Business Studies Quiz: Marketing Questions

18 Questions | Total Attempts: 106

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Business Studies Quiz: Marketing Questions

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Questions and Answers
  • 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

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