Pricing Review - Bus. Foundations

____ is what you provide in trade for your client's money.

• list price

• margin

• markup

• value

The amount added to your cost to calculate the selling price.

• margin

• markup

• cost of goods sold

• list price

Cutting into your profits and charging an extremely low price to consumers is known as price gouging.

• True

• False

Calculating a price by detemining your cost to produce it and adding a markup is known as ___ -based pricing.

The process of assigning prices to items you're selling is called __.

• overpricing

• pricing

• retailing

• listing

Which of the following can have an impact on the final price charged to consumers? (Select all that apply.)

• your costs

• the competition

• the day of the week

• supply and demand

The selling price minus the unit cost is known as ___ (the profit you make off each item).

• markup

• list price

• margin

• value

Using psychological pricing techniques, which of the following prices is typically perceived as a value?

• $19.99

• $20

• $20.25

If your cost is $3.00 and you plan to use a 100% markup, the markup amount is

• $6.00

• $2.00

• $3.00

• $1.50

If your cost is $10 and the markup amount is $15 the selling price will be

• $5.00

• $150.00

• $35.00

• $25.00