Economics 1-30
Economics Quiz: Test Your Knowledge
Welcome to the Economics Quiz designed to challenge your understanding of essential economic principles! This quiz encompasses a variety of topics ranging from financial analysis to cost concepts, making it suitable for anyone interested in economics.
Prepare yourself to tackle questions on:
- Risk management
- Financial statements
- Cost analysis
- Production theory
What does usually involve the risk avoidance?
Risk avoidance usually involves developing an alternative strategy.
Envolves changing the project management plan to eliminate the threat entirely.
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A risk reduction method that shifts the risk from the project to another party is called
Risk transfer
Risk Management
Risk avoidance
Risk quality assurance
What is the purpose of measuring profitability?
To determine the amount of cash a company brings in on an average in a month.
To analyze specific expenses to look for cost cutting measures.
To measure a company’s ability to pay the highest dividend relative to its competitors
To measure a company's ability to earn profit and continue to grow in the short-term and long-term
To measure a firm’s solvency as completely as possible, we need to consider
The firm’s relative proportion of debt and equity in its capital structure
The firm’s capital structure and the liquidity of its current assets
The firm’s ability to use Net Working Capital to pay off its current liabilities
The firm’s leverage and its ability to make interest payments on its long-term debt
How does Gross Income differ from Net Income?
Gross Income determines the company's cash flow, Net Income does not
Gross Income includes several fixed costs, Net Income does not
Gross Income includes all fixed costs, Net Income does not include any
Gross Income measures profitability before operating expenses, whereas Net Income is calculated after all operating expenses
Which of the following transactions would have no impact on the stockholder’s equity?
Purchase of land from the proceeds of a bank loan.
Dividends to stockholders.
Net loss
Investments of cash by stockholders.
Which ratio would you use to assess a company’s ability to pay bills?
Interest coverage ratio
Times interest earned ratio
Price earnings ratio
Current ratio
In breakeven analysis, if fixed costs rise, then the breakeven point will __________
Fall
Rise
stay the same
None
What is financial analysis?
Comparing ratios using numbers from the income statement and balance sheet
Determining a company's financing needs
Determining the pricing model for the next year
Determining the company's stock price
Which is/are the primary financial statements used to measure liquidity?
Balance Sheet
Income Statement
Balance Sheet and Income Statement
Cash Flow Statement and Balance Sheet
Which of the following would not be included in a balance sheet?
Accounts receivable
Accounts payable
Sales
Cash
What is an average product?
Total amount of output produced divided by price of the output.
Total amount of output produced divided by the quantity of labor employed.
The increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same
total amount of output produced.
What is a marginal product?
total amount of output produced
Total amount of output produced divided by the quantity of labor employed.
Total amount of output produced divided by price of the output.
The increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same.
What is an implicit cost?
An implicit cost, also called an imputed cost, or implied cost, is the opportunity cost. In other words, an implicit cost is any cost that results from using an asset instead of renting it out or selling it.
Or
Value of resource used; no direct pay
The opportunity cost is
How much money is paid for something, taking inflation into account.
How much money is paid for something.
All the alternatives that are given up to get something.
The highest-valued alternative that is given up to get something.
Implicit cost(also may be correct)remember
Production costs include
Total, fixed, variable, average, marginal costs; implicit, explicit costs.
Administrative expenses include: (all correct)
Wages, deductions from it of the administrative personnel and service personnel;
Travel expenses of administrative staff;
The costs of maintaining and servicing the technical nonproduction control tools; depreciation of fixed assets for general economic purpose, the cost of rent and maintenance
Payment of banking services;
Taxes, fees and charges on property, real estate;
The cost of security, fire protection, the costs of the recreational activities;
Excessive losses, damage and shortage of stocks in warehouses and other non-productive costs and losses;
Payment of consulting, auditing and information services;
Fines, penalties and other sanctions
Financing costs include:
Depreciation expense
Cost of goods sold
Interest exposure (interest cost)
All answers correct
19-60 net
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