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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
Comparison studies of competing businesses
B
Personal favorites of the business's owners
C
Company records
D
Feedback from customers
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
Seasonal discount
B
Trade discount
C
Quantity discount
D
Cash discount
4) Purchasing snow blowers in the summer to help the manufacturer balance production and inventory levels often qualifies the buyer for a
A
Seasonal discount
B
Quantity discount
C
Cash discount
D
Trade discount
5) The actual price a customer pays for a product is the
A
Cost of goods sold
B
Selling price
C
Discount
D
Markup
6) For manufacturers, the total cost of the materials, operations, and personnel used to make a product is the
A
Discount
B
Selling price
C
Cost of goods sold
D
Markup
7) The cost of goods sold plus operating expenses plus net profit equals the
A
Selling price
B
Markup
C
Margin
D
Gross profit
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
2/10, n/30
C
2/30, n/10
D
10/2, n/30
9) Which of the following is not an example of an operating expense?
A
Cost of goods sold
B
Depreciation
C
Advertising
D
Taxes
10) The manufacturer of a product that is very popular will benefit from pricing based on
A
Consumer demand
B
Earning a specific profit
C
Meeting competitors' prices
D
Selling more merchandise
*select an answer for all questions
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