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ERASED TEST, YOU MAY BE INTERESTED ON ECONOMICS

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Title of test: ECONOMICS Description: REVIEW Author: Patchy patch Other tests from this author Creation Date: 10/09/2024 Category: Others Number of questions: 106

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A science which deals with the attainment of the maximum fulfilment of society’s unlimited demands for good and service Economics Management Economic Science Engineering Economics . Branch of economics which deals with the application of economics laws and theories involving engineering and technical projects or equipment Engineering Economy Traditional Economy Aviation Economy Industrial Economy . Are those unaffected by changes in activity level over a feasible range of operations for the capacity or capability available Fixed Costs Non-Recurring Costs Indirect Costs Standard Costs. Are those associated with an operation that varies in total with the quantity of output or other measures of activity level Variable Costs Direct Costs Incremental Cost Life-Cycle Cost. The additional cost, or revenue, that results from increasing the output of a system by one or more units Incremental Cost Variable Costs Standard Costs Life-Cycle Cost. Are those that are repetitive and occur when an organization produces similar goods or services on a continuing basis Recurring Costs Standard Costs Overhead Life-Cycle Cost. Are those that are not repetitive, even though the total expenditure may be cumulative over a relatively short period of time Non-Recurring Costs Indirect Costs Sunk Cost Variable Costs. Are those that can be reasonably measured and allocated to a specific output or work activity Direct Costs Standard Costs Sunk Cost Opportunity Cost. Are those that are difficult to attribute or allocate to a specific output or work activity Indirect Costs Non-Recurring Costs Sunk Cost Fixed Costs . Consists of plant operating costs that are not direct labor or direct material costs Overhead Incremental Cost Life-Cycle Cost Opportunity Cost. Are representative costs per unit of unit of output that are established in advance of actual production or service delivery Standard Costs Variable Costs Direct Costs Opportunity Cost. A cost that involves payment of cash and results in a cash flow to distinguish it from one that does not involve a cash transaction and is reflected in the accounting system as a noncash cost Cash Cost Variable Costs Life-Cycle Cost Opportunity Cost. One that has occurred in the past and has no relevance to estimates of future costs and revenues related to an alternative course of action Sunk Cost Non-recurring Costs Indirect Costs Opportunity Cost. The cost of the best rejected opportunity and is often hidden or implied Opportunity Cost Sunk Cost Standard Costs Life-Cycle Cost. This term refers to a summation of all costs, recurring and nonrecurring, related to a product, structure, system, or service during its life span Life-Cycle Cost Recurring Costs Overhead Variable Costs. Satisfaction or pleasure derived from the consumer goods and services Utility Luxury Demand Needs. Products that have an income-elasticity of demands greater than one Stocks Luxury Total Revenue Demand. Amount of goods or products that are available for sale by the suppliers Supply Stocks Inventory Store . Want or desire or need for a product using money to purchase it Needs Wants Demand Utility . When free competition exists, the price of the product will be that value where supply is equal to the demand Law of Supply or Demand Law of Competition Law of of Needs and Wants None of the above . Form of market structure where the number of suppliers is used to determine the type of market Competition Knowledge Market Auction Market Financial Market. Product of the selling price and the number of units sold Total Revenue Sales Sold items Total items . A set up where two or more parties engage in exchange of goods, services and information Market Store Business Partnership . A set up where buyers can physically meet the sellers and purchase the desired merchandise from them in exchange of money Physical Markets Knowledge Market Financial Market Market for Intermediate Goods. In such markets, buyers purchase goods and services through internet Non Physical Markets/Virtual markets Black Market Knowledge Market Online Market . In an auction market the seller sells his goods to one who is the highest bidder Auction Market Knowledge Market Discounted Market Market Place . Such markets sell raw materials (goods) required for the final production of other goods Market for Intermediate Goods Market for Raw Goods Market for Raw Materials Market for Goods . A setup where illegal goods like drugs and weapons are sold Black Market Secret Market Illegal Marketing Dark Web. A setup which deals in the exchange of information and knowledge based products Knowledge Market Financial Market Educational Market Physical Market. Market dealing with the exchange of liquid assets Financial Market Knowledge Market Total Revenue Virtual markets. A market place where buyers and sellers are engaged in the exchange of debt securities, usually in the form of bonds Bond Market Knowledge Market Non Physical Markets Predictive Markets. In such type of market, parties are involved in trading of currency Foreign Exchange Market Foreign Market State Market International Market . is a set up where exchange of good or service takes place for future Predictive Markets Future Markets Virtual Markets Knowledge Markets . Occurs when there is a large number of small companies competing against each other Perfect Competition Oligopoly Bilateral Monopoly Oligopsony. Amount of money or payment for the use of a borrowed money or capital Interest Investment Discount Loan. Formula for Simple Interest . Formula for Future Worth . Formula for Ordinary Simple Interest. Formula for Exact Simple Interest for Ordinary/Normal Year. Formula for Exact Simple Interest for Leap Year. Formula for Compound Interest Future worth. Formula for Present Worth Compound Interest . Basic annual rate of interest Nominal Rate Effective Rate Interest Rate Normal Rate . Actual or Exact rate of interest earned on the principal during 1 year period Effective Rate Actual Rate Exact Rate Nominal Rate. Formula for Effective Rate (*use "[ ]" for indication of separation of equation from the exponent ). Difference between the future worth of a negotiable paper and its present worth Discount Total Worth Effective Worth Annuity . Annuity where payments are made the end of each period beginning on the first period Ordinary Annuity Simple Annuity Deferred Annuity Perpetuity. Annuity where the payments are made at the beginning of each period starting from the first period Annuity Due Deferred Annuity Perpetuity Ordinary Annuity. Annuity that does not have a fixed time span but continues indefinitely Perpetuity Deferred Annuity Annuity Due Capitalized Cost. Refers to the sum of the first cost and cost of perpetual maintenance Perpetuity Capitalized Cost Deferred Annuity Annuity Due. Long-term note or a financial security issued by businesses or corporation and guaranteed on certain assets of the corporation or its subsidiaries Bond Partnership Business Ownership. A surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor Performance Bond Coupon Bond Collateral Trust Bond Joint Bond. A debt obligation with coupons attached that represent semiannual interest payments Coupon Bond Joint Bond Equipment Obligation Bond Performance Bond. The security consists of intangible property Collateral Trust Bond Coupon Bond Equipment Obligation Bond Mortgage Bond. Guaranteed by a party other than the issuer Joint Bond Collateral Trust Bond Registered Bond Debenture Bond. Bond backed by a pool of mortgages on a real estate asset such as a house Mortgage Bond Joint Bond Debenture Bond Collateral Trust Bond. Bond Whose guarantee is in line on road equipment such as freight and passenger cars Equipment Obligation Bond Mortgage Bond Debenture Bond Registered Bond. Bond where the corporation pledges securities which it owns such as stock or bond of one of its subsidiaries Debenture Bond Equipment Obligation Bond Collateral Trust Bond Coupon Bond. Bond where the corporation’s owners name are recorded and the interest is paid periodically to the owners with their asking for it Coupon Bond Joint Bond Registered Bond Performance Bond. Reduction or fall in the value of an asset or physical property during the course of its working life and due to passage of time Depreciation Deviation Diminished Discount . Property for which depreciation is allowed under federal, state, or municipal income tax laws and regulations Depreciable Property Intangible Property Adjusted (Cost) Basis Basis, or Cost Basis. Classified as either tangible or intangible Depreciable Property Intangible Property Adjusted (Cost) Basis Market Value. Personal property as a copyright, patent, or franchise Intangible Property Tangible Property Adjusted (Cost) Basis Basis, or Cost Basis. The original cost basis of the asset, adjusted by allowable increases or decreases, is used to compute depreciation and depletion deductions Adjusted (Cost) Basis Basis, or Cost Basis Depreciable Property Tangible Property. The initial cost of acquiring an asset (purchase price plus any sales taxes),including transportation expenses and other normal costs of making the asset serviceable for its intended use Basis, or Cost Basis Adjusted (Cost) Basis Market Value Total Revenue. Money worth of an asset or product Price Value Currency Property. Amount a willing buyer will pay to a willing seller for a property where each has equal advantage and neither is under the compulsion to buy or sell Market Value Use Value Fair Value Book Value. Worth of the property as reflected in the books of records of the company Book Value Use Value Market Value Fair Value. Worth of the property which the owner believed its worth as an operating unit Use Value Operating Value Market Value Goodwill Value. Worth of the property determined by a disinterested person in order to establish an amount which is fair to both the buyer and the seller Market Value Fair Value Salvage Value Franchise Value. Value of an asset owned that is intangible but has a quantifiable “prudent value” in a business Goodwill Value Fair Value Use Value Franchise Value. Amount obtained from the sale of the property Market Value Salvage Value Goodwill Value Franchise Value. The intangible item of value from the exclusive right of a company to provide a specific product or service in a stated region of the country Franchise Value Goodwill Value Market Value Use Value. The number of years over which the basis of a property is recovered through the accounting process Recovery Rate Recovery Period Healing Period Recovery Time . A percentage (expressed in decimal form) for each year of the MACRS recovery period that is utilized to compute an annual depreciation deduction Recovery Rate Recovery Period Healing Period Recovery Time . The expected (estimated) period of time that a property will be used in a trade or business or to produce income Useful Life Lifespan Time span Integrity . Refers to wealth in the form of money or property that can be used to produce more wealth Capital Discount Depreciation Bond . Owned by individuals who have invested their money or property in a business project or venture in the hope of receiving a profit Equity Capital Debt Capital Useful Life Break-even. Often called borrowed capital, is obtained from lenders e.g., through the of bonds) for investment sale Debt Capital Loan Capital Equity Capital Break-even. Situation where the sales generated (income) is just enough to cover the fixed and variable cost (expenses) Break-even Balance sheet Declining Balance Debt Capital. Considered as the simplest type of business organization wherein the firm is owned and controlled by a single person Sole Proprietorship Partnership Corporation Cartel. A firm owned and controlled by two or more persons who are bind to a partnership agreement Partnership Corporation Sole Proprietorship Carte. A firm owned by a group of ordinary shareholders and the capital of which is divided up to the number of shares Sole Proprietorship Partnership Corporation Carte. A formal (explicit) “agreement” among competing firms Corporation Cartel Partnership Sole Proprietorship. A security that represents ownership in a corporation Common Stock Authorized Stock Preferred Stock Given Stock. Holders exercise control by electing a board of directors and voting on corporate property Common Stock Authorized Stock Preferred Stock Given Stock. Maximum number of shares that a corporation is legally permitted to issue Common Stock Authorized Stock Preferred Stock Given Stock. Has higher claim on assets and earnings than common stock Common Stock Authorized Stock Preferred Stock Given Stock. Shows the health of a business from day one to the date Balance sheet Statement of Cash Flows Income Statement Statement of Change in Equity. Shows all the ins and outs of cash during the reporting period Balance sheet Statement of Cash Flows Income Statement Statement of Change in Equity. Shows all items of income and expense for your arts or craft business Balance sheet Statement of Cash Flows Income Statement Statement of Change in Equity. Details the movement in the owner’s equity over a period Balance sheet Statement of Cash Flows Income Statement Statement of Change in Equity. Considered as PRODUCERS in Air Transport Economy Manufacturers Government Aviation Services Airlines Airport Services Passengers Freight. Considered as CONSUMERS in Air Transport Economy Manufacturers Government Aviation Services Airlines Airport Services Passengers Freight. More expensive and higher comfort airlines Legacy Airlines Carrier Airlines Business Airlines National Airlines . Airline that generally has lower fares and fewer comfort Low Cost Carrier Commonality Hub and Spoke Operation Forecast. An index of short term paying ability Acid-Test Ratio Bank Note Bid Bulletin Certificate of Deposit. The paper currency issued by the central Bank, which forms part of the country’s money supply Bank Note Bid Bulletin Acid-Test Ratio Certificate of Deposit. Additional information of prospective bidders on contact documents issued prior to bidding date Bid Bulletin AIP Certificate of Deposit Consol. It is a negotiable claim issued by a bank in lieu of a term deposit Certificate of Deposit Hard Currency Depletion Consol. The new process or piece of equipment being considered for purchase Challenger Consol Cooperative Depletion. A government bond which have an indefinite life rather than a specific maturity Consol Dividend Cooperative Challenger. A form of business firm which is owned and run by a group of individuals for their mutual benefit Cooperative Partnership Incorporation Business Partner . The lessening of the value of an asset due to the decrease in the quantity available Depletion Lesse Dividend Depreciation. The amount of company’s profits that the board of directors of the corporation decides to distribute to ordinary shareholders Dividend Economic Life Economic Return Consol. The length of time which the property may be operated at a point Economic Life Economic Return Escalatory Clause Forced Saving.

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