• Terms

Market Situation Sellers Buyers

Perfect Competition Many Many
Monopoly One Maany
Monopsony Many One
Bilateral monopoly One One
Duopoly Two Many
Duopsony Many Two
Oligopoly Few Many
Oligopsony Many Few
Bilateral Oligopoly Few Few

- Work-in process is classified as? An asset

- The paper currency issued by the central bank which forms part of the country’s money supply
is? Banknote
- This statement, also called a Profit and Loss statement, shows revenue less costs, which equals
profit or net income over a period of time. Financial Statement
- The place where buyer and seller come. Market
-
- The total income equal to the total operating cost. Break-even
- Directly labor cost incurred in the factory and direct material costs are the cost of all materials
that go into production. The sum of these two direct costs is known as? Prime cost
- The _______ of an asset is the difference between its cost and accumulated depreciation. Book
Value
- Market whereby there is only one buyer of an item for which there are no goods substitute.
Monopsony
- A factor repeated to produce power is? Root
- An index of short-term paying ability is called? Acid-Test Ratio
- Is a branch of mathematics dealing w/ integers (numerical computation)? Arithmetic
- We may classify an interest rate which specifies the actual rate of interest on the principal for
one year as? Effective Rate
- Decrease in the value of a physical property one to the passage of time. Depreciation
- An association of two or more individuals for the purpose of operating a business as co-owners
for profit? Partnership
- 1 gal = 8.35 lbs
- A ___________, also known as the sole trader, individual entrepreneurship, is a type of
enterprise that is owned by and run by one person and in which there is no legal distinction
between the owner and the business entity. Sole Proprietorship
- A ________ is a same as a corporation. It is often a business organization which makes a goods
or services in an organized manner and sells them to the public for profit. It may also be a non-
profit organization. Company
- Is a pricing strategy that charges the customer difference prices for the same product? Price
Discrimination
- The attempt or act to artificially change the price of a security or a market movement with
intent to make profit. Price Manipulation
- It is produced when the cutting plane is parallel to the base of the cone. Parabola
- A symmetrical open curve formed by the intersection of a circular cone with a plane at a smaller
angle with its axis than the side of the cone. Hyperbola
- Is a plane curve surrounding two focal points, such that for all points on the curve, the sum of
the two distances to the focal points is a constant? Ellipse
- If each of the two lines is perpendicular to the same line, then line are? Perpendicular
- An angle that measures from the horizontal upward to an object is called? Angle of elevation
- An angle that measures from the horizontal downward to an object is called? Angle of
depression
- It is also known as second hand value. Salvaged Value
- The provision in the contract that indicates the possible adjustment of material cost and labor
cost. Escalation Clause
- What do you call a triangle with no sides equal? Isosceles Triangle
- It is defined as the capacity of a commodity to satisfy human want. Luxury
- An obligation with no condition attached is called? Gratuitous
- A polygon with 10 sides. Dodecagon
- The reduction in the number or quantity of something. Depletion
- The action or process of deflating or being deflated. Deflation
- It generally occurs when there is a widespread drop in spending resulting to general decline in
economic activity. Recession
- The amount received from the sale of an addition unit of a product. Marginal Revenue
- Is the change in the total cost when the quantity produced changes by one unit. Marginal Cost
- Rate refers to the interest rate before taking inflation into account. Nominal Interest
- Is the net gain or loss on an investment over specified time period, expressed as a percentage of
investment’s initial cost? Rate of Return
- Is the amount of interest due per period, as a proportion of the amount lent, deposited or
borrowed or also called the principal sum? Interest Rate
- Is the number of times per year that a business collects its average accounts receivable?
Receivable turn-over
- One of the commonly used profitable ratios to gauge the degree to which a company or a
business activity makes money. Profit Margin Ratio
- Is a liquidity ratio that measures a company’s ability to pay short-term obligations or those due
within one year? Current Ratio
- Are expenses associated with the maintenance and administration of a business on a day to day
basis. Operation and Maintenance Cost
- are all costs on the income statement except for direct labor, direct materials, and direct
expenses. Overhead expenses include accounting fees, advertising, insurance, interest, legal
fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and
utilities. Overhead Cost
- Some refer to these risks as "known-unknowns" because the estimator is aware of them, and
based on past experience, can even estimate their probable costs. The estimated costs of the
known-unknowns is referred to by cost estimators. Cost Contingency
- Is a short-term U.S. government debt obligation backed by the Treasury Department with a
maturity of one year or less. T-Bills
- Is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to
the bearer. Check
- payment is the annual interest rate paid on a bond, expressed as a percentage of the face value
and paid from issue date until maturity. Coupon
- is a statement of the financial position of a business that lists the assets, liabilities, and owner's
equity at a particular point in time. Balance Sheet
- The economic importance attached to the location of a mineral deposit. Minerals or metals with
a high intrinsic value, e.g. diamonds or gold, have a low place value as transport costs add little
to the eventual market price, so they may be worked anywhere on Earth. Place Value
- Are various procedures set in place to reduce mistakes, prevent improper behavior, or decrease
the risk of centralization of power. Check and Balance
- Defined as an organization or enterprising entity engaged in commercial, industrial, or
professional activities. Business
- Are public locations where members of a community tend to gather for group activities, social
support, public information, and other purposes. Recreation Center
- An offer (often competitive) to set a price by an individual or business for a product or service or
a demand that something be done. Bidding is used to determine the cost or value of something.
Bidding can be performed by a "buyer" or "supplier" of a product or service based on the
context of the situation. Bidding
- is an obligation to, or something that you owe somebody else. Liabilities are defined as a
company's legal financial debts or obligations that arise during the course of business
operations. Liability
- the cost of operations that a company incurs to generate revenue. An Expense
- Equality is the concept or idea of fairness in economics, particularly in regard to taxation or
welfare economics. Equity
- Is a contract between you and an insurance company in which you make a lump sum payment
or series of payments and, in return, receive regular disbursements, beginning either
immediately or at some point in the future? Annuity
- An official lowering of the value of a country's currency within a fixed exchange-rate system, in
which a monetary authority formally sets a lower exchange rate of the national currency in
relation to a foreign reference currency or currency basket. Devaluation
- is the income that a business has from its normal business activities, usually from the sale of
goods and services to customers. Revenue
- The net value of an organization measured by subtracting liability from assets at a point in time.
Net worth
- Details income and expenses over a period of time. Income Statement
- Are the profits that a company has earned to date, less any dividends or other distributions paid
to investors? Retained Earnings
Roman Numerical Number

0
1 MM C X I M – 1,000
2 MM CC XX II D – 500
3 MM CCC XXX III C – 100
4 CD XL IV L – 50
5 D L V X – 10
6 DC LX VI V–5
7 DCC LXX VII I-1
8 DCCC LXXX VII
9 CM XC IX