Business of Retail - Chapter 4 - Practice questions A

Front

The Goodwill Thrift Store was working on their pricing strategy. They decided to end all of their prices in .97, a few cents less than the round number. So instead of selling a pair of pants at $15.00, they would sell them at 14.97. This is an example of

Back

Psychological Pricing

Front

________ is the amount of money that comes into a retail business minus expenses.

Back

Margin

Front

Courtney sells 25 bags of oranges at $12 per bag. Her cost of goods sold per bag is $7. What is Courtney’s gross profit?

Back

$125

Front

Which of the following would you categorize as the COGs if operating a taco truck? Cost of the meat, shells, and cheese; Cost of the permit to operate the food truck; Gas and maintenance costs; Your salary

Back

Cost of the meat, shells, and cheese

Front

The image to the right shows an example of which pricing strategy?

Back

Psychological pricing

Front

The image to the right shows an example of which pricing strategy?

Back

Bundle pricing

Front

The image to the right shows an example of which pricing strategy?

Back

Promotional pricing

Front

The image to the right shows an example of which pricing strategy?

Back

Discount pricing

Front

The “S” in MSRP stands for ______________.

Back

Suggested

Front

What should Jim take into consideration when setting a retail price for his online shop?

Back

The cost of products, website service fees, competitor’s prices, and the money you want to make on each item.