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1. The paper currency issued by the Central Bank which forms part of the country’s money supply.
A. T-bills
B. Bank Note
C. Check
D. Coupon
2. Reduction in the level of national income and output usually accompanied by the fall in the general
price level.
A. Devaluation
B. Deflation
C. Inflation
D. Depreciation
A. Annuity
B. Debt
C. Amortization
D. Deposit
A. Market
B. Business
C. Recreation center
D. Buy and sell section
5. A market whereby there is only one buyer of an item for which there are no goods substitute.
A. Monopsony
B. Oligopoly
C. Monopoly
D. Oligopsony
6. It is a series of equal payments occurring at equal interval of time where the first payment is made
after several periods, after the beginning of the payment.
A. Perpetuity
B. Ordinary annuity
C. Annuity due
D. Deferred annuity
A. Balance Sheet
B. In-place value
C. Check and balance
D. Break even – no gain no loss
A. Analytic
B. Pure
C. Gratuitous
D. Private
9. Direct labor costs incurred in the factory and direct material costs are the costs of all materials that
go into production. The sum of these two direct cost is known as
A. GS and A expenses
B. Operating and maintenance costs
C. Prime cost
D. O and M costs
A. receivable turn-over
B. profit margin ratio
C current ratio
D. acid-test ratio
A. Market value
B. Fair value
C. Salvage value
D. Book value
12. Artificial expenses that spread the purchase price of an asset or another property over a number of
years.
A. Depreciation
B. Sinking Fund
C. Amnesty
D. Bond
13. Consist of the actual counting or determination of the actual quantity of the materials on hand as of
a given date.
A. Physical inventory
B. Material update
C. Technological assessment
D. Material count
14. Additional Information of prospective bidders on contract documents issued prior to the bidding
date.
A. Delict
B. Escalatory
C. Technological assessment
D. Bid bulletin
A. Depreciation
B. Annuity
C. Perpetuity
D. Inflation
16. The quantity of certain commodity that is offered for sale at a certain price at a given place and
time.
A. Demand
B. Stocks
C. Supply
D. Goods
A. President
B. Board of Directors
C. Chairman of the Board
D. Stockholders
19. The type of ownership in business where individuals exercise and enjoy the right in their own
interest.
A. Equitable
B. Public
C. Pure
D. Private
20. Decrease in the value of a physical property due to the passage of time.
A. Inflation
B. Depreciation
C. Depletion
D. Recession
21. An association of two or more individuals for the purpose of operating a business as co-owners for
profit.
A. Sole proprietorship
B. Company
C. Partnership
D. Corporation
22. We may classify an interest rate, which specifies the actual rate of interest on the principal for one
year as
A. nominal rate
B. rate of return
C. exact interest rate
D. effective rate
A. Discount
B. Luxury
C. Necessity
D. Utility
24. It is the amount which a willing buyer will pay to a willing seller for a property where each has equal
advantage and is under no compulsion to buy or sell.
A. Fair value
B. Market value
C. Book value
D. Salvage value
25. 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.
A. Perfect competition
B. Oligopoly
C. Monopoly
D. Elastic demand
26. 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.
A. Utilities
B. Necessities
C. Luxuries
D. Product goods and services
27. These are product or services that are required to support human life and activities that will be
purchased in somewhat the same quantity even though the price varies considerably.
A. Utilities
B. Necessities
C. Luxuries
D. Product goods and services
28. A condition where only few individuals produce a certain product and that any action of one will
lead to almost the same action of the others.
A. Oligopoly
B. Semi-monopoly
C. Monopoly
D. Perfect Competition
A. Authorized capital
B. Investment
C. Subscribe capital
D. Money market
30. The worth of the property equals to the original cost less depreciation.
A. Scrap value
B. Face value
C. Market value
D. Book value
A. Discount
B. Credit
C. Interest
D. Profit
32. Liquid assets such as cash and other assets that can be converted quickly into cash, such as
accounts receivable and merchandise are called.
A. total assets
B. fixed assets
C. current assets
D. none of the above
33. The length of time which the property may be operated at a profit
A. Economic life
B. Operating life
C. Physical life
D. All of the above
34. The provision in the contract that indicates the possible adjustment of material cost and labor cost.
A. Secondary clause
B. Escalatory clause
C. Contingency clause
D. Main clause
35. The present worth of all depreciation over the economic life of the item is called
A. book value
B. capital recovery
C. depreciation recovery
D. sinking fund
36. Gross profit, sales less cost of goods sold, as a percentage of sales is called
A. Profit margin
B. Gross margin
C. Net income
D. Rate of return
A. Fair value
B. Book value
C. Market value
D. Salvage value
38. Those funds that are required to make the enterprise or project a going concern
A. Initial investment
B. Current accounts
C. Working capital
D. Subscribed capital
39. A market situation where there is only one seller with many buyer.
A. Monopoly
B. Monopsony
C. Oligopoly
D. Oligopsony
40. A market situation where there are few sellers and few buyers.
A. Oligopoly
B. Oligopsony
C. Bilateral oligopsony
D. Bilateral oligopoly
41. A market situation where there is one seller and one buyer.
A. Monopoly
B. Monopsony
C. Bilateral monopoly
D. Bilateral monopsony
42. The cumulative effect of elapsed time on the money value of an event, based on the earning power
of equivalent invested funds capital or will earn.
A. Present worth factor
B. Interest rate
C. Time value of money
D. Yield
43. A market situation where there are only two buyers with many sellers.
A. Duopoly
B. Oligopoly
C. Duopsony
D. Oligopsony
A. Interest
B. Rate of return
C. Discount
D. Capital
45. The flow back of profit plus depreciation from a given project is called
A. Capital recovery
B. cash flow
C. economic return
D. earning value
46. The profit derived from a project or business without consideration of obligations to financial
contributors or claims of other based on profit.
A. Economic return
B. Yield
C. Earning value
D. Expected yield
A. loan
B. maturity value
C. interest
D. principal
48. The interest rate at which the present worth of the cash flow on a project is zero of the interest
earned by an investment.
A. Effective rate
B. Nominal rate
C. Rate of return
D. Yield
49. The ratio of the interest payment to the principal for a given unit of time and usually expressed as a
percentage of the principal.
A. Interest
B. Interest rate
C. Investment
D. All of the above
50. The true value of interest rate computed by equations for compound interest for a one year period
is known as
A. Expected return
B. Interest
C. Nominal interest
D. Effective interest
51. 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.
A. Market value
B. Book value
C. Goodwill value
D. Franchise value
A. scrap value
B. salvage value
C. book value
D. present worth
A. book value
B. salvage value
C. replacement value
D. future value
A. Scrap value
B. Salvage value
C. Book value
D. Going value
55. An intangible value is actually operating concern has due to its operation
A. Book value
B. Fair value
C. Goodwill value
D. Going value
56. The value which a disinterested third party, different from the buyer and seller, will determine in
order to establish a price acceptable to both parties.
A. Book value
B. Goodwill value
C. Fair value
D. Franchise value
57. A type of annuity where payments are made at the end of each payment period starting from the
first period.
A. Ordinary annuity
B. Annuity due
C. Deferred annuity
D. Perpetuity
58. It is a series of equal payments occurring at equal interval of time where the first payment is made
after several periods, after the beginning of the payment.
A. Deferred annuity
B. Delayed annuity
C. Progressive annuity
D. Simple annuity
59. A type of annuity where the payments are made at the start of each period, beginning from the first
period.
A. Ordinary annuity
B. Annuity due
C. Deferred annuity
D. Perpetuity
61. A is periodic payment and I is the interest rate, then present worth of a perpetuity =
A. Ai
B. Ain
C. An/i
D. A/i
62. A mathematical expression also known as present value of an annuity of one is called
A. load factor
B. demand factor
C. sinking fund factor
D. present worth factor
63. As applied to capitalized asset, the distribution of the initial cost by a periodic changes to operation
as in depreciation or the reduction of a debt by either periodic or irregular prearranged program is
called
A. Annuity
B. Capital recovery
C. Annuity factor
D. Amortization
64. The reduction of the value of an asset due to constant use and passage of time
A. Scrap value
B. Depletion
C. Depreciation
D. Book value
65. A method of computing depreciation in which the annual charge is a fixed percentage of the
depreciated book value at the beginning of the year to which the depreciation applies.
66. A method of depreciation whereby the amount to recover is spread uniformly over the estimated
life of the asset in terms of the periods or units of output.
A. Straight line method
B. Sinking fund method
C. Declining balance method
D. SYD method
67. Which of the following depreciation methods cannot have a salvage value of zero?
68. A method of depreciation where a fixed sum of money is regularly deposited at compound interest
in a real or imaginary fund in order to accumulate an amount equal to the total depreciation of an
asset at the end of the asset’s estimated life
69. The function of interest rate and time that determine the cumulative amount of a sinking fund
resulting from specific periodic deposits.
71. In SYD method, the sum of years digit is calculated using which formula with n = number of useful
years of the equipment.
n(n − 1)
A.
2
B. n(n + 1)
2
C. n(n+1)
D. n(n-1)
A. annual cost
B. first cost + interest of the first cost
C. first cost + cost of perpetual maintenance
D. first cost + salvage value
A. Sole proprietorship
B. Partnership
C. Enterprise
D. Corporation
74. The lessening of the value of an asset due to the decrease in the quantity available (referring to
the natural resources, coal, oil, etc).
A. Depreciation
B. Depletion
C. Inflation
D. Incremental cost
75. An association of two or more persons for a purpose of engaging in a profitable business.
A Sole proprietorship.
B. Partnership
C. Enterprise
D. Corporation
76. A distinct legal entity which can practically transact any business transaction which a real person
could do.
A. Sole proprietorship
B. Enterprise
C. Partnership
D. Corporation
A. Sole proprietorship
B. Partnership
C. Corporation
D. Enterprise
A. Sole proprietorship
B. Corporation
C. Enterprise
D. Partnership
79. What is the minimum numbers of incorporators in order that a corporation be organized?
A. 3
B. 5
C. 10
D. 7
A. the partners are not liable for the liabilities of the partnership.
B. the partnership assets (excluding the partners personal assets) only will be used to pay the
liabilities.
C. the partners personal assets are attached to the debt of the partnership.
D. the partners may sell stock to generate additional capital.
83. Represent ownership, and enjoys certain preferences than ordinary stock.
84. Represent the ownership of stockholders who have a residual claim on the assets of the
corporation after all other claims have been settled.
85. The amount of company’s profit that the board of directors of the corporation decides to distribute
to ordinary shareholders.
A. Dividend
B. Return
C. Share stock
D. Par value
86. A certificate of indebtedness of a corporation usually for a period not less than 10 years and
guaranteed by a mortgage on certain assets of the corporation.
A. Bond
B. T-bill
C. Preferred stock
D. Common Stock
87. A form of fixed-interest security issued by central or local governments, companies, banks or other
institutions. They are usually a form of long-term security, but may be irredeemable, secured or
unsecured.
A. Bonds
B. T-bills
C. Certificate of deposit
D. All of these
88. A type of bond where the corporation pledges securities which it owns (i.e. stocks, bonds of its
subsidiaries).
A. Mortgage bond
B. Registered bond
C. Coupon bond
D. Collateral trust bond
89. A type of bond which does not have security except a promise to pay by the issuing corporation.
A. Mortgage bond
B. Register bond
C. Collateral trust bond
D. Debenture bond
A. Joint bond
B. Debenture bond
C. Registered bond
D. Collateral bond
92. If the security of the bond is a mortgage on certain specified asset of corporation, this bond is
classified as
A. Registered bond
B. Mortgage bond
C. Coupon bond
D. Joint bond
93. A type of bond where the corporation’s owners name are recorded and the interest is paid
periodically to the owners with their asking for it.
A. Registered bond
B. Preferred bond
C. Incorporators bond
D. All of these
94. Bond to which attached coupons indicating the interest due and the date when such interest is to
be paid.
A. Registered bond
B. Coupon bond
C. Mortgage bond
D. Collateral trust bond
95. An amount of money invest at 12% interest per annum will be double in approximately
A. 4 years
B. 5 years
C. 6 years
D. 7 years
A. integration
B. derivatives
C. logarithms
D. implicit function
98. A current traded in a foreign exchange market for which the demand is consistently high in relation
to its supply.
A. Money market
B. Hard currency
C. Treasury bill
D. Certificate of deposit
99. Everything a company owns and which has a money value is classified as an asset. Which of the
following is classified as an asset?
A. Intangible assets
B. Fixed assets
C. Trade investments
D. All of these
A. Cash
B. Investment is subsidiary companies
C. Furniture
D. Patents
A. Current assets
B. Trade investments
C. Fixed assets
D. Intangible assets
A. Profit
B. Capital gain
C. Capital Expenditure
D. Capital stock
A. capital expenditure
B. capital loss
C. loss
D. deficit
A. Time deposit
B. Bond
C. Capital gain
D. Certificate of deposit
105. Any particular raw material or primary product (e.g. cloth, wool, flour, coffee...) is called
A. utility
B. necessity
C. commodity
D. stock
106. It denotes the fall in the exchange rate of one currency in terms of others. The term usually
applies to floating exchange rates.
A. Currency appreciation
B. Currency devaluation
C. Currency float
D . Currency depreciation
107. The deliberate lowering of the price of a nation’s currency in terms of the accepted standard
(Gold, American dollar or the British pound).
A. Currency appreciation
B. Currency float
C. Currency devaluation
D. Currency depreciation
108. The residual value of a company’s assets after all outside liabilities (shareholders exclude) have
been allowed for.
A. Dividend
B. Equity
C. Return
D. Par value
109. A saving which takes place because goods are not available for consumption rather than the
consumers really want to save.
A. Compulsory saving
B. Consumer saving
C. Forced saving
D. All of these
A. Bond
B. Bank note
C. Coupon
D. Check
A. Discount
B. Necessity
C. Luxuries
D. Utility
112. It is the profit obtained by selling stocks at a higher price than its original purchase price.
A. Debenture
B. Goodwill
C. Capital gain
D. Internal rate of return
113. The quantity of a certain commodity that is offered for sale at a certain price at a given time and
place.
A. Demand
B. Supply
C. Utility
D. Market
114. The quantity of a certain commodity that is bought at a certain price at a given time and place.
A. Demand
B. Supply
C. Market
D. Utility
115. “When free competition exists, the price of a product will be that value where supply is equal to
the demand.”
116. “When one of the factors of production is fixed in quantity or is difficult to increase, increasing the
other factors of production will result in a less than proportionate increase in output.”
118. The simplest economic order quantity (EOQ) model is based on which of the following
assumptions?
A. 3 months or less
B. 1 year or less
C. 5 years or less
D. 10 years or less
A. receipts
B. disbursements
C. sunk costs
D. first cost
121. An imaginary cost representing what will not be received if a particular strategy is rejected.
A. Sunk cost
B. Opportunity cost
C. Replacement cost
D. Initial cost
A. challenger
B. defender
C. liability
D. asset
123. In replacement studies, the new process or piece of equipment being considered for purchase is
known as
A. challenger
B. defender
C. asset
D. liability
124. ________ means that the cost of the asset is divided into equal or unequal parts, and only one of
these parts is taken as an expense each year.
A. The depreciation is not the same each year in straight line method.
B. The declining balance method can be used even if the salvage value is zero.
C. The sum-of-the years’ digit method (SYD), the digits 1 to (n+1) is summed.
D. Double declining balance depreciation is independent of the salvage value.
126. An artificial deductible operating expense designed to compensate mining organizations for
decreasing mineral reserves.
A. Deflation
B. Reflation
C. Depletion
D. Inflation
A. sunk cost
B. incremental cost
C. fixed cost
D. semi-variable cost
A. Supervision cost
B. Direct labor cost
C. Semi-variable cost
D. Operating and maintenance cost
A. Rent
B. Janitorial service expenses
C. Supervision costs
D. Depreciation expenses
131. The annual cost that are incurred due the functioning of a piece of equipment is known as
132. The sum of the direct labor cost and direct material cost is known as
A. prime cost
B. total cost
C. indirect manufacturing expenses
D. variable cost
133. Research and development costs and administrative expenses are added to the factory to give
the ______ of the product.
A. total cost
B. marketing cost
C. manufacturing cost
D. prime cost
134. The sum of the prime cost and the indirect manufacturing cost is known as
A. factory cost
B. research and development cost
C. manufacturing cost
D. total cost
135. The manufacturing cost plus selling expenses or marketing expenses equals
A. total cost
B. indirect production cost
C. administrative cost
D. miscellaneous cost
A. Inspection
B. Testing
C. Supervision
D. Assembly
A. Marketing
B. Accounting
C. Data Processing
D. Office Supplies
138. One of the following is NOT a selling or marketing expense. Which one?
A. Advertising
B. Commission
C. Insurance
D. Transportation
139. Research and development expenses includes all EXCEPT one. Which one?
A. Testing
B. Drafting
C. Prototype
D. Laboratory
141. Bookkeeping consists of two steps, namely recording the transactions and categorization of
transactions. Where are the transactions (receipts and disbursement) recorded?
A. Journal
B. Ledger
C. Columnar
D. Statement of account
A. Asset accounts
B. Bank accounts
C. Liability accounts
D. Owner’s equity account
143. The journal and the ledger together are known simply as __________ of the company.
A. accounting system
B. the books
C. bookkeeping system
D. balance sheet
A. solvency
B. liquidity
C. leverage
D. insolvency
A. solvency
B. leverage
C. insolvency
D. liquidity
A. Current ratio
B. Acid test ratio
C. Gross margin
D. Return on investment
149. The ratio between the net income to the owner’s equity is known as
A. price-earning ratio
B. profit margin ratio
C. return on investment
D. gross margin
151. A secondary book of accounts, the information of which is obtained from the journal
A. Balance sheet
B. Ledger
C. Worksheet
D. Trial balance
152. The present worth of cost associated with an asset for an infinite period of time is referred to as
A. Annual cost
B. Capitalized cost
C. Increment cost
D. Operating cost
153. A stock of a product which is held by trade body or government as a means of regulating the
price of that product.
A. Stock pile
B. Hoard stock
C. Buffer stock
D. Withheld stock
A. Cheque
B. T-bills
C. Currency
D. Certificate of deposit
155. A form of business firms which is owned and run by a group of individuals for their mutual
benefit.
A. Cooperative
B. Corporation
C. Enterprise
D. Partnership
156. A document which shows the legal ownership of financial security and entitled to payments
thereon.
A. Coupon
B. Contract
C. Bond
D. Consol
157. A government bond which have an indefinite life rather than a specific
A. Coupon
B. Contract
C. Debenture
D. Consol
158. Refers to the order quantity that minimizes the inventory cost per unit time.
159. What is referred to as an individual who organizes factors of production to undertake a venture
with a view to profit?
A. Agent
B. Entrepreneur
C. Salesman
D. Commissioner
160. The money that is inactive and does not contribute to productive effort in an economy is known
as
A. idle money
B. hard money
C. soft currency
D. frozen asset
161. Funds supplied by others on which a fixed rate of interest must be paid and the debt be repaid at
a specific place and time
A. discount
B. cash flow
C. working capital
D. borrowed capital
162. Funds supplied and used by owners of an enterprise is the expectation that profit will be earned.
A. equity capital
B. working capital
C. investment
D. present
163. A certificate of indebtedness of a corporation usually for a period of not less than ten years and
guaranteed by a mortgage on certain assets of the corporation or its subsidiaries.
A. appraisal
B. written contract
C. bond
D. equity capital
164. A lessening of the value of an asset due to a decrease in the quantity available as a coal, oil and
timber in forests.
A. depletion
B. amortization
C. depreciation
D. investment
165. An estimate of an assets’ net market value at the end of its estimated life.
166. The price at which a given product will be supplied and purchased is the price that will result in
the supply and the demand being equal.
168. The type of interest that is periodically added to the amount of loan so that subsequent interest is
based on the cumulative amount.
A. compound interest
B. interest rate
C. simple interest
D. sinking fund
169. The worth of property which is equal to the original cost less depreciation.
A. earning value
B. book value
C. scrap value
D. face value
A. production
B. break even point
C. balance method
D. balance sheet
171. The reduction in value and marketability due to competition from newest products or model.
A. depreciated cost
B. fixed cost
C. indirect cost
D. obsolescence
172. The length of time, usually in years for the cumulative net annual profit to equal the investment is
called
A. receivable turnover
B. price earning ratio
C. return on investment
D. payback period
173. The following cost item which in common both the fixed and operating cost of an enterprise is:
A. interest
B. depreciation
C. taxes
D. supplies
174. Amount of money or its equivalent which is given in exchange for goods or commodity.
A. loan
B. interest
C. price
D. discount
175. Process of determining the value of certain properties or equipment for certain reasons
A. devaluation
B. depletion
C. valuation
D. depreciation