📝 [MESL] QB 0519 | Advanced Mastery Exam 17 – Elements

Which one of the following contains only items which are considered fixed charges?

Reduction in the level of national income and output usually accompanied by the fall in the general price level.

It is a series of equal payments occurring at equal interval of time.

The place where buyers and sellers come together.

A market whereby there is only one buyer of an item for which there are no good substitute.

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.

The total income equals the total operating cost.

Kind of obligation which has no condition attached.

Direct Labor cost incurred in the factory and direct materials cost are the costs of all materials that go into production. The sum of these two direct costs is known as _____.

An index of short-term paying ability is called _____.

An artificial expenses that spreads the purchase price of an asset or another property over a number of years.

Estimated value at the end of the useful life.

Consists of the actual counting or determination of the actual quantity of the materials on hand as of a given date.

Additional information of prospective bidders on contract documents issued prior to bidding date.

An evil wrong committed by a person damaged another person’s property or reputation is _____.

A series of uniform accounts over an infinite period of time.

The quantity of a given commodity that is offered for sale at a certain price at a given place and time.

Work-in process is classified as _____.

What is the highest position in the corporation?

Type of ownership in business where individuals exercise and enjoy the right in their own interest.

Decrease in the value of a physical due to the passage of time.

An association of two or more individuals for the purpose of operating a business as co-owners for profit.

We may classify an interest rate, which specifies the actual rate of interest on the principal for one year as _____.

Parties whose consent or signature in a contract is not considered intelligent.

It is defined to be the capacity of a commodity to satisfy human want.

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.

This occurs in a situation where a commodity or service is supplied by a number of vendors entering the market.

These products or services that are desired by human and will be purchased it money is available after the required necessities have obtained.

These are products 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 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.

Grand total of the assets and operational capability of a corporation.

The worth of the property equal to the original cost less depreciation.

Money paid for the use of borrowed capital.

Liquid assets such as cash and other assets that can be converted quickly into cash, such as accounts receivable and merchandise are called _____.

The length of time which the property may be operated at a profit.

The provision in the contract that indicates the possible adjustment of material cost and labor cost.

The present worth of all depreciation over the economic life of the item is called _____.

Gross profit sales less cost of good sold, as a percentage of a sales is called _____.

Worth of the property as shown in the accounting records of an enterprise.

Those funds that are required to make the enterprise or project a going concern.

A market situation where there is only seller with many buyer.

A market situation where there are few sellers and few buyers.

A market situation where there is one seller and one buyer.

A market situation where there are only two buyers with many sellers.

The cumulative effect of elapsed time on the money value of an event, based on the earning power of equivalent invested funds capital should or will earn.

Defined as the future value minus the present value.

The flow back of profit plus depreciation from a given project is called _____.

The profit derived from a project or business enterprise without consideration of obligations to financial contributions or claims of other based on profit.

The payment for use of borrowed money is called _____.

The interest rate at which the present work of the cash on a project is zero of the interest earned by an investment.

The ratio of the interest payment to be principal for a given unit of time and usually expressed as a percentage of the principal.

The true value of interest rate computed by equations for compound interest for a 1-year period is known as _____.

The intangible item of value from the executive right of a company in a stated region of the country.

The recorded current value of an asset is known as _____.

Scrap value of an asset is sometimes known as _____.

Sometimes called second hand value.

An intangible value which is actually operating concern has due to its operation.

The value which has a disinterested third party, different from the buyer and seller, will determine in order to establish a price acceptable to both parties.

A type of annuity where the payments are made at the end of each payment period starting from the first period.

A type of annuity where the payments are made at the start of each period, beginning from the first period.

Which is NOT an essential element of an ordinary annuity?

A is a periodic payment and I is the interest rate, then present worth of a perpetuity = _____.

A mathematical expression also known as the present value of an annuity of one called _____.

As applied to a 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 _____.

The reduction of the value of an asset due to constant use and passage of time.

A method of computing depreciation in which the annual charge is a fixed percentage of the depreciation book value at the beginning of the year to which the depreciation applies.

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.

Which of the following depreciation methods cannot have a salvage value of zero?

A method of depreciation where a fixed sum 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.

The function of interest rate and time that determines the cumulative amount of a sinking fund resulting from specific periodic deposits.

The first cost of any property includes _____.

In SYD method, the sum of years digit is calculated using the formula with n= number of useful years if the equipment.

Capitalized cost of any property is equal to the _____.

The lessening of the value of an asset due to the decrease in the quantity available (referring to the natural resources, coal, oil, etc.)

Is the simplest form a business organ.

A distinct legal entity which can practically transact any business transaction which a real person could do.

An association of two or more persons for a purpose of engaging in a profitable business.

Double taxation is a disadvantage of which business organization?

Which is NOT a type of a business organization?

What is the minimum number of incorporators in order that a corporation be organized?

In case of Bankruptcy of a partnership, _____.

Which is TRUE about partnership?

Which is true about corporation?

Represent ownership and enjoys certain preferences than ordinary stock.

Represent the ownership of stockholders who have a residual claim on the assets of the corporation after all other claims have been settled.

The amount of company’s profit that the board of directors of the corporation decides to distribute to ordinary shareholders.

A certificate of indebtness of a corporation usually for a period not less than 10 years and guaranteed by a mortgage on certain assets of the corporation.

A form of fixed-interest security issued by central or local government, companies, banks or other institutions. They are usually a form of long-term security, buy may be irredeemable, secured or unsecured.

A type of bond where the corporation pledges securities which it owns (i.e. Stock, bonds of the subsidiaries).

A type of bond which does not have security except a promise to pay by issuing corporation.

A type of bond issued jointly by two or more corporations.

A type of bond whose guarantee is in lie on railroad equipments.

If the security of the bond is a mortgage on certain specified asset of a corporation, this bond is classified as _____.

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.

Bond to which are attached coupon indicating the interest due and the date when such interest is to be paid.

An amount of money invested at 12 % interest per annum will double in approximately _____.

The 72-rule thumb is used to determine _____.

To triple the principal, one must use _____.

A currency traded in a foreign exchange market for which the demand is consistently high in relation to its supply.

Everything a company owns and which has a money value is classified as an asset. Which of the following is classified as an asset.

Which is an example of an intangible asset?

Land, buildings, plant and machinery are examples of _____.

An increase in the value of a capital asset is called _____.

The reduction in the money value of a capital asset is called _____.

It is a negotiable claim issued by a bank lieu of a term deposit.

Any particular raw material or primary product (e.g., Cloth, wool, flour, coffee) is called

It denotes the fall in the exchange rate of one currency in terms of others. The term usually applies to floating exchange rates.

The deliberate lowering of the price of a nation’s currency in terms of the accepted standard (Gold, American dollar or the British pound).

The residual value of a company’s assets after all outside liabilities (Shareholders excluded) has been allowed for _____.

A saving which takes place because goods are not available for consumption rather than the consumer really want to save.

A document that shows proof of legal ownership of a financial security.

Defined as the capacity of commodity to satisfy human want.

It is the profit obtained by selling stocks at a higher price than its original purchase price.

The quantity of a certain commodity that is offered for sale at a certain price at a given time and place.

The quantity of a certain commodity that is bought at a certain price at a given time and place.

“When free competition exists, the price of a product will be that value where supply is equal to the demand”.

“ When one of the factors or 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”.

GATT stands for _____.

The letter D in the Roman Numerals is _____.

In general quadratic equation, if the discriminant is zero, the curve is a figure that represents a/an:

Given the equation 3x² + 2x -5y + 7 = 0. Determine the curve.

If eccentricity is less than one, then the curve is:

A chord of a conic section that passes through a focus is called:

A line segment from the focus of an ellipse to a point on the perimeter of the ellipse is called _____.

If the general equation of the conic is Ax² + 2Bxy + C𝑦 2 + Dx + Ey + F = 0, and B² – 4AC > 0, then the conic is a/an _____.

What type of conic has equation of Ax² + Cy² + Dx + Ey + F = 0?

4x² – 256 = 0 is the equation of a/an:

In an ellipse, a chord which contains a focus and is line perpendicular to the major axis is called:

What can be defined as the set of all points in the plane the sum of whose distances from two fixed points is a constant?