
Year 7 Business Determining Prices
Authored by Jacinta Bartlett
Business
7th Grade
Used 3+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 2 pts
What is the definition of "cost price" for a product?
The price at which the product is sold to customers
The price at which the product was purchased or produced
The price after applying discounts and promotions
The price set by competitors for similar products
2.
MULTIPLE CHOICE QUESTION
5 mins • 2 pts
What is the "selling price" of a product?
The initial price paid to suppliers for the product
The price that includes all production costs
The price after removing the costs for expenses
The price at which the product is offered to customers
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is NOT a factor that can influence pricing decisions?
Customer preferences
Production costs
Current weather conditions
Competitor prices
4.
MULTIPLE CHOICE QUESTION
5 mins • 2 pts
Which factor refers to the money left over after removing the cost price from the selling price?
Expenses
Profit
Cost of Goods Sold
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is a "markup" in pricing?
The original cost of the product
The difference between the cost price and selling price
The price customers are willing to pay
The price set by competitors
6.
MULTIPLE CHOICE QUESTION
5 mins • 2 pts
What is the "market price" of a product?
The lowest price a product can be sold for
The average price of a similar product in the market
The highest price a customer is willing to pay for a product
7.
MULTIPLE CHOICE QUESTION
5 mins • 2 pts
What does the term "demand" refer to in pricing?
The quantity of a product available in the market
The amount of money a business spends on producing products
The desire and ability of customers to buy a product
The cost of raw materials used in making a product
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?