Year 7 Business Determining Prices

Year 7 Business Determining Prices

7th Grade

10 Qs

quiz-placeholder

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Year 7 Business Determining Prices

Year 7 Business Determining Prices

Assessment

Quiz

Business

7th Grade

Practice Problem

Medium

Created by

Jacinta Bartlett

Used 3+ times

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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

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