Pennsylvania Auctioneer Practice Exam

Were "premiums" sold?

1. Yes, at a discounted price

2. No, they were given away with purchases of other items

3. Yes, as a limited edition release

4. No, they were available only for a limited time

The correct answer is: No, they were given away with purchases of other items

In the context of auctions, "premiums" are typically items that are given away for free with the purchase of other items, as an incentive or a bonus to the buyer. This practice of providing premiums helps encourage customers to make a purchase. Therefore, option B is correct as it accurately describes the concept of selling premiums in the auction context. Options A, C, and D are not correct in this context. Option A talks about selling premiums at a discounted price, which is not how premiums are typically used in auctions. Option C suggests selling premiums as a limited edition release, which is also not typically the case in auctions. Option D states that premiums were available only for a limited time, but in reality, premiums are usually provided as a complimentary item rather than being limited by time.