BOR: Chapter 4
Quiz by Linzi Rhodes
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14 questions
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- Q1The Goodwill Thrift Store was working on their pricing strategy. They decided to end all of their prices in .97, a few cents less than the round number. So instead of selling a pair of pants at $15.00, they would sell them at 14.97. This is an example ofMark DownVendor PricingCompetitive PricingPsychological Pricing30s
- Q2_____________ is the amount of money that comes into a retail business minus expenses.ReconsiliationForcastingMarginRevenue30s
- Q3Courtney, the buyer for a small produce store and she sells 25 bags of oranges at $12 per bag. Her cost of goods sold per bag is $7. What is Courtney’s gross profit?$293$175$300$12530s
- Q4Which of the following would you categorize as the COGs if operating a taco truck?Gas and maintenance costs.Cost of the permit to operate the food truck.Cost of the meat, shells, and cheeseYour salary.30s
- Q5The image attached shows an example of which pricing strategy?Bundle PricingPsychological PricingPromotional PricingDiscounted Pricing30s
- Q6The “S” in MSRP stands for ______________.SuggestedStandardSolutionStore30s
- Q7Jim is opening and operating a small online retail shop. What should he take into consideration when setting a retail price?Customer's price preferencesThe cost of products, website service fees, competitor's prices, and the money you want to make on each item.The price is set by the competitors on the same or similar productsThe amount of money you want to make on each item.30s
- Q8Macey owns a clothing shop in which her current assortment includes summer apparel. It’s nearing end of summer so in order for her to make room for fall items, she decides to mark the items down in order to move them out of the store. What will happen to her gross profit if she does this?Gross profit goes upGross profit goes downGross profit is unchangedGross profit stays the same30s
- Q9If a store’s revenue is $3,050 and its cost of goods sold (COGS) is $1110, what is the business’s gross profit?$2500$1940$4160$40030s
- Q10A store pays for a schoolbag $12 and sells it for $18. Since school has already begun and sales have slowed down, they need to markdown its price. What is the lowest they can mark down the backpack if they want to still make $3 in profit?16%16.7%1.66%66%30s
- Q11Sam’s Surf Shop sold 11 surf boards over the weekend. Each surf board costs $26.00. What’s the revenue for the surf boards?$268$200$286$37030s
- Q12A business makes $5100 in daily revenue and on average spends $1400 in the products sold and $2000 on employee salaries and other expenses. What’s the daily net profit of the business?$1500$3700$1700$440030s
- Q13A retailer factors in _________________ when considering utilities, marketing costs and real estate rental costs to their prices.Unnecessary CostsManufacturing CostsVendor CostsCosts associated with retailing30s
- Q14_____________ is the amount of money a retailer makes before taking expenses out or the difference between revenue and COGS.Gross ProfitRevenueGross MarginNet Profit30s
