BOR: Chapter 4

Front

The Goodwill Thrift Store decided to end all of their prices in .97, a few cents less than the round number. 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 attached shows an example of which pricing strategy? Options: Promotional Pricing, Psychological Pricing, Bundle Pricing, Discounted Pricing

Back

Psychological 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? Options: Customer's price preferences, The amount of money you want to make on each item., The price is set by the competitors on the same or similar products, The cost of products, website service fees, competitor's prices, and the money you want to make on each item.

Back

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

Front

What will happen to Macey's gross profit if she marks down summer apparel to make room for fall items?

Back

Gross profit goes down

Front

If a store’s revenue is $3,050 and its cost of goods sold (COGS) is $1110, what is the business’s gross profit?

Back

$1940

Front

A store pays for a schoolbag $12 and sells it for $18. They need to markdown its price to still make $3 in profit. What is the lowest markdown percentage?

Back

16.7%