Gr 11 Math Lit: Ch 3.9 Cost Price, Selling Price

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Questions and Answers

What is the cost price of an item or service?

  • The total cost involved in making the item or providing the service (correct)
  • The market price of the item or service
  • The profit made from selling the item or service
  • The price at which an item is sold

Why is it important to understand the cost price?

  • To calculate the profit
  • To determine how much the item must be sold for to cover the costs involved (correct)
  • To compare with the market price
  • To determine the selling price

What is the formula to calculate the cost of a specific quantity needed?

  • Cost of Quantity Needed = (Packet Size - Quantity Needed) × Packet Price
  • Cost of Quantity Needed = (Packet Size + Quantity Needed) × Packet Price
  • Cost of Quantity Needed = (Quantity Needed ÷ Packet Size) × Packet Price (correct)
  • Cost of Quantity Needed = (Packet Size × Quantity Needed) × Packet Price

What is the last step in calculating the cost price?

<p>Divide the total cost by the number of items in the batch (A)</p> Signup and view all the answers

What is the purpose of adjusting the cost price?

<p>To account for other costs not considered (C)</p> Signup and view all the answers

What is the selling price of an item?

<p>The price at which an item is sold (B)</p> Signup and view all the answers

Why must the selling price be higher than the cost price?

<p>To cover all costs involved and avoid a loss (C)</p> Signup and view all the answers

What is the first step in determining the selling price?

<p>Use the cost price as a base (D)</p> Signup and view all the answers

What is an important consideration when setting the selling price of an item?

<p>Comparing the selling price with market prices of similar items (B)</p> Signup and view all the answers

What is the formula to calculate the Cost of Quantity Needed?

<p>(Quantity Needed / Packet Size) x Packet Price (A)</p> Signup and view all the answers

What is the purpose of calculating the Total Cost of Batch?

<p>To calculate the total cost of all ingredients or materials (C)</p> Signup and view all the answers

What is the correct formula to calculate the Cost Price per Item?

<p>Total Cost of Batch / Number of Items in Batch (D)</p> Signup and view all the answers

Why is it important to consider operational costs when setting the selling price?

<p>To cover additional expenses beyond the initial cost price (A)</p> Signup and view all the answers

What is the main purpose of comparing the selling price with market prices?

<p>To set a competitive price and increase sales (B)</p> Signup and view all the answers

Which of the following is a guideline for setting the selling price?

<p>Not setting the selling price too high above the cost price (B)</p> Signup and view all the answers

What should be included in the initial cost price calculation?

<p>Only the cost of raw materials (B)</p> Signup and view all the answers

What happens when the selling price is adjusted?

<p>The selling price becomes more competitive (B)</p> Signup and view all the answers

Why is it important to consider additional costs?

<p>To ensure the selling price covers all costs and provides a profit margin (D)</p> Signup and view all the answers

What is the purpose of calculating the cost price per item?

<p>To find the cost of each item in a batch (B)</p> Signup and view all the answers

What is the primary purpose of calculating the cost price?

<p>To ensure that all costs involved in making an item are covered (C)</p> Signup and view all the answers

What is the next step after calculating the cost of a specific quantity needed?

<p>Summing the costs of all ingredients or materials (D)</p> Signup and view all the answers

What is the main reason for adjusting the cost price?

<p>To account for other costs not considered, such as electricity or rental costs (D)</p> Signup and view all the answers

What is the relationship between the selling price and the cost price?

<p>The selling price needs to be higher than the cost price to cover all costs involved (A)</p> Signup and view all the answers

What is the first step in determining the selling price of an item?

<p>Starting with the cost price as a base (D)</p> Signup and view all the answers

What is the purpose of calculating the total cost of the batch?

<p>To calculate the cost price per item (D)</p> Signup and view all the answers

What is the correct order of steps in calculating the cost price?

<p>Identify quantity needed, determine available packet size and price, calculate cost of specific quantity, sum the costs, and determine cost price per item (D)</p> Signup and view all the answers

Why is it important to consider the number of items in a batch when calculating the cost price?

<p>To divide the total cost by the number of items to find the cost price per item (D)</p> Signup and view all the answers

What is the primary consideration when setting a competitive selling price?

<p>Covering costs and providing a reasonable profit (C)</p> Signup and view all the answers

When calculating the cost price per item, what is the purpose of dividing the total cost of the batch by the number of items in the batch?

<p>To find the average cost of each item in the batch (B)</p> Signup and view all the answers

What is the main benefit of researching the selling prices of similar items in other shops?

<p>To set a competitive and balanced selling price (A)</p> Signup and view all the answers

What is the relationship between the total cost of the batch and the cost price per item?

<p>The cost price per item is a fraction of the total cost of the batch (A)</p> Signup and view all the answers

What is the purpose of including operational costs in the initial cost price calculation?

<p>To ensure the selling price covers all relevant costs (A)</p> Signup and view all the answers

Why is it important to avoid setting the selling price too high above the cost price?

<p>To avoid making the item too expensive for buyers (A)</p> Signup and view all the answers

What is the primary purpose of calculating the cost price per item?

<p>To ensure all costs involved in making an item are covered (B)</p> Signup and view all the answers

What is the main implication of not adjusting the cost price for other costs not considered?

<p>The business may incur a loss (B)</p> Signup and view all the answers

What is the correct sequence of steps in calculating the cost price per item?

<p>Identify quantity needed, determine packet size and price, calculate cost of specific quantity, sum the costs, and then divide by the number of items (C)</p> Signup and view all the answers

What is the primary factor in determining the selling price of an item?

<p>The cost price of the item (B)</p> Signup and view all the answers

What is the implication of setting the selling price too low?

<p>The business will incur a loss (A)</p> Signup and view all the answers

What is the purpose of calculating the total cost of the batch?

<p>To ensure all costs involved in making a batch are covered (A)</p> Signup and view all the answers

What is the relationship between the cost price and the selling price?

<p>The selling price is always higher than the cost price (A)</p> Signup and view all the answers

What is the main consideration when setting the selling price of an item?

<p>The cost price of the item (C)</p> Signup and view all the answers

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