A particular type of price reduction in which a portion of the purchase price is returned by the seller to the buyer is referred to as a:
A)sweepstake.
B)rebate.
C)premium.
D)contest.
E)loyalty program.

Question

Quizplus · Accepted Answer

A rebate is a type of price reduction where a portion of the purchase price is returned by the seller to the buyer. This is different from a premium, which is an item offered for free or at a reduced price as a bonus for purchasing a product, and from a loyalty program, which rewards customers for repeat purchases. Sweepstakes and contests do not involve price reductions.

A Particular Type of Price Reduction in Which a Portion