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Ch. 11.2
Test Description: Vocabulary
Instructions: Answer all questions to get your test result.
1) Amount of money requested or exchanged for a product.
A
break-even point
B
price
C
selling price
D
list price
2) Explains the value of a certain product over others that are similar.
A
break-even point
B
value proposition
C
pricing objectives
D
selling price
3) Established price printed in a catalog, on a price tag, or on a price list.
A
price
B
selling price
C
value proposition
D
list price
4) Actual price customers pay for a product after any discounts or coupons are deducted.
A
price
B
selling price
C
markup
D
list price
5) Price recommended by the manufacturer.
A
selling price
B
manufacturer's suggested retail price (MSRP)
C
base price
D
list price
6) Goals defined in the business and marketing plans for the overall pricing policies of the company.
A
price selling
B
psychological pricing
C
deceptive pricing
D
pricing objectives
7) Point at which revenue from sales equals the costs.
A
price floor
B
markup
C
break-even point
D
base price
8) Amount added to the cost of a product to determine the selling price.
A
markup
B
base price
C
price ceiling
D
loss leader
9) General price at which the company expects to sell a product.
A
price ceiling
B
selling price
C
price floor
D
base price
10) Pricing techniques that create an image of a product and entice customers to buy.
A
psychological pricing
B
price gouging
C
predatory pricing
D
deceptive pricing
11) Practice of advertising one product with the intent of persuading customers to buy a more expensive item when they arrive in the store.
A
price gouging
B
deceptive pricing
C
bait and switch
D
predatory pricing
12) Occurs when a company sells the same product to different customers at different prices based on personal characteristics of the customers.
A
price gouging
B
predatory pricing
C
bait and switch
D
price discrimination
13) Pricing products in a way that intentionally misleads customers.
A
deceptive pricing
B
predatory pricing
C
price ceiling
D
price gouging
14) Setting very low prices to remove the competition.
A
predatory pricing
B
price gouging
C
price ceiling
D
deceptive pricing
15) Pricing an item much lower than the current market price of the cost of acquiring the product.
A
price gouging
B
base price
C
loss leader
D
price floor
16) Raising prices on certain kinds of goods to an excessively high level during an emergency.
A
predatory pricing
B
price gouging
C
deceptive pricing
D
psychological pricing
17) Maximum price set by the government for certain goods and services that it thinks are priced too high.
A
price floor
B
loss leader
C
price ceiling
D
markup
18) Minimum price set by the government for certain goods and services it believes are priced too low.
A
price ceiling
B
price floor
C
selling price
D
base price
*select an answer for all questions
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