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Mixed Quiz
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1
Which of the following is not one of the four primary influences on selling price?
A)Customers
B)Competition
C)Legal and social issues
D)Costs
E)All of the above influence the determination of selling prices.
2
The type of environment in which there are many companies whose products/services are similar but not identical is referred to as:
A)Monopolistic competition
B)Oligopolistic competition
C)Price competition
D)Pure competition
3
The seller of a product is a price maker in which of the following environment?
A)Monopolistic competition
B)Pure Competition
C)Monopoly
D)Oligopoly
4
The pricing strategy where a company determines the selling price and then decides whether to enter the market is called:
A)price skimming
B)target pricing
C)life-cycle pricing
D)penetration pricing
5
Prescription Drug Research (PDR) has discovered a new cancer medicine and has just received FDA approval to market the product. It costs PDR $.50 per pill to produce the new drug. PDR plans to take advantage of the demand for the product and has priced the pills at $20 per pill. This is an example of which pricing strategy?
A)penetration pricing
B)life-cycle pricing
C)price skimming
D)pioneer price
6
If a product has a cost of $195 and a markup percentage of 70% what is the selling margin of the product?
A)$58.50
B)$136.50
C)$220
D)Not enough information to calculate
7
If a product has a selling price of $325 and a markup percentage of 80% what is its cost?
A)$144
B)$181
C)$260
D)Not enough information to calculate
8
Which of the following describes the practice of setting the initial price low in an attempt to get a share of the market?
A)Dumping
B)Predatory Pricing
C)Price Skimming
D)Penetrating Pricing
9
Which of the following statements is true?
A)JIT is a pull system.
B)JIT is a short-run model.
C)The JIT philosophy is based on maintaining the status quo.
D)JIT requires a company to control its suppliers.
10
Which of the following is not a factor in the EOQ inventory model?
A)Annual demand for the inventory in units
B)Cost of the inventory item
C)Cost to place one additional order
D)Cost to carry one additional unit in inventory
11
Harold's Shoe Emporium economic order quantity is 800 units. Demand for the year is 96,000 units. There are five days between the time an order is placed and the day it is received. Harold's Shoe Emporium operates 360 days per year. The reorder point is:
A)1,335 units
B)267 units
C)1,602 units
D)Not enough data to determine.
12
Which of the following is not true about safety stock:
A)Keeping safety stock increases the carrying cost a company incurs.
B)Is kept to prevent losses created by a stockout
C)Is designed to prevent people from ordering too little inventory and creating a stockout.
D)The amount of safety stock depends on the potential time the company could be out of inventory.
13
A card is used to identify a reorder point in which of the following systems.
A)JIT
B)EOQ
C)Kanban
D)Kansas
14
A compensation method whereby employees are paid according to the amount they produce in a given time-period is known as:
A)commission-based compensation
B)piece-rate compensation
C)deferred compensation
D)bonus compensation
15
Tallgrass Clothiers' president receives a bonus equal to 5% of net income. This bonus is included in the determination of net income and is tax deductible. The tax rate is 20%. If the company's income before the bonus was $14,500,000, the amount of the bonus is:
A)$547,169
B)$551,000
C)$ 557,692
D)cannot be determined from the information given





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