Forward Auction: Definition & Examples


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question 1 of 3

What is the most common type of auction?

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1. Which of the following auctions begins at a high price and then drops from there until a buyer finds the price acceptable?

2. Which of the following auctions is one where you bid on a whole lot of items instead of a single item?

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About This Quiz & Worksheet

This quiz and its attached worksheet will quickly test your knowledge of forward auction types. You will need to identify the type of auction based on a description given.

Quiz & Worksheet Goals

In this set of questions you'll see what you know about:

  • The type of auction most commonly used
  • Auctions involving lot rather than individual bidding
  • eBay

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the material, such as the type of auction that starts high and drops until someone purchases it
  • Information recall - access the knowledge you've gained regarding the type of auction where a hand raise indicates dropping out of an auction rather than bidding
  • Knowledge application - use your knowledge to answer questions about the most commonly used type of auction and digital auction technology

Additional Learning

If you would like a better understanding of this type of sales technique, read the lesson titled Forward Auction: Definition & Examples. You will learn about:

  • Examples of different auctions
  • Products often sold by auction
  • Business uses of auctions