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FBM practice
FBM practice
16 terms
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Questions
16
Answers
1
The price of one country's currency in terms of another country's currency is
comparative advantage
balance of payments
exchange rate
tariff
2
How many square feet are in an acre?
46530
43560
45360
40653
3
Agreement allowing a person to use/possess another's property in exchange for a rental payment
shadow price
lease
prepaid expense
gentleman's agreement
4
The cost of a resource measured by its highest value in forgone us is
marginal cost
opportunity cost
alternative cost
cost of goods sold
5
The amount borrowed, or the amount that has not yet been repaid is
principle
principal
interest
collateral
6
Which is NOT a factor that would shift demand for steaks?
income
cost of a feed grain such a corn
an advertising campaign to promote beef consumption
price of pork chops
7
Which is an example of a complementary set of goods?
potatoes and rice
beef and pork
bacon and eggs
apples and oranges
8
How many feet in a mile?
5280
2850
5820
43560
9
The process of estimating the market value of a group of assets such as a farm
appreciation
cost analysis
appraisal
cash accounting
10
A summary of the financial situation for a business at a given point in time
partial budget
income statement
balance sheet
benefit/cost ratio
11
The process of compounding is the inverse of
annualizing
present value
discounting
amortizing
12
The ability to repay a loan is best measured by
income statement
balance sheet
cash flow statement
net worth statement
13
The difference between a cash price and futures price is
the margin
the basis
market quotation
bid price
14
An advantage of the sole proprietorship form of a business is
less paperwork and bureaucracy
unlimited capital financing
easily formed with little organization cost
limited liability
15
The additional cost incurred from producing an add'l unit of output is
marginal input cost
marginal cost
marginal physical product
marginal value product
16
legal instrument that specifies that certain land is pledged to guarantee repayment of debt:
mortgage
promissory note
deed
will
