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Strayer Bus402 Week 7 quiz 6




Question 1;The most commonly used pricing technique for manufacturers is:Answer;direct pricing.;margin pricing.;cost-plus.;absorption pricing.;2 points;Question 2;Most service firms base their prices on:Answer;fairly stable pricing policies.;the cost of the service plus an estimate of the value they add in delivering the service.;market surveys on their respective industries.;an hourly basis for services rendered.;2 points;Question 3;costing includes only those costs that vary directly with the volume of an item produced.Answer;Absorption;Break-even;Indirect;Direct;2 points;Question 4;Price wars usually begin when:Answer;the economy is in turmoil.;when there are more than 4 competitors.;when one competitor believes that they can achieve a higher volume through lower price.;small businesses enter the market dominated by bigger giants.;2 points;Question 5;Small business owners get into trouble when determining their price floor when they:Answer;focus on what the customer will pay.;assume their costs are the same as their competitors'.;begin to track financial ratios to determine what they are doing.;use the price floor as the minimum price in their acceptable price range.;2 points;Question 6;is a technique in which a small firm marks down the price of a popular item below its normal price in an effort to increase customer traffic and to boost sales of other items.Answer;Odd pricing;Leader pricing;Price lining;Suggested retail pricing;2 points;Question 7;tells what portion of the total revenues remains after covering variable costs to contribute toward meeting fixed expenses and earning a profit.Answer;The full-absorption statement;The break-even selling price;The contribution percentage;Cost-plus pricing;2 points;Question 8;The final price set by the entrepreneur for the products depends on:Answer;the desired image for the products.;the cost structure.;what customer will pay.;what competitors are charging.;2 points;Question 9;Even in the short run, a small business must set the price of a product at least equal to the ________ costs (per unit), or it must shut down.Answer;fixed;variable;total;invariable;2 points;Question 10;is a pricing strategy under which local customers "subsidize" the shipping charges the firm incurs when transporting merchandise to distant customers.Answer;FOB factory pricing;Uniform delivered pricing;Zone pricing;Opportunistic pricing;2 points;Question 11;A firm sells small-ticket items to their regular customers on customer charge accounts and then bills the customers each month. This type of credit arrangement is called:Answer;trade credit.;charge account credit.;installment credit.;debit card credit.;2 points;Question 12;When a small business owner doesn't want to make a pricing decision, he/she can use a(n) ________ pricing strategy.Answer;price lining;suggested retail;opportunistic;multiple unit;2 points;Question 13;A common "me-too" pricing policy by which the small business owner establishes his/her prices by monitoring competitor's prices and then matching them is called:Answer;follow-the-leader pricing.;below-market pricing.;price lining.;variable pricing.;2 points;Question 14;When pricing products, it is important to remember that:Answer;there is an ideal price that customers will pay for a given product or service.;once the acceptable price range is found, prices should not be changed again.;pricing is more an intuitive than a quantitative process.;a customer orientation in price setting is most important.;2 points;Question 15;Which of the following factors is vital to determining the effects of competition on the small firm's pricing policies?Answer;The competitor's location;The availability of capital for production;The form of ownership of the small business;The type of outlet the business is;2 points;Question 16;A relatively easy way of getting into international marketing, which currently handles about 10% of all U.S. exports, is through ________ who act as distributors in foreign countries for domestic companies of all sizes.Answer;foreign licensees;international franchises;joint ventures;export trading companies;2 points;Question 17;An embargo is:Answer;a duty, or tax, that a government puts on products that are imported into the country.;the maximum amount of a product that can be imported or exported.;a law that a government uses to regulate products that are imported into the country.;a prohibition or suspension of foreign trade of specific imports or exports.;2 points;Question 18;The most important ingredient in the recipe for a successful joint venture is:Answer;choosing the right country or region.;generating sufficient capital to pursue the venture.;choosing the right partner.;hiring efficient employees to carry out the venture.;2 points;Question 19;A quota is:Answer;a duty, or tax, that a government puts on products that are imported into the country.;the maximum amount of a product that can be imported or exported.;a prohibition or suspension of foreign trade of specific imports or exports.;a law that a government uses to regulate products that are imported into the country.;2 points;Question 20;is said to link trading partners, whether they are giant corporations or single individuals with a small business.Answer;Technology;Better management;Higher salaries;Smaller organizations;2 points;Question 21;Of the three domestic barriers exporters face, ________ is the biggest.Answer;information;attitude;financing;language;2 points;Question 22;A________is a document the seller draws on the buyer, requiring the buyer to pay the face amount (the purchase price of the goods) either on sight (a sight draft) or on a specified date (a time draft) once the goods are shipped.Answer;Bank draft;Letter of Credit;COD;Line of Equity;2 points;Question 23;An entrepreneur wants to move into international markets but can't quite figure out how to do it. He's not clear on his target market or how to approach it but he knows he needs to "go global." This entrepreneur is experiencing which barrier to international trade?Answer;Financing;Information;Cultural;Attitude;2 points;Question 24;The simplest and least expensive way to conduct international business is through:Answer;foreign licensees.;the World Wide Web.;joint ventures.;trade intermediaries.;2 points;Question 25;involves a transaction in which a company selling goods in a foreign country agrees to promote investment and trade in that country.Answer;Countertrade;Export;Import;Bartering;2 points;Question 26;participating companies get antitrust immunity, allowing them to cooperate freely.Answer;Foreign joint venture;Trade intermediary;Export ventures;Export management company;2 points;Question 27;The biggest barrier to small business exports is:Answer;the lack of experience.;the lack of financing.;not understanding other cultures.;not having appropriate products for export.;2 points;Question 28;Expanding a small business into international markets:Answer;guarantees its success in the marketplace.;makes it a member of GATT automatically.;often helps it to grow faster and better survive competition.;leads to business failure for companies under $100 million in annual revenue.;2 points;Question 29;An American executive went to a foreign country to sign a business contract. While there, he found that there were numerous government regulations his company needed to meet before closing the deal. This executive was experiencing which barrier to international trade?Answer;Non-tariff;Political;Cultural;Domestic;2 points;Question 30;is the exchange of goods and services for other goods and services.Answer;Countertrade;Export;Import;Bartering


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