Time-and-Material Pricing: Formula & Example

Instructions:

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

question 1 of 3

What is time-and-material pricing?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

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

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

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

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
Support