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Marketing Practice Test: Pricing Concepts
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Marketing Practice Test: Pricing Concepts
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25 Questions

1. Fixed cost contribution equals:
2. At a price of $1,192,057, the Bugatti Veyron may be the most expensive street legal car currently on the market today. Obviously, Bugatti is NOT using a _____ pricing objective in setting the price for this car.
3. Although many factors can influence price, the primary determinants are:
4. Allstate has more than 1,500 price-levels that are determined by a complex algorithms that analyzes 16 credit report variables, including late payments and card balances. Allstate is using a _____ to set prices.
5. _____ use complex mathematical software to profitably fill unused capacity.
6. _____ pay for every activity of the company.
7. The most popular method used by wholesalers and retailers in establishing a sales price is _____ pricing.
8. _____ is the extra revenue associated with selling an additional unit of output.
9. Your Memory Lane creates custom art prints that use graphs and icons in a street scene to commemorate special occasions. Suppose Your Memory Lane has priced its product at $350 per print. Further, it has determined that the company’s fixed cost is $12,500, with an average variable costs per print of $250. What is his fixed cost contribution per print?
10. Chad has calculated the sales volume at which his lemonade stand’s costs equal revenue. Over dinner he announced to his family that he only needed to sell 50 glasses of lemonade at $5 per glass to cover all his costs (lumber and nails for the stand, lemons, sugar, etc.). Which important factor has Chad excluded from his analysis?
11. A company using market share pricing has a _____ pricing objective.
12. At Walmart, Randi saw a bag of daffodil flower bulbs and a box of plant fertilizer. The items, which were sold together, retailed at $28.50, but were marked down to $19.99. The $19.99 is the:
13. The _____ is the quantity of a product that will be sold in the market at various prices for a specified time period, and _____ is the quantity of a product that will be offered to the market by suppliers at various prices for a specified period.
14. When Nesco brand food hydrators sold for $59.99, Nesco sold 90 dehydrators. When the company dropped the price of its dehydrators to $44.95, it sold 145 dehydrators. Demand for the food dehydrators appears to be:
15. When Apple Inc. originally introduced its iPhone it was priced at what many believed to be about as high as the market would allow. Within weeks Apple lowered the price of the iPhone. It appears that Apple Inc. entered the market with a _____ approach to pricing the iPhone.
16. If a product has high pricing power this would indicate a situation of:
17. Laurie knows little about cooking and does not want to spend the time to learn how to make a quiche. However, she has been asked to bring a quiche to an office retirement party. Not wanting to make a poor choice, she is likely to:
18. Which of the following is most likely to be a variable cost for an Internet retailer that sells spices, herbs, and seasonings to consumers?
19. For a nail salon, the costs associated with the purchase of nail polish and other products like nail polish remover, sterilized equipment, laundry service for the towels, and the beverages given to customers, are all examples of _____ costs.
20. Money that is left over after paying for company activities is called.
21. Which of the following statements describes an advantage of status quo pricing?
22. Manufacturers can do all of the following to regain some control over the price their products are sold for at the retail level EXCEPT:
23. If price _____ and revenue _____, demand is elastic.
24. Patrick owns Liberty Tax and Bookkeeping Services. The monthly mortgage payment Patrick makes on his small office building and the annual cost of his business license are all examples of _____ costs.
25. _____ cost is the change in total costs associated with a one-unit change in output.

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