that require the buyer to pay in full in 30 days but would grant the buyer a 2 percent discount for paying within 10 days would be expressed as
A
full 30, 2/10
B
2/30, n/10
C
2/10, n/30
D
10/2, n/30
9) Which of the following is not an example of an operating expense?
A
Taxes
B
Depreciation
C
Cost of goods sold
D
Advertising
10) The manufacturer of a product that is very popular will benefit from pricing based on
A
Selling more merchandise
B
Consumer demand
C
Meeting competitors' prices
D
Earning a specific profit
*select an answer for all questions
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