FREE CLEP Marketing Trivia Question and Answers

Question 1

When the cost is $1,000 and the markup is $500, what percentage of the cost does the markup represent?

Accepted Answer

50%

Answer

33%

Answer

25%

Answer

75%

Question 2

Sue wants to start teaching kids tennis, but she needs to figure out how much she should charge per lesson. Her acquaintance advised her that the markup percentage should be 15% and the markup amount should be $17. What is the selling price?

Accepted Answer

cost = $113.33; selling price = $130.33

Answer

cost = $13.00; selling price = $38.00

Answer

cost = $100.00; selling price = $25.00

Answer

cost = $133.33; selling price = $166.66

Question 3

Sears' sale of Craftsman tools is an illustration of:

Accepted Answer

a family brand

Answer

a dealer brand

Answer

an individual brand

Answer

a licensed brand

Question 4

Which of the following sorts of items best describes toilet paper?

Accepted Answer

staple

Answer

emergency

Answer

impulse

Answer

specialty

Question 5

A retailer that specializes in non-perishable goods like furniture and carries a broad selection of them. An example of such is hardware, electronics, etc.

Accepted Answer

general merchandise wholesaler

Answer

specialty wholesaler

Answer

rock jobber

Answer

single-line wholesaler

Question 6

What act does price fixing fall under?

Accepted Answer

Sherman Act

Answer

Robinson-Patman Act

Answer

Unfair Trade Practice Act

Answer

Magnuson-Moss Act

Question 7

What service(s) or activities are provided by wholesalers?

Accepted Answer

all of the above

Answer

provide market information

Answer

store inventory

Answer

supply capital