Pricing Terminology Quiz

Define Cost

• the wholesale value of goods and services
• the retail value of goods and services
• sale of goods in quantity to retailers

Define Price

• the wholesale value of goods and services
• the retail value of goods and services
• sale of goods in quantity to retailers

Define Wholesale

• the wholesale value of goods and services
• the retail value of goods and services
• sale of goods in quantity to retailers

________ the cost of human effort expended in fulfilling the order

• Labor
• Work
• Wholesale

_________ is the formula that shows the difference between the wholesale cost and the retail price.

• Markup
• Labor
• Wholesale

Which good has a long shelf life?

• Hard Goods
• Soft Goods

What is the proper markup for soft goods?

• 3
• 2

What is the proper markup for hard goods?

• 3
• 2

What are some examples of hard goods?

• cut flowers, foliage, and plants
• ribbon, gift items, foam, containers, and tools

What are some examples of soft goods?

• cut flowers, foliage, and plants
• ribbon, gift items, foam, containers, and tools