BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The price at which merchandise is offered for sale to the customer
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Amount in Ringgit
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Original price of the goods paid by the retailer to the manufacturer or supplier
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Also known as retail price
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Detailed explanation-1: -The list price is also known as the Manufacturer’s Suggested Retail Price or the MSRP. It is also called the Recommended Retail Price (RRP) or The Suggested Retail Price (SRP) of any product that is available in the market. You must be aware of the MRP or the maximum retail price.
Detailed explanation-2: -Selling Price: Price at which an article is purchased is known as its selling price (S.P.). Profit or Gain: If SP is greater than CP then the seller is said to have profit or gain. Loss: If SP is less than CP the seller is said to have incurred Loss.
Detailed explanation-3: -The selling price is how much a buyer pays for a product or service. It can vary depending on how much buyers are willing to pay, how much the seller is willing to accept, and how competitive the price is in comparison to other businesses in the market.
Detailed explanation-4: -The price of a product or service is defined as the amount that a customer is willing to pay for it. The cost of a product or service is defined as the total amount incurred by an organisation to produce and sell it to consumers.