
Understanding Auctions
Interactive Video
•
Business, Life Skills
•
9th - 12th Grade
•
Practice Problem
•
Hard
Jackson Turner
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary role of an auctioneer during an auction?
To encourage competition among buyers
To set the price of the items
To decide the winner of the auction
To provide financial advice to sellers
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to be cautious when selling vehicles at auctions?
Because all vehicles sell for the same price
Because some vehicles may not perform well
Because auctions are illegal
Because auctioneers can manipulate prices
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common misconception about making profits at auctions?
That it requires careful planning
That it is easy and risk-free
That it is always guaranteed
That it requires no effort
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a reserve price in the context of auctions?
A safety net to ensure a minimum sale price
The starting bid for an item
The final price at which an item is sold
The maximum price a buyer is willing to pay
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a potential outcome if a car does not meet its reserve price at auction?
The reserve price is lowered
The auctioneer buys the car
The car is withdrawn and can be sold later
The car is automatically sold at a loss
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does lifting the reserve price mean?
Decreasing the maximum bid
Removing the minimum price requirement
Increasing the starting bid
Setting a new minimum price
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the risk associated with lifting the reserve price?
The reserve price will automatically increase
The item may not sell at all
The auctioneer may cancel the auction
The item will sell regardless of the price
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