Store Lesson 3 Price

An exchange (typically a monetary exchange) in order to obtain something is called

• The opportunity

• The expense of a good or service

• The time it takes to receive an item

• The cost of a good or service.

The term cost and price are considered

• Same

• Different

• Or both

The price of goods and services is established to not fulfill a successful exchange process with the customer.

• True

• False

Why is it important to making good pricing decisions?

• If a product is priced to high it can create a loss

• If a product is priced to low it can create a loss

• It will make the business successful

• All of the above

Factors that are within the control of the business or can be altered by the business are called

• External

• Competative

• Internal

• Operational

Internal Factors are

• Cost of goods

• Operating Expenses

• Product mix

• All of the above

Factors that occur outside of the business operation and cannot be controlled by the business is called

• External

• Operating Expenses

• Internal

• Product Mix

Select all that apply: The fees that affect pricing are

• Leasing fees

• Credit card processing fees

• Specialized packaging and labels

• Mark up fees

The price that must be given up in order to get something that they want?

• Customer perspective

• Seller perspective

• Owner perspective

• Student perspective

The difference between price and cost is that cost is what the seller incurs and price is what the customer has to pay.

• True

• Fasle