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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
choosing an introductory price
B
selecting a basic approach to pricing
C
determining a pricing policy
D
all of the above
2) To increase profits on individual sales, one can increase
A
discounts
B
demand
C
revenue
D
prices
3) Uses odd prices to suggest bargains and even prices to suggest higher quality.
A
prestige pricing
B
promotional pricing
C
price lining
D
odd/even 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
fixed costs
B
markdown prices
C
variable costs
D
market prices
6) Amount or percentage by which a business lowers its original prices in order to move merchandise.
A
markdown
B
break even
C
cost based pricing
D
markup
7) This pricing strategy dictates that you consider your business costs and your profit objectives
A
cost based pricing
B
competition based pricing
C
demand based pricing
D
basici pricing
8) A pricing policy that allows a customer to bargain for price.
A
flexible price
B
competition based
C
one price
D
cost based
9) This term is the number of units of a product that,when sold at a given price, covers production and distribution costs.
A
mark up
B
discount
C
markdown
D
break even point
10) Pricing technique based on the belief that customers base perception of a product on price.
A
price lining
B
discount pricing
C
psychological pricing
D
prestige pricing
*select an answer for all questions
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