Bas 282 module 5 unit 1 post test quiz

Question 1
1. Craftarium, Inc. makes and sells beaded purses, jackets, slippers, and other fashion items. Which of the following is the BEST example of one of its fixed costs?
 payment on leased delivery vehicles
 purse handles
 unbeaded jackets
 packaging for kits
 advertisements in fashion magazines
10 points  
Question 2
1. Procter & Gamble dropped the price of Pringles Potato Chips in the Southeast due to price competition and consumer demand. As a result of the price reduction, Procter & Gamble increased unit sales and earnings by 10 percent due to:
 price wars with other snack food makers
 increases in both supply and demand
 elasticity of demand
 price demand determinants
 market share fluctuations
10 points  
Question 3
1. Furr Friends sells kits for making personalized grave markers for pets. The company sells each kit for $22. The average variable cost for each kit is $13, and the total annual fixed costs for plant operation are $78,300. What is the break-even point in units?
 none of the other answers
10 points  
Question 4
1. The pricing policy used by Middleton Industries, manufacturer of Renaissance charms for bracelets and necklaces, is to set prices so the its retail prices are as high as the market will tolerate. Additionally, Middleton strives to keep its costs at an industry low by using silver and gold overlays over charms made of cheap base metal. This is an example of a _____ policy
 market share pricing
 profit maximization
 sales maximization
 status quo pricing
10 points  
Question 5
1. As a short-term pricing objective, _____ can be effectively used on a temporary basis to sell off excessive inventory.
 profit maximization
 profit-oriented pricing
 status quo pricing
 sales maximization
 market share pricing
10 points  
Question 6
1. Richelieu Foods, Inc. decided to offer a much larger than customary profit margin to grocery wholesalers and retailers on its new line of organic pizzas. This pricing strategy is designed to do all of the following EXCEPT:
 encourage retailers to advertise this high-margin item
 give dealers an incentive to promote the new organic pizzas
 develop wide and convenient distribution
 maximize profit margin for the producer
 encourage trial by consumers if the pizzas are priced low by retailers
10 points  
Question 7
1. 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 retailer sold one at the $28.50 price and five at the $19.99. The retailer’s revenue is:
 $19. 99
 cannot be calculated with the information provided
10 points  
Question 8
1. Franz Hall wants to open a business selling cotton candy from a mobile cart. He cannot decide whether to base his pricing objectives on market share, dollar sales, or unit sales. Regardless of which he chooses, his firm’s pricing objective can be categorized as:
 status quo
 profit oriented
 need oriented
 cost oriented
 sales oriented
10 points  
Question 9
1. The advertisements for Bernard Hinault brand bicycles claim that it is the most expensive bicycle in the world. This is an example of _____ pricing.
 target return
 market share
 maintained markup
 profit maximization
10 points  
Question 10
1. Hal Macini owner of Evergreen Landscaping is more interested in earning customer goodwill than striving for maximum profit. He determines his prices by maintaining the company’s profitability at a level that gives him a good living but will never make him a rich man. Macini is basing his pricing policy on:
 maintaining stable sales levels
 earning satisfactory profits
 creating retained earnings
 creating the most sales possible
 decreasing consumer demand

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