ENG'G ECONOMY PART 1
1. A written contract
by a debtor to pay final redemption value on an indicated date or maturity date and to pay a certain sum periodically.
Ans: Bond
2. It is a amount
which a willing buyer will pay to a willing seller for the property where each
has equal advantage and is under no compulsion to buy or sell
Ans: Market value
3. Reduction in the
level of national income and output usually accompanied by a fall in the general price level.
Ans: Deflation
4. This occurs in a
situation where a commodity or service is supplied by a number of vendors
and there is nothing to prevent additional vendors entering the market.
Ans: Perfect competition
5. Estimated value of
the property at the end of the useful life.
Ans: Salvage value
6. An market situation
in which two competing buyers exert controlling influence over
many sellers.
Ans: Duopsony
7.Market whereby there
is only one buyer of an item for when there are no goods substitute.
Ans: Monopsony
8. These are products
or services that are desired by human and will be purchased if money is available after the required necessities
have
been obtained.
Ans: Luxuries
9. An obligation with
no condition attached is called
Ans: Gratuitous
10. This consists of
cash and account receivable during the next period or any other
material which will be sold.
Ans: Current assets
11. The quantity of a
certain commodity that is offered for sale at a certai price at a
given place
and time.
Ans: Supply
12. The amount that
the property would give if sold for junk.
Ans: Scrap value
13. Place where buyers and sellers come together.
Ans: Market
14. The worth of an
asset as shown in the accounting records of an enterprise.
Ans: Book value
15 The length of time
which the property may be operated at a profit.
Ans: Economic life
16. A market situation
where there is only one seller with many buyer.
Ans: Monopoly
17. Is the loss of
value of the equipment with use over a period of time. It could mean a difference in value between a new asset
and
the use asset currently in a service.
Ans: Depreciaton
18. A series of
uniform payment over an infinite period of time
Ans: Perpetuity
19. Additional cost of
producing one more un it is
Ans: Marginal cost
20. It is defined to
be the capacity of a commodity to satisfy human want
Ans: Utility
21. Wrongful act that
causes injury to a person or property and for which the law allows a
claim by the injured party to recover damages.
Ans: Tort
22. The simplest form
of business organization wherein the business is own entirely by
one person.
Ans: Proprietorship
23 An economic
condition in which there are so few suppliers of a particular product that
one supplier's actions significantly affect
prices and
supply.
Ans: Oligopoly
24. The money paid for
the use of borrowed capital.
Ans: Interest
25. The type of
annuity where the first payment is made after several periods, after the
beginning of the payment.
Ans: Deferred annuity
26. An association of
two or more idividuals for the purpose of engaging business for profit.
Ans. Partnership
27. Grand total of the
assets and operational capability of a corporation.
Ans: Authorized capital
28. Sum of the direct
labor cost incurred in the factory and the direct materials that go
into production is called
Ans: Prime cost
29. It is the worth of
a property as recorded in the book of an enterprise.
Ans: Book value
30. Determination of
the actual quantity of the materials on hand as of a given date.
Ans: Physical inventory
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