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Price Determination in Purchasing and Supply Chain Management MCQ

The reduction in price a manufacturer or wholesaler gives a wholesaler or retailer when it buys a product or group of products is known as?

Answer

Correct Answer: Trade discount

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Target pricing the minimum price the seller is able to pay is compromising the integrity of the product or the profitability of the supplier.

Answer

Correct Answer: False

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Price/cost analysis is a powerful approach to pricing that does not allow the buying organization to determine what prices should be based on industry norms for direct cost, indirect cost, and a reasonable profit margin.

Answer

Correct Answer: False

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_______is the extent to which the service provider is inclined to deliberately underperform or withhold resources should the customer be unable to detect such action.

Answer

Correct Answer: Shirking

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Purchase risk perception is the potential for failures of a purchasing process designed to purchase goods and services.

Answer

Correct Answer: True

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________is the practice of taxing imports as a means of shielding a country’s domestic industries from foreign competition.

Answer

Correct Answer: Protectionism

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Net margin means that ?

Answer

Correct Answer: Profits

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Involves only one player in which each player is assumed to know the strategies such that the player reaches a point of minimum benefit.

Answer

Correct Answer: False

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A markup percentage that can be added to the total of all indirect costs to determine a remaining price or contract sum.

Answer

Correct Answer: False

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Market price is the current price at which a good or service can be bought or sold.

Answer

Correct Answer: True

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Learning curve is the method used to _____ the efficiencies of increasing outputs.

Answer

Correct Answer: Both a and b

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_____ is the cost of operations that cannot be assigned to specific projects, such as electricity and central administrative services; sometimes referred to as overhead.

Answer

Correct Answer: Indirect costs

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Gross margin is the difference between the price of the job and the costs to build a job.

Answer

Correct Answer: True

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_____ is the expenses relating to the actual units of production.

Answer

Correct Answer: Direct costs

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Competitive bidding trap is complete bidding documents with missing provisions and information may result in decreased costs for the buying organization.

Answer

Correct Answer: False

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____ is a deduction allowed by some sellers of goods or by some providers of services to motivate customers to pay within a specified time.

Answer

Correct Answer: cash discount

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Breakeven is the point in time when total outcome from all jobs sold, built, and collected equals the partial expenses.

Answer

Correct Answer: False

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More Resources
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