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Are You Charging Enough Quiz?

This 5 question quiz, completed in less than 1 minute will CONFIRM whether YOU are PRICING CORRECTLY or may need to REVISE YOUR PRICING strategy.

 

Click START to TAKE QUIZ.

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Question 1 of 5

Which of the following should your pricing include?

A

The cost of your raw ingredients.

B

The cost of your packaging.

C

An hourly wage to make your product.

D

A portion of your house/apartment rent if you work from home.

E

All of the above.

F

Only Answers A, B, & C

Question 2 of 5

Do you know what your recipe cost are to make your products?

A

Yes, I know down to the penny what my recipe cost are for each of my recipes.

B

Kinda've, I know more or less, how much my ingredients cost me to make all of my recipes.

C

No, I have so many recipes, I don't have the time to figure it out.

Question 3 of 5

What is overhead?

A

It's when you hold a book over your head.

B

It's the cost of your ingredients.

C

I've heard the term, but I'm not really clear on what it is or how to figure it out.

D

All of the cost/expenses incurred while running a business that are not related to producing your products.

Question 4 of 5

You must factor in all four of these categories to price products correctly.

- Direct Cost (Raw ingredients, packaging, equipment, etc)

- Indirect Cost Kitchen rent, utilities, business subscriptions, advertising fees, etc)

- Labor Cost (The hourly wage you pay yourself or employees to make the products you sell)

- Profit Margin (A set fee or percentage of sales you collect apart from your labor wage in order to grow your business)

A

Not exactly, SOME OF THE ABOVE, but NOT ALL of the above.

B

Yes, All of the above categories must be included to ensure your pricing is correct.

Question 5 of 5

True or False, according to the small business administration bureau, the number one reason most small businesses fail is (Lack of Capital).

 

* They do not collect enough money and simply go broke. 

A

True

B

False

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