Time-and-Material Pricing: Formula & Example


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What is time-and-material pricing?

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1. What industry is known for using time-and-materials pricing?

2. What is a potential time-and-material pricing for a law firm?

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About This Quiz & Worksheet

You can use this quiz/worksheet to make sure your understanding of time-and-material pricing is coming along, with questions touching on fundamental uses and components of the subject.

Quiz & Worksheet Goals

This quiz/worksheet includes questions designed to measure your knowledge of:

  • The industry known for using time-and-material pricing
  • Potential forms of cost-and-material pricing as used by a law firm
  • Possible drawbacks of cost-and-materials pricing
  • The kind of pricing preferred by customers over cost-and-materials pricing

Skills Practiced

  • Distinguishing differences - compare and contrast different forms of pricing
  • Defining key concepts - ensure that you can accurately define time-and-materials pricing
  • Information recall - access the knowledge you've gained regarding the applications of time-and-material as well as cost-and-material pricing
  • Knowledge application - use your knowledge to answer questions about the potential drawbacks of cost-and-materials pricing

Additional Learning

To learn more about pricing methods, take a look at the accompanying lesson called Time-and-Material Pricing: Formula & Example. This lesson covers the following objectives:

  • Understand how companies determine the cost of suppliers through time-and-material pricing
  • Know how customers are charged under time-and-material pricing
  • Familiarize yourself with the disadvantages of using time-and-material pricing