Ch. 8- Pricing Your Product
Answer the questions from Ch. 8 in the" Marketing Yourself" book.
Questions and Answers
- 1.
Monetary transactions and barter transactions are two types of exchanges.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Monetary transactions and barter transactions are indeed two types of exchanges. Monetary transactions involve the use of money as a medium of exchange, where goods and services are bought and sold using currency. On the other hand, barter transactions involve the direct exchange of goods and services without the use of money. In barter transactions, individuals trade goods or services they have for goods or services they need, without involving currency. Therefore, the statement is true.Rate this question:
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- 2.
Anything that holds exchange value.
- A.
Commodity
- B.
Price
- C.
Stock
- D.
Money
Correct Answer
A. CommodityExplanation
A commodity refers to any tangible or physical product that can be bought or sold in the market. It includes goods such as agricultural products, metals, energy resources, and more. Commodity items hold exchange value because they can be traded and have a price associated with them. In contrast, price, stock, and money are related concepts but do not encompass the broad range of tangible goods that fall under the category of a commodity.Rate this question:
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- 3.
Has no value until it is exchangeable for goods and services.
- A.
Commodity
- B.
Money
- C.
Price
- D.
Stock
Correct Answer
B. MoneyExplanation
Money has no value until it is exchangeable for goods and services. This means that money itself does not have inherent worth, but its value lies in its ability to be used as a medium of exchange for acquiring goods and services. Without this exchangeability, money would be useless. Therefore, money is the correct answer to the given question.Rate this question:
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- 4.
The compensation an employee recieves for his or her services.
- A.
Money
- B.
Salary
- C.
Bonus
- D.
Time off
Correct Answer
B. SalaryExplanation
The correct answer is "salary" because it refers to the payment an employee receives in exchange for their services. It is a fixed amount of money that is typically paid on a regular basis, such as monthly or bi-weekly. Salary is different from bonuses, which are additional payments based on performance or other factors, and time off, which refers to paid or unpaid leave from work.Rate this question:
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- 5.
Preferred commodities were chosen for many different reasons: including ease of storage, ease of transport and inexpensiveness.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement suggests that preferred commodities were chosen for reasons such as ease of storage, ease of transport, and inexpensiveness. However, the correct answer is false, indicating that this statement is not accurate. The explanation for this could be that preferred commodities were chosen for various reasons, and while ease of storage, ease of transport, and inexpensiveness may have been factors, they were not the only reasons for choosing preferred commodities.Rate this question:
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- 6.
The amount of money that must be exchanged for a good or service.
- A.
Price
- B.
Money
- C.
Barter
- D.
Demand
Correct Answer
A. PriceExplanation
The correct answer is "price" because it refers to the amount of money that needs to be paid in order to obtain a good or service. Price is a fundamental concept in economics and plays a crucial role in determining the demand and supply of goods and services in the market. It represents the value that individuals are willing to exchange for a particular product or service.Rate this question:
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- 7.
Gold is the common denominator or thread of exchange.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Gold has historically been used as a medium of exchange, but it is not the only one. Throughout history, various other commodities such as silver, salt, and even shells have been used as a form of currency. Therefore, gold is not the only common denominator or thread of exchange.Rate this question:
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- 8.
Refers to how much of a product consumers are willing to purchase.
- A.
Supply
- B.
Demand
- C.
Price
- D.
Product
Correct Answer
B. DemandExplanation
The correct answer is demand because demand refers to the quantity of a product that consumers are willing and able to purchase at a given price. It represents the desire and affordability of consumers to buy a particular product. The level of demand for a product is influenced by factors such as price, consumer preferences, income levels, and availability of substitutes. Understanding demand is crucial for businesses to determine the appropriate pricing, production levels, and marketing strategies for their products.Rate this question:
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- 9.
Some jobs pay more because the skills required are not scarce in the labor force, meaning fewer people possess these skills.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Some jobs pay more because the skills required are scarce in the labor force, meaning that only a limited number of people possess these skills. This scarcity creates a higher demand for individuals with these skills, allowing them to command higher wages. Therefore, the statement that some jobs pay more because the skills required are not scarce in the labor force is false.Rate this question:
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- 10.
Considering market forces can help you make informed career decisions.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Considering market forces can help you make informed career decisions because market forces refer to the supply and demand dynamics in the job market. By understanding market forces, such as the demand for certain skills or the growth of specific industries, individuals can make informed decisions about their career paths. This knowledge can help them identify job opportunities, choose in-demand skills to develop, and navigate changes in the job market. Ultimately, considering market forces allows individuals to align their career choices with the current and future needs of the job market, increasing their chances of success and job satisfaction.Rate this question:
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- 11.
Setting your _________ is an important factor to consider when searching for employment.
- A.
Supply
- B.
Price
- C.
Location
- D.
Demand
Correct Answer
B. PriceExplanation
When searching for employment, it is crucial to consider the price or salary that the job offers. This refers to the amount of money that the employer is willing to pay for the work. Setting your price or salary expectation is important because it helps you align your financial goals and needs with the job opportunities available. By considering the price, you can ensure that the job you choose provides the financial stability and growth you desire.Rate this question:
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- 12.
The mathematical "mean" of the salaries of all people employed in that position.
- A.
Compensation
- B.
Money
- C.
Average salary
- D.
Gross income
Correct Answer
C. Average salaryExplanation
The term "average salary" refers to the mathematical mean of the salaries of all individuals employed in a specific position. It is calculated by summing up the salaries of all employees in that position and dividing it by the total number of employees. This provides a representative value that reflects the typical salary earned by individuals in that particular job.Rate this question:
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- 13.
A job or position offered to an inexperienced person that usually pays low wages but provides training and experience and the prospect of future advancement.
- A.
Promotion
- B.
Entry-level position
- C.
Top-level position
- D.
Middle-level position
Correct Answer
B. Entry-level positionExplanation
An entry-level position refers to a job or position that is offered to someone who is inexperienced. These positions typically pay low wages but provide training and experience, as well as the potential for future advancement. This means that individuals starting in entry-level positions have the opportunity to gain valuable skills and knowledge that can help them progress in their careers.Rate this question:
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- 14.
Identified minimum and maximum range of compensation.
- A.
Promotion range
- B.
Salary range
- C.
Bonus range
- D.
Target range
Correct Answer
B. Salary rangeExplanation
The correct answer is "salary range" because the question is asking for the identified minimum and maximum range of compensation. Out of the given options, only "salary range" is directly related to compensation and fits the context of the question. The other options, such as "promotion range," "bonus range," and "target range," are not specifically related to compensation and are therefore incorrect.Rate this question:
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- 15.
Supply and demand can affect salary ranges.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Supply and demand refers to the availability and demand for a particular product or service. In the context of salary ranges, if there is a high demand for a certain skillset or profession and a limited supply of individuals with that skillset, employers may be willing to offer higher salaries to attract and retain talent. On the other hand, if there is an oversupply of individuals with a particular skillset and low demand, employers may offer lower salaries. Therefore, supply and demand can indeed affect salary ranges.Rate this question:
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- 16.
The industry itself can affect salary ranges.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The industry in which a person works can have an impact on their salary range. Different industries have varying levels of demand for certain skills and expertise, which can influence the salaries offered. For example, industries such as finance or technology tend to pay higher salaries compared to industries such as retail or hospitality. Additionally, industries that require specialized knowledge or advanced education may offer higher salaries to attract and retain qualified professionals. Therefore, it is true that the industry itself can affect salary ranges.Rate this question:
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- 17.
A level of material comfort as measured by the goods, services, and luxuries available to an individual, group, nation, or socioeconomic group.
- A.
Standard of living
- B.
Cost of living
- C.
Cost of business
- D.
Standard of business
Correct Answer
A. Standard of livingExplanation
The term "standard of living" refers to the level of material comfort that an individual, group, nation, or socioeconomic group enjoys. It encompasses the goods, services, and luxuries that are available to them. This term is used to gauge and compare the overall quality of life and well-being of different entities. It considers factors such as income, housing, healthcare, education, and access to basic necessities. The higher the standard of living, the greater the level of comfort and quality of life experienced by the entity in question.Rate this question:
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- 18.
The amount of money required to purchase the things you need to maintain your standard of living.
- A.
Standard of living
- B.
Cost of living
- C.
Standard of business
- D.
Cost of business
Correct Answer
B. Cost of livingExplanation
The term "cost of living" refers to the amount of money needed to maintain one's standard of living. It encompasses the expenses required for basic needs such as housing, food, transportation, healthcare, and other essential goods and services. The cost of living can vary depending on factors such as location, inflation, and personal lifestyle choices. It is an important factor to consider when budgeting and making financial decisions.Rate this question:
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- 19.
A department in an organization that supports the hiring process by preparing job descriptions, screening applicants, scheduling interviews, and passing on qualified candidates to the hiring manager
- A.
Science department
- B.
Human resource department
- C.
Management department
- D.
Administration department
Correct Answer
B. Human resource departmentExplanation
The correct answer is the human resource department. This department is responsible for supporting the hiring process by preparing job descriptions, screening applicants, scheduling interviews, and passing on qualified candidates to the hiring manager. They play a crucial role in ensuring that the organization hires the right people for the right positions.Rate this question:
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- 20.
A person who applies for or requests something; a candidate.
- A.
Applicant
- B.
Entrepreneur
- C.
Employee
- D.
Customer
Correct Answer
A. ApplicantExplanation
An applicant is someone who applies for or requests something, typically in the context of a job or a position. They are usually seeking to be considered as a candidate for a particular opportunity or role. The other options, such as entrepreneur, employee, and customer, do not specifically refer to someone who is applying for or requesting something.Rate this question:
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- 21.
____________ often conduct employment surveys that may include salary information, or they may have access to other salary surveys.
- A.
Clubs
- B.
Associations
- C.
Networks
- D.
Unions
Correct Answer
B. AssociationsExplanation
Associations often conduct employment surveys that may include salary information, or they may have access to other salary surveys. Associations are organizations formed by individuals or companies with similar interests or goals. They often gather data and conduct surveys related to their industry or profession. In the context of the question, associations are likely to have access to salary information and surveys, making them a reliable source for such data.Rate this question:
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- 22.
The level of education, experience, skills, and responsibilities required of the position also contribute to the salary range.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because the level of education, experience, skills, and responsibilities required for a position directly impact the salary range. Generally, higher levels of education, more experience, advanced skills, and greater responsibilities are associated with higher salaries. This is because individuals with these qualifications are often in high demand and have a greater ability to contribute to the success of an organization. Therefore, the salary range for a position will vary depending on the qualifications and requirements of the role.Rate this question:
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- 23.
Refers to how much of a product is offered to the market.
- A.
Supply
- B.
Demand
- C.
Price
- D.
Surplus
Correct Answer
A. SupplyExplanation
Supply refers to the quantity of a product that is available in the market. It represents the amount of a particular product that producers are willing and able to sell at a given price. The supply is influenced by various factors such as production costs, technology, and the number of suppliers in the market. When the supply of a product increases, it generally leads to a decrease in price, while a decrease in supply tends to result in an increase in price. Therefore, supply is a crucial factor in determining the equilibrium price and quantity in a market.Rate this question:
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- 24.
Money has no value until it is exchangeable for goods and services.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Money only holds value when it can be used to obtain goods and services. Without the ability to exchange money for things of value, it becomes useless. Money serves as a medium of exchange, allowing individuals to acquire the things they need or desire. Therefore, the statement that money has no value until it is exchangeable for goods and services is true.Rate this question:
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- 25.
Once you have identified positions and industries, you can research salaries using job listings and employers, associations, career/placement offices, network contacts, and the Internet.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement suggests that once you have identified positions and industries, you can research salaries using various sources such as job listings, employers, associations, career/placement offices, network contacts, and the Internet. This implies that it is possible to gather information about salaries through these means, making the statement true.Rate this question:
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- 26.
State government websites provide salary information.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
State government websites provide salary information. This means that individuals can access information about the salaries of employees working in the state government through these websites. This can be useful for various purposes such as transparency, accountability, and making informed decisions about career choices or negotiations.Rate this question:
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- 27.
It is acceptable to bring up salary in an interview before the interviewer mentions it.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Bringing up salary in an interview before the interviewer mentions it is generally considered inappropriate. It is important to focus on discussing qualifications, skills, and the job itself during the interview. Salary negotiations usually come later in the hiring process, after the candidate has been evaluated for their suitability for the position. By mentioning salary too early, it may give the impression that the candidate is more interested in the financial aspect rather than the job itself, which can negatively impact their chances of being hired.Rate this question:
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- 28.
You may ask about the salary range for that position in an interview.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
In an interview, it is common and appropriate to inquire about the salary range for a position. Asking about the salary range shows that the candidate is interested in the compensation aspect of the job and wants to ensure that it aligns with their expectations and needs. It also allows the candidate to assess if the position is financially viable for them. Therefore, it is true that you may ask about the salary range for that position in an interview.Rate this question:
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- 29.
Total salary, benefits, and incentives offered as compensation.
- A.
Compensation package
- B.
Benefits package
- C.
Salary package
- D.
Insurance package
Correct Answer
A. Compensation packageExplanation
The correct answer is compensation package. A compensation package refers to the total salary, benefits, and incentives that are offered to an employee as a form of compensation for their work. It includes not only the base salary but also additional benefits such as health insurance, retirement plans, bonuses, and other incentives. The term "compensation package" is commonly used in human resources to describe the overall package of financial and non-financial rewards that an employee receives from their employer.Rate this question:
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- 30.
Financial, professional, or personal incentives offered as part of a position’s compensation.
- A.
Compensation package
- B.
Benefits
- C.
Time off
- D.
Bonus
Correct Answer
B. BenefitsExplanation
Benefits are additional rewards or advantages that an employee receives as part of their compensation package. These benefits can include things like health insurance, retirement plans, paid time off, and other perks that are not directly related to the employee's salary. Offering benefits is a way for employers to attract and retain talented individuals by providing them with added value and support beyond just their base pay.Rate this question:
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- 31.
Dollars per hour for extra hours worked.
- A.
Overtime
- B.
Hourly rate
- C.
Compensation
- D.
Money
Correct Answer
A. OvertimeExplanation
Overtime refers to the additional hours worked by an employee beyond their regular working hours. It is usually compensated at a higher rate called the overtime rate, which is typically higher than the regular hourly rate. Therefore, the correct answer "overtime" accurately describes the concept of dollars per hour for extra hours worked.Rate this question:
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- 32.
An allotment (number) of days for which an employee can be paid while being absent due to illness.
- A.
overtime
- B.
Sick leave
- C.
Bonus days
- D.
Cut days
Correct Answer
B. Sick leaveExplanation
Sick leave refers to the number of days an employee can be paid while being absent from work due to illness. It is a form of paid time off that allows employees to take time off to recover from an illness without losing their regular pay. This benefit is provided by employers to support the well-being and health of their employees. Sick leave helps employees to prioritize their health and prevents the spread of contagious diseases in the workplace.Rate this question:
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- 33.
You should accept a job offer without discussing compensation.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
It is not advisable to accept a job offer without discussing compensation. Discussing compensation is an important part of the job offer process as it allows you to negotiate and ensure that you are being offered fair and competitive compensation for your skills and experience. Accepting a job offer without discussing compensation may lead to dissatisfaction or being underpaid in the long run. It is important to have open and transparent communication about compensation to ensure a mutually beneficial agreement.Rate this question:
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- 34.
Always discuss the benefits along with the salary in an interview.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Discussing the benefits along with the salary in an interview is important because it allows the candidate to have a complete understanding of the compensation package being offered. By discussing benefits such as health insurance, retirement plans, vacation time, and other perks, the candidate can make an informed decision about whether the job offer aligns with their needs and expectations. This also demonstrates that the employer values transparency and wants to ensure that the candidate has all the necessary information to make an informed decision.Rate this question:
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- 35.
Do not discuss your expenses or any other sources of income in an interview.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Discussing personal expenses or sources of income in an interview is generally considered unprofessional and irrelevant to the job position. Interviewers are primarily interested in assessing a candidate's qualifications, skills, and suitability for the role. Personal financial matters are typically unrelated to job performance and can distract from the main purpose of the interview. Therefore, it is advisable to avoid discussing expenses or income during an interview.Rate this question:
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- 36.
Be honest, straightforward (direct), and courteous with an interviewer.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Being honest, straightforward, and courteous with an interviewer is the correct approach. This is because it helps to build trust and credibility, which are important in any professional setting. By being honest, you show integrity and authenticity, which can positively impact your chances of getting the job. Being straightforward allows for clear communication and avoids misunderstandings. Additionally, being courteous demonstrates respect and professionalism towards the interviewer, creating a positive impression. Overall, being honest, straightforward, and courteous is essential in creating a good impression during an interview.Rate this question:
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- 37.
It is acceptable to mention your reason for needing a certain salary in an interview.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
It is not acceptable to mention your reason for needing a certain salary in an interview because it is considered unprofessional and may give the impression that you are only interested in the job for the money. Salary negotiations should be conducted after receiving a job offer, and it is more appropriate to focus on discussing your qualifications, skills, and the value you can bring to the company during the interview process.Rate this question:
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- 38.
A certain length of time that employees may be absent to care for infants or sick or elderly relatives without jeopardizing (put at risk) their employment.
- A.
Family leave
- B.
Sick leave
- C.
Baby leave
- D.
Child leave
Correct Answer
A. Family leaveExplanation
Family leave refers to a specific period of time that employees can take off from work to care for their infants or sick or elderly relatives, without risking their job security. This type of leave is designed to support employees in balancing their work and family responsibilities. It allows them to take time off to provide care and support to their loved ones in times of need, ensuring their well-being without facing negative consequences in their employment.Rate this question:
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- 39.
Paid vacation days are generally offered as an employee stimulus package.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Paid vacation days are not generally offered as an employee stimulus package. While paid vacation days are a benefit that some employers offer to their employees, they are not typically part of a stimulus package. Stimulus packages are usually government initiatives designed to stimulate economic growth and provide financial relief to individuals or businesses during times of economic downturn or crisis. Paid vacation days are typically offered as a standard employee benefit to promote work-life balance and employee well-being.Rate this question:
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- 40.
An individual investment plan in which contributions to stock or mutual funds are deducted directly from an employee’s paycheck.
- A.
403(b)
- B.
401(k)
- C.
Stock portfolio
- D.
501(b)
Correct Answer
B. 401(k)Explanation
A 401(k) is a retirement savings plan offered by employers where employees can contribute a portion of their salary directly from their paycheck to invest in stocks or mutual funds. This allows individuals to save and invest for their retirement in a tax-advantaged manner, as the contributions are typically made on a pre-tax basis.Rate this question:
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- 41.
An accumulation of money that an employee can access upon retirement.
- A.
Pension
- B.
Salary
- C.
Savings
- D.
Bonus check
Correct Answer
A. PensionExplanation
A pension is a form of retirement plan where an employee accumulates money over their working years, which they can access upon retirement. It is a financial benefit provided by an employer to ensure financial security for employees after they stop working. This accumulated money can be received either as a lump sum or as regular payments over a period of time. Unlike salary, savings, or bonus checks, a pension specifically refers to the funds set aside for retirement.Rate this question:
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- 42.
All organizations (companies) pay the full cost of the insurance for their employees.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement is false because not all organizations (companies) pay the full cost of insurance for their employees. Some companies may require employees to contribute towards the cost of insurance premiums, either through payroll deductions or other means. Additionally, there may be variations in insurance coverage and cost-sharing arrangements across different organizations. Therefore, it cannot be generalized that all organizations pay the full cost of insurance for their employees.Rate this question:
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- 43.
Special earnings based upon job performance.
- A.
Bonus
- B.
Overtime
- C.
Compensation
- D.
Compliment
Correct Answer
A. BonusExplanation
A bonus is a special earnings or additional payment that is given to an employee based on their job performance. It is a form of incentive or reward for exceeding expectations or achieving specific goals. Unlike regular compensation or overtime pay, which are typically based on hours worked, a bonus is usually discretionary and can vary in amount. It is often used by employers to motivate employees and recognize their contributions to the company's success.Rate this question:
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- 44.
A share of the profits earned by the company.
- A.
Profit sharing
- B.
Compensation
- C.
Stock
- D.
Bond
Correct Answer
A. Profit sharingExplanation
Profit sharing refers to a system in which employees are given a share of the profits earned by the company. This is often used as a form of compensation to incentivize employees and reward them for their contributions to the company's success. It is different from stock and bond, which are financial instruments used for investment purposes.Rate this question:
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- 45.
Something given or received as an equivalent for services, debt, loss, injury, suffering, etc.
- A.
Profit sharing
- B.
Compensation
- C.
Bonus
- D.
Sick leave
Correct Answer
B. CompensationExplanation
Compensation refers to something given or received as an equivalent for services, debt, loss, injury, suffering, etc. It is a form of payment or remuneration provided to an individual in return for their work or as a way to make up for a loss or injury. In the context of the given options, profit sharing, bonus, and sick leave can all be forms of compensation provided to employees in addition to their regular salary or wages.Rate this question:
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- 46.
Two types of exhcanges are _________ transactions and __________ transactions.
- A.
monetary, trade
- B.
Monetary, barter
- C.
Trade, barter
- D.
Trade, stock
Correct Answer
B. Monetary, barterExplanation
The two types of exchanges mentioned in the question are monetary transactions and barter transactions. Monetary transactions involve the use of money as a medium of exchange, such as buying goods or services with cash or credit. On the other hand, barter transactions involve the direct exchange of goods or services without the use of money, where one party trades their goods or services for another party's goods or services. Therefore, the correct answer is "monetary, barter."Rate this question:
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- 47.
If a product is in short supply and high demand, consumers are often willing to pay more for it.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
When a product is in short supply and high demand, it creates a situation where there is more demand for the product than there is supply available. This scarcity leads to an increase in the value of the product, making consumers willing to pay more for it. The basic principle of supply and demand states that when demand exceeds supply, prices tend to rise. Therefore, it is logical to conclude that if a product is in short supply and high demand, consumers will indeed be willing to pay more for it.Rate this question:
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- 48.
If a large quantity of a product is available, its value to consumers will be lower.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
When a large quantity of a product is available, it typically indicates that the supply exceeds the demand. In such cases, consumers have more options to choose from and can easily find alternatives. This increased availability leads to greater competition among sellers, resulting in lower prices. As a result, the value of the product to consumers decreases because they can purchase it at a lower cost. Therefore, the statement that a large quantity of a product available leads to a lower value for consumers is true.Rate this question:
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- 49.
In a market economy, perceived value, and subsequent price, is often based on the market.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
In a market economy, the perceived value and price of goods and services are determined by the market. This means that the value and price of a product are influenced by factors such as supply and demand, competition, and consumer preferences. The market determines what people are willing to pay for a product based on these factors. Therefore, the statement that perceived value and price are often based on the market is true in a market economy.Rate this question:
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- 50.
Some jobs pay more because of all except:
- A.
The skills required are scarce
- B.
The skills are in high demand
- C.
The skills are commonplace
- D.
None of the above
Correct Answer
C. The skills are commonplaceExplanation
Jobs that pay more typically require skills that are scarce or in high demand. If the skills required for a job are commonplace, it means that many people possess those skills, reducing their value in the job market. Therefore, jobs that require common skills are less likely to offer higher pay compared to jobs that require scarce or in-demand skills.Rate this question:
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Mar 19, 2023Quiz Edited by
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