WorksheetsCost and Pricing
Total questions: 13
Worksheet time: 8mins
Which of the following is the best definition of COSTS?
The total amount of income a business makes from selling products or services
The amount of money a business has left over after paying for materials.
The total amount of money a business spends to make and sell their products and services
Which statement best describes "Price"?
The cost of producing items
The amount customers are charged for items
The profit earned from selling items
The process of assigning prices to items you're selling is called __.
overpricing
pricing
retailing
listing
Competitive, realistic, and flexible are components of:
Product Mix
Promotional Medium
Effective Pricing
Which of the following affects price?
Costs, Competition Channel Members and Company Objectives
Supply and Demand, Economic Conditions, and Government Regulations
All of these
If there is a lot of demand for a specific brand of jeans and the supply is low, the company might ______ price.
Increase
Decrease
Keep the same
The amount added to your cost to calculate the selling price.
margin
markup
cost of goods sold
list price
If the costs for a company to make their products goes up, the price for the product will probably ______.
Increase
Decrease
Stay the same
What is the mathematical expression for solving unit price?
Unit Price = Total Price + Number of Units
Unit Price = Total Price - Number of Units
Unit Price = Total Price X Number of Units
Unit Price = Total Price / Number of Units
Apples at the grocery store is packaged in 1-pound packages or 5-pound packages. The 1-pound package costs $1.19 and the 5-pound package costs $5.47. What is the unit price for the 5-pound bag?
$1.09
$1.19
$1.94
$.094
Product cost includes
Direct material
Direct labor
Selling and administrative costs
Manufacturing overhead
