Study+Guide+Midterm+2+Spring+2008

Study+Guide+Midterm+2+Spring+2008 - =-=[`{[Principles of...

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=-=[‘{[Principles of Accounting 1 (Acct 2101) Spring 2008 Study Guide for Midterm 2 Test Format: Multiple choice questions (50 @ 5.20 points each). Total possible points are 260. Maximum grade is 250! The extra points are to compensate for any weakness in the main test instrument and misunderstanding in the question wording. Students need to bring their own scantron. Do not mark your scantron until you have selected your FINAL answer. Eraser marks confuse the scantron grading machine. All adverse consequences of eraser marks and mismarks are the student’s responsibility. Bring extra scantrons. You are permitted to use a simple four-function calculator (cell phones are NOT simple four-function calculators). Instructors/exam proctors will check each student’s calculator while distributing the exams. This is a closed book, closed note, and closed neighbor exam. You are NOT permitted to have scratch paper. You are NOT to look around during the exam. You are to keep your scantron sheet covered to the extent possible. You must turn in your exam and scantron with your name, your instructor’s name, and the version letter of the exam on both. You will be asked to show a picture id when you turn in your exam and scantron. You will have 120 minutes to complete the exam. The exam covers Chapters 5 – 8. Skills needed: Chapter 5: Identify different pricing strategies. o Penetration pricing: pricing strategy where company sets initial selling price low in order to gain share of market from its competitors o Piece-rate pricing: payment for services based on number of items completed o Predatory pricing: practice of selling products below cost in attempt to drive out competition, control market, and then raise prices o Price fixing: group of companies agree to limit supply and charge the same amount for a product o Price gouging: setting excessively high prices o Skimming pricing: company sets initial selling price high to appeal to those who want product the most first and who are not concerned with the price o Target pricing: pricing where company first calculates the cost of a product and then determines whether to enter in the market
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Calculate markup and selling price. o
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This note was uploaded on 04/07/2008 for the course ACCTING 2101 taught by Professor Krisclark during the Spring '08 term at Georgia State University, Atlanta.

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Study+Guide+Midterm+2+Spring+2008 - =-=[`{[Principles of...

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