Are You Knowledgeable About Configure, Price And Quote (CPQ)

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| By Gregorynaomi

Gregorynaomi

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Quizzes Created: 1462 | Total Attempts: 836,062

Questions: 10 | Attempts: 748 | Updated: Mar 21, 2023

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Are You Knowledgeable About Configure, Price And Quote (Cpq) - Quiz

Doing business requires a sound knowledge of figures. Figures understanding determine the success or failure of your business. Confusion could pop up from the numerous amount of products to add up. Are you having problems with determining the number of products needed in your business? This quiz is for you, do it now!

Questions and Answers

1.

What is the actual payment made for goods called?
- A.
  
  Bid price
- B.
  
  Transaction price
- C.
  
  Selling price
- D.
  
  Total price
Correct Answer
B. Transaction price

Explanation
The actual payment made for goods is called the transaction price. This refers to the amount of money that is exchanged between the buyer and the seller in order to complete the purchase of the goods. It is the final agreed-upon price that both parties have agreed to pay and receive for the goods.

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2.

What is the quanitity of payment offered by a buyer called?
- A.
  
  Bid price
- B.
  
  Selling price
- C.
  
  Cost price
- D.
  
  Actual price
Correct Answer
A. Bid price

Explanation
The quantity of payment offered by a buyer is called the bid price.

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3.

What price agrees with demand and supply?
- A.
  
  Equilibrium price
- B.
  
  Market price
- C.
  
  Actual price
- D.
  
  Total price
Correct Answer
A. Equilibrium price

Explanation
The correct answer is Equilibrium price. This is the price at which the quantity demanded by consumers matches the quantity supplied by producers in a market. It represents a balance between demand and supply, where there is neither excess demand nor excess supply. At the equilibrium price, the market is in a state of equilibrium, and there is no pressure for the price to change.

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4.

What is the price a seller gets after removing tax paid by the seller and subsidy?
- A.
  
  Selling price
- B.
  
  Basic price
- C.
  
  Actual price
- D.
  
  Producer price
Correct Answer
B. Basic price

Explanation
The basic price is the price a seller gets after removing tax paid by the seller and subsidy. This means that the basic price is the amount received by the seller after deducting the tax amount paid and any subsidy received. It is the net amount that the seller earns from the sale of a product or service, excluding any additional costs or benefits.

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5.

What is the use of mathematical principles to determine how customers respond to changes in price called?
- A.
  
  Price control
- B.
  
  Price analysis
- C.
  
  Price rule
- D.
  
  Price optimization
Correct Answer
D. Price optimization

Explanation
Price optimization refers to the use of mathematical principles to determine how customers will respond to changes in price. It involves analyzing various factors such as customer behavior, market demand, and competitor pricing to identify the optimal price that maximizes revenue or profit. By understanding how customers will react to different price points, businesses can make informed decisions about pricing strategies and adjust prices accordingly to achieve their goals. Price optimization helps businesses find the right balance between attracting customers and maximizing profitability.

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6.

Which of these allows prospective buyers to know the cost of buying a service?
- A.
  
  Sales cost
- B.
  
  Sales price
- C.
  
  Sales quote
- D.
  
  Price quote
Correct Answer
C. Sales quote

Explanation
A sales quote allows prospective buyers to know the cost of buying a service. It provides a detailed breakdown of the pricing for the service, including any additional fees or charges. By providing this information upfront, potential buyers can make an informed decision about whether or not to proceed with the purchase.

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7.

What is that which is forgone to get a product or service?
- A.
  
  Real cost
- B.
  
  Special cost
- C.
  
  Opportunity price
- D.
  
  Special price
Correct Answer
A. Real cost

Explanation
The correct answer is "Real cost". Real cost refers to the actual cost or sacrifice that is incurred in order to obtain a product or service. It includes both monetary expenses and non-monetary factors such as time, effort, and other resources. This term emphasizes the true cost of a decision or action, taking into account all the alternatives that are foregone in the process.

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8.

What is the drastic change in the price of goods called?
- A.
  
  Price shock
- B.
  
  Scrap price
- C.
  
  Power price
- D.
  
  Price change
Correct Answer
A. Price shock

Explanation
A drastic change in the price of goods is referred to as a price shock. This term is used to describe a sudden and significant increase or decrease in the price of goods, which can have a significant impact on the market and consumer behavior. Price shocks can be caused by various factors such as changes in supply and demand, natural disasters, government policies, or fluctuations in currency exchange rates.

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9.

What is the price that will apply in a trade if all conditions are met?
- A.
  
  Perfect price
- B.
  
  Ideal price
- C.
  
  Focal price
- D.
  
  Total price
Correct Answer
B. Ideal price

Explanation
The ideal price is the price that will apply in a trade if all conditions are met. It refers to the price that is considered to be the best or most favorable for both the buyer and the seller. It takes into account various factors such as market conditions, supply and demand, and the desired outcome for both parties involved in the trade. The ideal price ensures fairness and mutual benefit in the transaction.

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10.

What kind of business is controlled by one man?
- A.
  
  Sole proprietorship
- B.
  
  Limited liability
- C.
  
  Joint partnership
- D.
  
  Private Entity
Correct Answer
A. Sole proprietorship

Explanation
A sole proprietorship is a type of business that is controlled by one person. In this form of business, the owner has complete control over all aspects of the business, including decision-making and management. They are personally responsible for all debts and liabilities of the business. This type of business is relatively easy to set up and operate, making it a popular choice for small businesses and freelancers.

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