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4.03_PI3 Part A And B H. Marketing Review
Test Description: Review
Instructions: Answer all questions to get your test result.
1) Erica wants to buy Marco’s used iPod. He is asking her to pay him $100 for it. $100 is the iPod’s
A
cash flow.
B
profit.
C
selling price.
D
cost of goods.
2) Which of the following is a true statement:
A
Selling prices for products always remain the same over time.
B
Only certain types of products have selling prices.
C
There are many kinds of selling prices for goods and services.
D
Selling prices are easy for businesses to determine.
3) Which of the following must a business accomplish through selling price:
A
Maintain market share
B
Pay all product costs
C
Company valuation
D
Acquire start-up capital
4) The selling prices of products help customers to
A
find a company’s fixed costs.
B
make buying decisions.
C
determine the amount of markup.
D
spend freely.
5) Selling price helps customers to allocate their money because price determines
A
the value of products to all purchasers.
B
the quality of all goods and services.
C
what customers need to purchase.
D
what customers can afford to purchase.
6) It costs a publishing company $8 to produce a paperback book. The company sells each paperback it produces for $9.99. The $1.99 difference is known as
A
demand.
B
elasticity.
C
capital.
D
markup.
7) Is the following statement true or false: There is no connection between a firm’s marketing objectives and its pricing objectives.
A
True, some businesses do not even need marketing objectives.
B
True, marketing and pricing are independent of each other.
C
False, marketing objectives are based on pricing objectives.
D
False, pricing objectives should be used to achieve marketing objectives.
8) Which of the following is true of a business’s pricing objectives:
A
They must be adjusted from time to time.
B
They must be changed each fiscal year.
C
They are not affected by changing circumstances.
D
They are chosen for the life of the business.
9) A business that uses sales-oriented pricing objectives wants to increase the
A
amount of promotion it uses.
B
inefficiency of its human resources.
C
cost of its marketing efforts.
D
total amount of its income from sales.
10) A business that sets its prices lower than those of competitors will not make a profit unless it also
A
enlarges its staff.
B
controls its costs.
C
increases promotion.
D
reduces its inventory.
11) Why is obtaining, maintaining, or increasing market share important to a business?
A
Market share must constantly increase for the business to succeed.
B
Customers are interested in a firm’s market share.
C
A large market share ensures large profits.
D
Market share serves as a measure of the success of the business.
12) The majority of businesses that use profit-oriented pricing want to
A
earn a reasonable amount of profit.
B
make as much profit as possible.
C
create a negative cash flow.
D
reduce their return on investment.
13) The objective of pricing that is intended to earn a certain percentage of profit based on the amount of money that has been put into the business is
A
return on sales.
B
return on investment.
C
unfair trade practices.
D
percentage pricing.
14) Businesses that come under government control often set a target return of profit because they
A
are not allowed to earn a reasonable profit.
B
must abide by unfair trade practices.
C
need to earn very high profits.
D
may be investigated if they earn high profits.
*select an answer for all questions
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