What Is a Market Reference Point? - Definition & Examples Video

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Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

For what are market reference points typically used?

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1. Benchmarking can be defined as _____.

2. In comparing compensation, salary ranges typically are from what to what as a percentage of the market reference point?

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About This Quiz & Worksheet

With this quiz and worksheet, you will be assessed on your knowledge of the uses of market reference points, benchmarking, and compensation.

Quiz & Worksheet Goals

More specifically, you will be quizzed on the following:

  • What market reference points are used for
  • The definition of benchmarking
  • Gauging salary ranges
  • The prevalence of market reference points
  • Other qualities of market reference points

Skills Practiced

  • Information recall - access the knowledge you've gained regarding economics
  • Reading comprehension - ensure that you draw the most important information from the related lesson on market reference points
  • Making connections - use understanding of the concept to calculate the salary range

Additional Learning

Interested in learning more about market reference points? Take a look at the accompanying lesson titled What Is a Market Reference Point? Definition & Examples. The lesson will cover things such as:

  • Examples of market reference points
  • Practical uses for market reference points
  • Other factors and qualities of market reference points
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