Pricing Review

What are three factors that influence price?

• Supply and Demand, Price, and Cost
• Cost, Competition, Supply and Demand. 
• Competition, marketing, and branding

Define market share.

• The total sales volume of competitors in a market. 
• The price it costs to create a good. 
• The money earned from selling a product. 

____ 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

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

• overpricing

• pricing

• retailing

• listing

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

It cost you $2.50 to make a large cheese pizza, you sell a large cheese pizza for $12.00. What is your margin (in $) for the large cheese pizza?

• $14.50

• $2.50

• $9.50

• $15.00