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What is a Reverse Auction? - Purpose & Goals

Instructions:

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

question 1 of 3

Who does the bidding in a reverse auction?

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1. Who typically wins a reverse auction?

2. What relatively new technological business model has permitted more buyers and sellers to engage in reverse auctions?

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About This Quiz & Worksheet

The type of auction you see on a website like eBay is only one kind of auction. This quiz and worksheet will check your knowledge of reverse auctions, a different style of buying and selling.

Quiz & Worksheet Goals

These assets will quiz you on the following:

  • Bidding in a reverse auction
  • Most likely winner of a reverse auction
  • What technological business model has affected reverse auctions
  • Characteristics of sales transactions

Skills Practiced

This quiz and worksheet will allow you to practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related business lesson
  • Distinguishing differences - compare and contrast topics from the lesson, such as different types of sales transactions
  • Knowledge application - use your knowledge to answer questions about who wins different kinds of auctions

Additional Learning

Different types of auctions are best suited to different types of sales. To learn more, visit the lesson called What is a Reverse Auction? - Purpose & Goals, which will cover the following:

  • Defining a reverse auction and describing how it works
  • Explaining who is most likely to participate in a reverse auction
  • Discussing the effect that technology has had on reverse auctions
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