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Entrepreneurship Chapter 11 Review
Test Description: Glencoe Chapter 11 Test
Instructions: Answer all questions to get your test result.
1) Determining a price strategy involves which of the following?
A
selecting a basic approach to pricing
B
choosing an introductory price
C
all of the above
D
determining a pricing policy
2) To increase profits on individual sales, one can increase
A
revenue
B
prices
C
discounts
D
demand
3) Uses odd prices to suggest bargains and even prices to suggest higher quality.
A
odd/even pricing
B
promotional pricing
C
price lining
D
prestige pricing
4) If the demand for a product is high and supply is low, you can command a
A
high price
B
discount price
C
markdown price
D
low price
5) These costs are subject to change depending on the number of units sold.
A
market prices
B
variable costs
C
markdown prices
D
fixed costs
6) Amount or percentage by which a business lowers its original prices in order to move merchandise.
A
markdown
B
break even
C
markup
D
cost based pricing
7) This pricing strategy dictates that you consider your business costs and your profit objectives
A
demand based pricing
B
competition based pricing
C
cost based pricing
D
basici pricing
8) A pricing policy that allows a customer to bargain for price.
A
flexible price
B
competition based
C
cost based
D
one price
9) This term is the number of units of a product that,when sold at a given price, covers production and distribution costs.
A
markdown
B
break even point
C
discount
D
mark up
10) Pricing technique based on the belief that customers base perception of a product on price.
A
price lining
B
psychological pricing
C
discount pricing
D
prestige pricing
*select an answer for all questions
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