Business Studies Quiz: Marketing Questions

18 Questions | By Narulamamta123 | Last updated: Mar 22, 2022 | Total Attempts: 185

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Business Studies Quiz: Marketing Questions - Quiz

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1.

It is defined as the amount of money paid by a buyer (or received by a seller) in consideration of the purchase of a product or a service
2.

It is the single most important factor affecting the revenue and profits of a firm
3.

The_______________ sets the minimum level or the floor price at which the product may be sold.
4.

The ________________ and the ___________________ sets the upper limit of price, which a buyer would be prepared to pay. Choose two correct options:
- A.
  
  Demand of product
- B.
  
  Utility
- C.
  
  Competetion
- D.
  
  Product cost
5.

Between the lower limit and the upper limit where would the price settle down? This is affected by the_____________.
- A.
  
  Demand of product
- B.
  
  Utility
- C.
  
  Competetion
- D.
  
  Product cost
6.

What are the 3 sub types of Product cost?
- A.
  
  Total cost
- B.
  
  Variable cost
- C.
  
  Fixed cost
- D.
  
  Semi- variable cost
- E.
  
  Upfront cost
- F.
  
  Lower cost
7.

If the demand of a product is inelastic, the firm is in a better position to fix high prices.
- A.
  
  True
- B.
  
  False
8.

The buyer may be ready to pay up to the point where the utility from the product is ______________ the sacrifice made in terms of the price paid.
- A.
  
  Equal to
- B.
  
  Less than
9.

The price will tend to reach the ___________ in case there is lesser degree of competition.
- A.
  
  Upper limit
- B.
  
  Lower limit
10.

Government can declare a product as __________________________ and regulate its price.
11.

Apart from profit maximisation, the 3 other pricing objectives of a firm are:-
- A.
  
  Sales maximisation
- B.
  
  Attaining Product Quality Leadership
- C.
  
  Surviving in a Competitive Market
- D.
  
  Obtaining Market Share Leadership
- E.
  
  Fulfillment of social objectives
- F.
  
  Meeting personal objectives
12.

In certain circumstances, the products may be sold at a price, which does not cover all the costs. Choose two circumstances in which this is applicable:
- A.
  
  introducing a new product
- B.
  
  While entering a new market
- C.
  
  When competition is less
- D.
  
  When firm is having large amount of funds
13.

Will price set by firm be high or low If a firms objective is to obtain larger share of the market.
- A.
  
  High
- B.
  
  Low
14.

Will price set by firm be high or low if firm wants to maximise its total profit in the long run.
- A.
  
  High
- B.
  
  Low
15.

If a company provides facilities like free home delivery and credit facilities , the price set by them will be low.
- A.
  
  True
- B.
  
  False
16.

If a firm is facing difficulties in surviving in the market because of intense competition or introduction of a more efficient substitute by a competitor, the price charged by it will be.
- A.
  
  High
- B.
  
  Low