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Q:

Equivalent units of production are equal to

A) number of whole units that could have been completed if all work of the period had been used to produce whole units B) identifiable units existing at the end of the period in a production department
C) units completed by a production department in the period D) number of units worked on during the period by a production department

Answer:   A) number of whole units that could have been completed if all work of the period had been used to produce whole units



Explanation:

Equivalent units of production are equal to number of whole units that could have been completed if all work of the period had been used to produce whole units.

Subject: Business Awareness
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Q:

Oligopolistic industries are characterized by

A) a few dominant firms and no barriers to entry B) a large number of firms and low entry barriers
C) a few dominant firms and substantial entry barriers D) a few dominant firms and low entry barriers
 
Answer & Explanation Answer: C) a few dominant firms and substantial entry barriers

Explanation:

Oligopoly is market structure where a small number of large firms are there. Oligopolistic industries are characterized by a few dominant firms and substantial entry barriers.

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3 203
Q:

Ratio analysis can be useful for

A) Evaluate financial performance of a company B) To improve profits of a company
C) Evaluate sales D) None of the above
 
Answer & Explanation Answer: A) Evaluate financial performance of a company

Explanation:

Ratio analysis helps us to evaluate various aspects of a company's operating and financial performance such as its efficiency, liquidity, profitability and solvency. The trend of these ratios over time can be used to check whether they are improving or deteriorating.

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1 237
Q:

The buying and selling of goods is called

A) Commerce B) Telecommunication
C) Trade D) Business
 
Answer & Explanation Answer: C) Trade

Explanation:

The buying and selling of goods is called Trade. Trade is a part of business where goods and services are exchanged for mney and mainly to earn profit. Commerce is used to describe trade and all the other business activities and services which make trade possible like banking, insurance, transport and advertising.

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0 121
Q:

The demand curve facing a perfectly competitive firm is

A) Line sloping upwards B) Horizontal line
C) Line sloping downwards D) Vertical line
 
Answer & Explanation Answer: B) Horizontal line

Explanation:

The demand curve facing a perfectly competitive firm is a horizontal straight line equal to the equilibrium price of the entire market because a perfectly competitive firm can sell all units brought to market at the same price.

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1 121
Q:

A binding price floor causes

A) Excess demand for the goods B) Surplus supply of goods
C) Less supply of goods D) No demand for the goods
 
Answer & Explanation Answer: B) Surplus supply of goods

Explanation:

A price floor is the minimum price that can be charged. A binding price floor occurs when the government sets a required price on goods at a price above equilibrium. Because the government requires that prices not drop below this price, that price binds the market for that good.

A binding price ceiling is one that is set below equilibrium price.

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1 140
Q:

A major purpose of cost accounting is to

A) measure, record and report product costs B) classify all the product costs
C) to provide information to stockholders for investment decisions D) All of the above
 
Answer & Explanation Answer: A) measure, record and report product costs

Explanation:

A major purpose of cost accounting is to measure, record and report product costs.

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0 172
Q:

Product costs are also called

A) Inventoriable Costs B) Voluntary Costs
C) Vulnerable Costs D) None of the above
 
Answer & Explanation Answer: A) Inventoriable Costs

Explanation:

Product costs are also called Inventoriable Costs, since the product costs are used to value their goods in inventory.

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1 169
Q:

A monopoly is a market that has

A) single seller B) single buyer
C) single seller and single buyer D) a seller but no buyer
 
Answer & Explanation Answer: A) single seller

Explanation:

A monopoly is a market that has a single seller of a unique product in the market. He does not have any competition in the market as he has no substitute product for the product he is selling.

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2 143