Guess the Price
Which would usually cost more to buy new in Australia: a pair of Nike Air Force 1 sneakers or a pair of basic Kmart sneakers?
Nike Air Force 1 sneakers.
Q: Which sports brand uses the famous Swoosh logo?
Nike.
Why might a shop price a product at $19.99 instead of $20?
To make it appear cheaper.
What do we call the money a business has left after paying all its expenses?
Profit.
Which Australian hardware chain did Woolworths launch to compete with Bunnings?
Masters Home Improvement.
Approximately how much does a new standard iPhone 17 (256GB) cost in Australia?
A. $499
B. $1,399
C. $2,999
B. $1,399.
What does a business use a logo for?
A. To make customers recognise its brand
B. To pay workers
C. To calculate profit
A. To make customers recognise its brand.
Why do supermarkets place chocolates and lollies near the checkout?
To encourage impulse buying.
A shop buys a T-shirt for $10 and sells it for $25. What is the gross profit before other expenses?
$15.
Which fast-food chain is famous for the Big Mac?
McDonald's.
A pair of Nike sneakers costs $180 and a cheaper pair costs $60. How much extra are you paying for the Nike shoes?
$120.
What does limited edition mean when a company releases a special pair of sneakers?
A product released in limited quantities or for a limited time, making it harder to get.
Q: A fast-food restaurant offers to upgrade your chips and drink to large for another $2. What is this sales technique called?
A. Downsizing
B. Discounting
C. Upselling
C. Upselling.
Q: A shoe shop sells 5 pairs of sneakers for $200 each. What is its total sales revenue?
$1,000.
What is a franchise?
A. A business that sells only expensive products
B. A business that operates using another company's established brand and system
C. A business with no employees
B. A business that operates using another company's established brand and system.
Which of these products could cost more than $10,000?
A. Rolex watch
B. Nike T-shirt
C. McDonald's meal
A. Rolex watch.
Q: Why might Nike pay a famous basketball player millions of dollars to wear and promote its products?
To advertise the brand, attract fans and encourage more people to buy its products.
A shop advertises "50% OFF – TODAY ONLY!" What TWO techniques is it using to encourage customers to buy?
Discount pricing and urgency (limited-time offer).
You have $500. A pair of sneakers costs $220 and a hoodie costs $130. How much money will you have left?
$150.
Name TWO reasons a successful business might eventually close down.
Any two of strong competition, poor management, high expenses, falling sales, changing customer preferences, too much debt or poor financial decisions.
Two watches both tell the time. One costs $100 and the other costs $11,000. Give TWO reasons why someone might buy the expensive watch.
Brand reputation, luxury status, craftsmanship, materials, exclusivity, collecting or resale value.
Name THREE things that can make a brand more valuable or desirable to customers.
Any three of reputation, quality, advertising, celebrity endorsements, popularity, exclusivity, customer loyalty, design or history.
A shop advertises "Buy 2, Get 1 Free." Explain why this might not actually save you money.
You might spend more than planned buying products you don't need. The deal may also be worse than another store's prices.
A business sells 10 hoodies for $80 each. Each hoodie costs the business $35. What is the total gross profit before other expenses?
$450.
Calculation: ($80 − $35) × 10 = $450.
A new sneaker shop opens next door to a popular Nike store. Give TWO things the new shop could do to attract customers without simply copying Nike.
Offer competitive prices, excellent customer service, different brands, loyalty rewards, better product choices or special promotions.