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Costs and Pricing Strategies in Business Administration

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Questions and Answers

What is the main basis for product pricing according to the text?

Costing (correct)

Admin

Product marketing

R&D

Which costs are included in prime costs?

Direct labor and total manufacturing overhead

Direct materials and total manufacturing overhead

Direct materials, direct labor, and total manufacturing overhead

Direct materials and direct labor (correct)

What does activity-based costing aim to do?

Allocate costs based on fixed and variable classifications

Allocate costs based on responsibility

Allocate costs based on product details

Allocate costs based on activities performed (correct)

Which cost classification differentiates between variable and fixed costs?

Behavioral cost classification Signup and view all the answers

$ ext{WIP (Beg)} + ext{Direct Mat. (Beg)} + ext{Direct Mat. Purchases} - ext{Direct Mat. (End)} = ext{Direct Mat. Used} + ext{Fin Goods (Beg)} + ext{Direct labor incurred} + ext{Tot. Mfg.}$ What does this equation represent?

$ ext{Material balance equation}$ Signup and view all the answers

What is the main function of price in the marketing mix?

It generates revenue for the firm Signup and view all the answers

What is the definition of pricing according to the text?

Determining the price of a particular product Signup and view all the answers

What is a profit-oriented pricing goal mentioned in the text?

To achieve target return Signup and view all the answers

What is a sales-oriented pricing goal mentioned in the text?

Increase sales volume Signup and view all the answers

What is emphasized as the strategic importance of pricing in the text?

As a determinant of company revenue Signup and view all the answers