Marketing Final Exam

Acquire a good or service pts 1 ref 301 thinking key

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Unformatted text preview: set by the producer the value of a barter good in an exchange ANS: A According to the textbook, price is that which is given up in exchange to acquire a good or service. PTS: 1 REF: 301 Thinking KEY: CB&E Model Pricing OBJ: 19-1 TOP: AACSB Reflective MSC: BLOOMS Knowledge 2. At Wal-Mart, Randi saw a bag of daffodil flower bulbs and a box of plant fertilizer. The items, which were sold together, retailed at $28.50 but were marked down to $19.99. The $19.99 is the: a. revenue b. price c. profit d. liquidity value e. amortized value ANS: B Price is that which is given in exchange to acquire a product. PTS: 1 REF: 301 Thinking KEY: CB&E Model Pricing OBJ: 19-1 TOP: AACSB Reflective MSC: BLOOMS Application 3. Which of the following statements is NOT true about price? a. Price can relate to anything with perceived value, not just money. b. Price is that which is given up in an exchange to acquire a product. c. Price means the same thing to the consumer and the seller. d. The price paid is based on the satisfaction consumers expect to receive from a product. e. Customers are interested in obtaining a perceived reasonable price. ANS: C Price means one thing to the consumer and something else to the seller. To the consumer, it is the cost of something. To the seller, price is revenue, the primary source of profits. PTS: 1 REF: 301-302 Thinking KEY: CB&E Model Pricing OBJ: 19-1 TOP: AACSB Reflective MSC: BLOOMS Analysis 4. Which of the following statements about price is true? a. Price and revenue are synonyms. b. Price always equals some monetary figure. c. Price is not necessarily based on the satisfaction consumers receive from a product. d. High prices result in high profits. e. All of these statements about price are true. ANS: C Price can relate to anything with perceived value, not just money. The price paid is based on the satisfaction consumers expect to receive from a product, not necessarily what they actually receive. PTS: 1 REF: 301-302 Thinking KEY: CB&E Model Pricing OBJ: 19-1 TOP: AACSB Reflective MSC: BLOOMS Analysis 5. Revenue: a. b. c. d. e. equals quantity sold times profit margin equals price minus costs equals return on investment is synonymous with profit equals price of goods times quantity sold ANS: E Revenue is the price charged to customers multiplied by the number of units sold. PTS: 1 REF: 302 Thinking KEY: CB&E Model Pricing OBJ: 19-1 TOP: AACSB Reflective MSC: BLOOMS Comprehension 6. _____ pay for every activity of the company. a. b. c. d. e. Revenues Investments Retained earnings Profits Prices ANS: A Revenue is price times units sold, or the total inflow of capital that is available to pay for the costs of manufacturing the good and running the business. PTS: 1 REF: 302 Thinking KEY: CB&E Model Pricing OBJ: 19-1 TOP: AACSB Reflective MSC: BLOOMS Comprehension 7. Money that is left over after paying for company activities is called: a. return on investment b. a contribution margin c. profit d. net worth e. a current...
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This document was uploaded on 09/29/2013.

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