Figure 13-2 Above Represents the Six Steps in Setting Price

question 251

Multiple Choice

Figure 13-2 above represents the six steps in setting price."E" represents the step at which a firm would

• A)set list or quoted price.
• B)select an approximate price level.
• C)scan competitors for prices of similar products or services.
• D)determine cost,volume,and profit relationships.
• E)establish the price range.

---

Definitions:

IRA

Individual Retirement Account, a saving account with tax advantages that individuals can use to save and invest long-term.

Compounded Annually

The process of calculating interest on both the initial principal and the accumulated interest from previous periods once a year.

Retirement

The point in time when an individual chooses to leave the workforce permanently, often accompanied by receiving pension or retirement savings.

Annual Rate of Return

This is the percentage change in the value of an investment over a one-year period, taking into account both capital gains and income received.