An expenditure that has been made and cannot be recovered is called (1) Variable cost (2) Opportunity cost (3) Sunk cost (4) Operational cost

An expenditure that has been made and cannot be recovered is called (1) Variable cost (2) Opportunity cost (3) Sunk cost (4) Operational cost
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Sunk cost
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An expenditure that has been made and cannot be recovered is called - (1) Variable cost (2) Opportunity cost (3) Sunk cost (4) Operational cost

Description : An expenditure that has been made and cannot be recovered is called - (1) Variable cost (2) Opportunity cost (3) Sunk cost (4) Operational cost

Last Answer : (3) Sunk cost Explanation: In economics and business decision-making, sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered. Sunk costs are sometimes contrasted ... is taken. The sunk cost is distinct from economic loss. Sunk costs may cause cost overrun.

Which of the following is not a relevant cost in capital budgeting? A. Sunk Cost B. Opportunity cost C. Allocated overheads D. Both (a) and (c) above

Description : Which of the following is not a relevant cost in capital budgeting? A. Sunk Cost B. Opportunity cost C. Allocated overheads D. Both (a) and (c) above

Last Answer : D. Both (a) and (c) above

The addition to total cost by producing an additional unit of out-put by a firm is called - (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Description : The addition to total cost by producing an additional unit of out-put by a firm is called - (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Last Answer : (3) Marginal cost Explanation: The addition to total cost by producing an additional unit of output by a firm is called Marginal cost. Average cost is the total cost of producing a given output divided by that output.

The addition to total cost by producing an additional unit of output by a firm is called (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Description : The addition to total cost by producing an additional unit of output by a firm is called (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Last Answer : Marginal cost

Transfer earning or alternative cost is otherwise known as - (1) Variable cost (2) Implicit cost (3) Explicit cost. (4) Opportunity cost

Description : Transfer earning or alternative cost is otherwise known as - (1) Variable cost (2) Implicit cost (3) Explicit cost. (4) Opportunity cost

Last Answer : (4) Opportunity cost

Transfer earning or alternative cost is otherwise known as (1) Variable cost (2) Implicit cost (3) Explicit cost (4) Opportunity cost (economic cost)

Description : Transfer earning or alternative cost is otherwise known as (1) Variable cost (2) Implicit cost (3) Explicit cost (4) Opportunity cost (economic cost) 

Last Answer : Opportunity cost (economic cost)

The basic capital budgeting principles involved in determining relevant after-tax incremental operating cash flows require us to . A. include sunk costs, but ignore opportunity costs B. include opportunity costs, but ignore sunk costs C. ignore both opportunity costs and sunk costs D. include both opportunity and sunk costs

Description : The basic capital budgeting principles involved in determining relevant after-tax incremental operating cash flows require us to . A. include sunk costs, but ignore opportunity costs B. include ... C. ignore both opportunity costs and sunk costs D. include both opportunity and sunk costs

Last Answer : B. include opportunity costs, but ignore sunk costs

Total cost is the arithmetic sum of (a) AFC and AVC ; (b) FC and Variable cost ; (c) Marginal cost and variable cost; (d) Sunk cost and fixed cost

Description : Total cost is the arithmetic sum of (a) AFC and AVC ; (b) FC and Variable cost ; (c) Marginal cost and variable cost; (d) Sunk cost and fixed cost

Last Answer : (b) FC and Variable cost ;

The solvent used in liquid extraction should not have high latent heat of vaporisation, because (A) The pressure drop and hence the pumping cost will be very high (B) It cannot be recovered by distillation (C) Its recovery cost by distillation may be prohibitively high (D) It will decompose while recovering by distillation

Description : The solvent used in liquid extraction should not have high latent heat of vaporisation, because (A) The pressure drop and hence the pumping cost will be very high (B) It cannot ... by distillation may be prohibitively high (D) It will decompose while recovering by distillation

Last Answer : (C) Its recovery cost by distillation may be prohibitively high

'Money' is an example of - (1) Sunk capital (2) Floating capital (3) Concrete capital (4) Social capital

Description : 'Money' is an example of - (1) Sunk capital (2) Floating capital (3) Concrete capital (4) Social capital

Last Answer : (2) Floating capital Explanation: Money is something which is widely accepted in payment for goods and services and in setting debts. Money is an example of Floating Capital.

‘Money’ is an example of (1) Sunk capital (2) Floating capital (3) Concrete capital (4) Social capital

Description : ‘Money’ is an example of (1) Sunk capital (2) Floating capital (3) Concrete capital (4) Social capital

Last Answer : Floating capital

The additional cost from taking a cost of action is called a). Total cost b). Opportunity cost c). Variable cost d). Marginal cost

Description : The additional cost from taking a cost of action is called a). Total cost b). Opportunity cost c). Variable cost d). Marginal cost

Last Answer : d). Marginal cost

The cost of any activity measured in terms of the value of the next best alternative forgone a). Economic cost b). Variable cost c). Opportunity cost d). Marginal cost

Description : The cost of any activity measured in terms of the value of the next best alternative forgone a). Economic cost b). Variable cost c). Opportunity cost d). Marginal cost

Last Answer : c). Opportunity cost

A cost independent of the quantity of goods and services produceda). Variable cost b). Fixed cost c). Opportunity cost d). Marginal cos

Description : A cost independent of the quantity of goods and services produced a). Variable cost b). Fixed cost c). Opportunity cost d). Marginal cos

Last Answer : b). Fixed cost

Economic cost is the sum of________ a). Variable and fixed costs b). Variable, fixed and opportunity costs c). Fixed and opportunity costs d). Variable, fixed and marginal costs

Description : Economic cost is the sum of________ a). Variable and fixed costs b). Variable, fixed and opportunity costs c). Fixed and opportunity costs d). Variable, fixed and marginal costs

Last Answer : b). Variable, fixed and opportunity costs

The actual output of 162,500 units and actual fixed costs of Rs. 87000 were exactly as budgeted. However, the actual expenditure of Rs 300,000 was Rs. 18,000 over budget. What was the budget variable cost per unit?

Description :  The actual output of 162,500 units and actual fixed costs of Rs. 87000 were exactly as budgeted.  However, the actual expenditure of Rs 300,000 was Rs. 18,000 over budget. What was the budget variable cost per unit?

Last Answer : (a) Rs 1.20

During September, 300 labour hours were worked for a total cost of Rs 4800. The variable overhead expenditure variance was Rs 600 (A). Overheads are assumed to be related to direct labour hours of active working. What was the standard cost per labour hour? (a) Rs 14 (b) Rs 16.50 (c) Rs 17.50

Description : During September, 300 labour hours were worked for a total cost of Rs 4800. The variable  overhead expenditure variance was Rs 600 (A). Overheads are assumed to be related to direct labour  hours of active working. What was the standard cost per labour hour? (a) Rs 14 (b) Rs 16.50 (c) Rs 17.50

Last Answer : (a) Rs 14

The fixed cost on such factors of production which are neither hired nor bought by the firm is called - (1) social cost (2) opportunity cost (3) economic cost (4) surcharged cost

Description : The fixed cost on such factors of production which are neither hired nor bought by the firm is called - (1) social cost (2) opportunity cost (3) economic cost (4) surcharged cost

Last Answer : (1) social cost Explanation: Social cost is defined as a sum of the private cost and external costs. The social cost is generally not borne by an individual. It may be borne by entire society, city or ... seller sells any product or item to buyer. This cost is added up from the use of that product.

The fixed cost on such factors of production which are neither hired nor bought by the firm is called (1) social cost (2) opportunity cost (3) economic cost (4) surcharged cost

Description : The fixed cost on such factors of production which are neither hired nor bought by the firm is called (1) social cost (2) opportunity cost (3) economic cost (4) surcharged cost

Last Answer : social cost

The opportunity cost of a factor of production is - (1) what it is earning in its present use. (2) what it can earn in the long period. (3) what has to be paid to retain it in its present use. (4) what it can earn in some other use.

Description : The opportunity cost of a factor of production is - (1) what it is earning in its present use. (2) what it can earn in the long period. (3) what has to be paid to retain it in its present use. (4) what it can earn in some other use.

Last Answer : (4) what it can earn in some other use. Explanation: The opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between ... given limited resources. It is equivalent to what a factor could earn for the firm in alter-native uses.

Opportunity cost of production of a commodity is - (1) the cost that the firm could have Incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Description : Opportunity cost of production of a commodity is - (1) the cost that the firm could have Incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Last Answer : (4) the next best alternative output Explanation: The concept of opportunity cost is based on scar-city and choice. The opportunity cost of a commodity is the next best alternative commodity ... to produce alternative goods and services. If one commodity is produced another commodity is sacrificed.

If the production possibility curve is linear, then production is said to be subject of (a) constant opportunity cost (b) decreasing opportunity cost © Increasing opportunity cost (d) first increasing then decreasing opportunity cost.

Description : If the production possibility curve is linear, then production is said to be subject of (a) constant opportunity cost (b) decreasing opportunity cost © Increasing opportunity cost (d) first increasing then decreasing opportunity cost.

Last Answer : (a) constant opportunity cost

Opportunity cost is a/an (a) spill-over cost (b) money cost © alternative cost (d) social cost

Description : Opportunity cost is a/an (a) spill-over cost (b) money cost © alternative cost (d) social cost

Last Answer : © alternative cost

Comparative advantage occurs when (a) A country can produce more goods than anyone else (b) A country has a lower opportunity cost in the production of a good than any other country © A country has more product lines than other countries (d) The exchange rate appreciates.

Description : Comparative advantage occurs when (a) A country can produce more goods than anyone else (b) A country has a lower opportunity cost in the production of a good than any other country © A country has more product lines than other countries (d) The exchange rate appreciates.

Last Answer : (b) A country has a lower opportunity cost in the production of a good than any other country

The opportunity cost of a factor of production is (1) what it is earning in its present use. (2) what it can earn in the long period. (3) what has to be paid to retain it in its present use. (4) what it can earn in some other use.

Description : The opportunity cost of a factor of production is (1) what it is earning in its present use. (2) what it can earn in the long period. (3) what has to be paid to retain it in its present use. (4) what it can earn in some other use.

Last Answer : what it can earn in some other use.

Opportunity cost of production of a commodity is (1) the cost that the firm could have incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Description : Opportunity cost of production of a commodity is (1) the cost that the firm could have incurred when a different technique was adopted (2) the cost that the firm could have incurred under a different method of production (3) the actual cost incurred (4) the next best alternative output

Last Answer : the next best alternative output

Whch of the following curve describes the variation of household expenditure on a particular good with respect to household income? (1) Demand curve (2) Engel curve (3) Great Cats by curve (4) Cost curve

Description : Whch of the following curve describes the variation of household expenditure on a particular good with respect to household income? (1) Demand curve (2) Engel curve (3) Great Cats by curve (4) Cost curve

Last Answer : (2) Engel curve Explanation: In microeconomics, an Engel curve describes how household expenditure on a particular good or service varies with household income. The curve is named after ... was the first to investigate this relationship between goods expenditure and income systematically in 1857.

Which of the following curve describes the variation of household expenditure on a particular good with respect to household income ? (1) Demand curve (2) Engel curve (3) Great Gatsby curve (4) Cost curve

Description : Which of the following curve describes the variation of household expenditure on a particular good with respect to household income ? (1) Demand curve (2) Engel curve (3) Great Gatsby curve (4) Cost curve

Last Answer : Engel curve

Sensible heat of hot industrial flue gases cannot be recovered by a/an (A) Economiser (B) Regenerator (C) Ceramic recuperator (D) None of these

Description : Sensible heat of hot industrial flue gases cannot be recovered by a/an (A) Economiser (B) Regenerator (C) Ceramic recuperator (D) None of these

Last Answer : (D) None of these

A catalyst (A) Initiates a reaction (B) Lowers the activation energy of reacting molecules (C) Is capable of reacting with any one of the reactants (D) Cannot be recovered chemically unchanged at the end of a chemical reaction

Description : A catalyst (A) Initiates a reaction (B) Lowers the activation energy of reacting molecules (C) Is capable of reacting with any one of the reactants (D) Cannot be recovered chemically unchanged at the end of a chemical reaction

Last Answer : (C) Is capable of reacting with any one of the reactants

Pick out the correct statement. (A) In catalytic reactions, the catalyst reacts with the reactants (B) A catalyst initiates a chemical reaction (C) A catalyst lowers the activation energy of the reacting molecules (D) A catalyst cannot be recovered chemically unchanged at the end of the chemical reaction

Description : Pick out the correct statement. (A) In catalytic reactions, the catalyst reacts with the reactants (B) A catalyst initiates a chemical reaction (C) A catalyst lowers the activation energy of ... molecules (D) A catalyst cannot be recovered chemically unchanged at the end of the chemical reaction

Last Answer : (C) A catalyst lowers the activation energy of the reacting molecules

A minor was facing a criminal prosecution for smuggling drugs. He borrowed Rs. 5000 to hire an advocate to defend him in the court of law. What is the remedy available to the creditor if the minor does not return the money on his own? A. The creditor cannot recover the amount from the minor since a contract with a minor is void ab initio B. The amount of loan can be recovered from minor’s property since it is a loan for necessaries C. The creditor can recover his amount of loan from the minor on his (minor’s) attaining the age of majority D. The creditor can recover his amount from the parent or guardian of the minor

Description : A minor was facing a criminal prosecution for smuggling drugs. He borrowed Rs. 5000 to hire an advocate to defend him in the court of law. What is the remedy available to the creditor if the ... the age of majority D. The creditor can recover his amount from the parent or guardian of the minor

Last Answer : A. The creditor cannot recover the amount from the minor since a contract with a minor is void ab initio

As per the VRIO framework, organizational resources must be…. A. Valuable, Rare, In-imitable and Organized. B. Variable, Reusable, Important and OrganizedC. Volatile, Representative, Internal and Operational. D. None of these options is valid..

Description : As per the VRIO framework, organizational resources must be…. A. Valuable, Rare, In-imitable and Organized. B. Variable, Reusable, Important and Organized. C. Volatile, Representative, Internal and Operational. D. None of these options is valid.

Last Answer : Valuable, Rare, In-imitable and Organized.

As per the VRIO framework, organizational resources must be…. A. Valuable, Rare, In-imitable and Organized. B. Variable, Reusable, Important and Organized. C. Volatile, Representative, Internal and Operational. D. None of these options is valid

Description : As per the VRIO framework, organizational resources must be…. A. Valuable, Rare, In-imitable and Organized. B. Variable, Reusable, Important and Organized. C. Volatile, Representative, Internal and Operational. D. None of these options is valid

Last Answer : Valuable, Rare, In-imitable and Organized

Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.

Description : Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.

Last Answer : B. Wages paid for the erection of plant and machinery.

Evaluating all the options to find out most suitable solution to business problems is interdisplinary activities. It is called - (1) Professional research (2) Management research (3) Operational research (4) Commercial research

Description : Evaluating all the options to find out most suitable solution to business problems is interdisplinary activities. It is called - (1) Professional research (2) Management research (3) Operational research (4) Commercial research

Last Answer : (3) Operational research Explanation: Operational research is a discipline that deals with the application of advanced analytical methods to help make better decisions. Employing techniques from other ... .) is the discipline of applying advanced analytical methods to help make better decisions.

Evaluating all the options to find out most suitable solution to business problems is inter-displinary activities. It is called (1) Professional research (2) Management research (3) Operational research (4) Commercial research

Description : Evaluating all the options to find out most suitable solution to business problems is inter-displinary activities. It is called (1) Professional research (2) Management research (3) Operational research (4) Commercial research

Last Answer : Operational research

Transparent soaps (e.g. Pears) are (A) Usually soft soap (made from coconut oil) in which cane sugar & alcohol are added and finally washed with methylated spirit to achieve transparency (B) Metallic soaps with frothing agent and free Stearic acid to achieve transparency (C) Metallic soaps with frothing agent from which glycerine has not been recovered (D) None of these

Description : Transparent soaps (e.g. Pears) are (A) Usually soft soap (made from coconut oil) in which cane sugar & alcohol are added and finally washed with methylated spirit to achieve transparency (B) ... (C) Metallic soaps with frothing agent from which glycerine has not been recovered (D) None of these

Last Answer : (A) Usually soft soap (made from coconut oil) in which cane sugar & alcohol are added and finally washed with methylated spirit to achieve transparency

Costs that are not directly related to the products or services of the project, but are indirectly related to performing the project. A. Intangible Costs B. Sunk Cost C. Tangible Costs D. Indirect Costs

Description : Costs that are not directly related to the products or services of the project, but are indirectly related to performing the project. A. Intangible Costs B. Sunk Cost C. Tangible Costs D. Indirect Costs

Last Answer : D. Indirect Costs

Sunk costs are: (a) relevant for decision making (b) Not relevant for decision making (c) cost to be incurred in future (d) future costs

Description : Sunk costs are: (a) relevant for decision making (b) Not relevant for decision making (c) cost to be incurred in future (d) future costs

Last Answer : (b) Not relevant for decision making

Fixed costs are (a) Avoidable in the short run ; (b) Sunk cost in the short run ; (c) Sunk cost in the long run (d) Unavoidable in the long run

Description : Fixed costs are (a) Avoidable in the short run ; (b) Sunk cost in the short run ; (c) Sunk cost in the long run (d) Unavoidable in the long run

Last Answer : (b) Sunk cost in the short run ;

the derivation of Thiem's formula, Q = (S1 - S2)/[2.3 log10( / )] the following assumption is not applicable (A) The aquifer is homogeneous and isotropic (B) Flow lines are radial and horizontal (C) The slope of the water surface is too small (D) The well has been sunk up to the surface of the unconfined aquifer

Description : the derivation of Thiem's formula, Q = (S1 - S2)/[2.3 log10( / )] the following assumption is not applicable (A) The aquifer is homogeneous and isotropic (B) Flow lines are radial and ... the water surface is too small (D) The well has been sunk up to the surface of the unconfined aquifer

Last Answer : Answer: Option D

Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Description : Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Last Answer : (3) Price theory Explanation: Microeconomics is the branch of economics concerned with isolated parts of the economy, for example, individual people, firms or industries. It involves such topics as the theory of prices and of the firm.

Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Description : Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Last Answer : Price theory

The difference between the GNP and the NNP is equal to the - (1) consumer expenditure on durable goods (2) direct tax revenue (3) indirect tax revenue (4) capital depreciation

Description : The difference between the GNP and the NNP is equal to the - (1) consumer expenditure on durable goods (2) direct tax revenue (3) indirect tax revenue (4) capital depreciation

Last Answer : (4) capital depreciation Explanation: Depreciation refers to two very different but related concepts: the decrease in value of assets (fair value depreciation), and the allocation of the cost of ... equal to capital depreciation. It is the wearing out, breaking down, or technological obsolescence.

A demand curve will not shift: (1) When only income changes (2) When only prices of substitute products change (3) When there is a change in advertisement expenditure (4) When only price of the commodity changes

Description : A demand curve will not shift: (1) When only income changes (2) When only prices of substitute products change (3) When there is a change in advertisement expenditure (4) When only price of the commodity changes

Last Answer : (4) When only price of the commodity changes Explanation: In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that ... only when there is a change in other determinants of demand, other than price of the commodity.

National income accounting is the study of the income and expenditure of the entire - (1) family (2) state (3) economy (4) organisation

Description : National income accounting is the study of the income and expenditure of the entire - (1) family (2) state (3) economy (4) organisation

Last Answer : (3) economy Explanation: National Income Accounting is a set of principles and methods used to measure the income and production of a country. There are basically two ways of measuring ... the total of incomes derived from economic activity after allowance has been made for capital consumption.

Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Description : Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Last Answer : (4) Taxes on Advertisement Explanation: Apart from taxes levied and collected by the States, the Constitution has provided for the revenues for certain taxes on the Union List to be allotted ... exchanges and future markets; and Taxes on sale and purchase of newspapers and advertisements therein.

A siuation where we have people whose level of income is not sufficient to meet the minimum consumption expenditure is considered as - (1) Absolute Poverty (2) Relative Poverty (3) Urban Poverty (4) Rural Poverty

Description : A siuation where we have people whose level of income is not sufficient to meet the minimum consumption expenditure is considered as - (1) Absolute Poverty (2) Relative Poverty (3) Urban Poverty (4) Rural Poverty

Last Answer : (1) Absolute Poverty Explanation: Absolute poverty is defined as a situation in which the individual's basic needs are not covered, in other words, there is a lack of basic goods and services ( ... shelter, education and information. It depends not only on income but also on access to services."