PA 1 Flashcards
What is the term for the decrease in the value of an asset over time?
Depreciation
What is the term for a loss incurred when an asset is sold for less than its purchase price?
Capital Loss
What is the term for the profit from the sale of an asset?
Capital Gain
What is the term for the overall increase in prices and fall in the purchasing value of money?
Inflation
What is the term for the total amount of goods and services a company has on hand?
Inventory
What is the process of examining a company’s financial records called?
Audit
What is the physical count of inventory items referred to as?
Physical Inventory
What is the act of counting items in stock called?
Counting
What is the highest-ranking executive in a company called?
CEO
What is the term for a member of a board of directors?
Board Member
What is the title of the executive responsible for day-to-day operations?
COO
What is the title for the head of the board of directors?
Chairman of the Boards
What type of company is owned by private individuals?
Private
What type of company is owned by shareholders and traded publicly?
Public
Fill in the blank: A _______ is a type of financial agreement that typically involves a payment plan.
PPT
What is the term for a financial obligation for support often between separated couples?
Alimony
What is the term used to describe a relationship that is neither fully committed nor casual?
Situationship
What is the term for a formal connection between two people, often recognized legally?
Relationship
What is the term for a legal agreement between two or more parties?
Partnership
What is the term for the weight of a substance per unit volume?
Specific Weight
What is the ratio of the volume of voids to the total volume of a material called?
Void Ratio
What is the term that describes the mass per unit volume of a substance?
Density
What is the term for the degree of saturation of a material with water?
Saturation
What term refers to the possibility of loss or injury?
Risk
What is the term for the money invested in a business?
Investment
What is the term for the amount of capital that has been subscribed by shareholders?
Subscribed Capital
What is the maximum amount of capital that a company is authorized to issue?
Authorized Capital
What is the current worth of an asset in the marketplace called?
Market Value
What is the estimated residual value of an asset at the end of its useful life called?
Salvage Value
What is the recorded value of an asset in the company’s books?
Book Value
What is the amount deducted from the original price of an asset called?
Discount
What is the term for a curve that represents the set of all points equidistant from a point?
Ellipse
What is the term for a curve formed by the intersection of a right circular cone and a plane parallel to its side?
Parabola
What is the angle that measures exactly 90 degrees called?
Right Angle
What is the term for an angle greater than 90 degrees but less than 180 degrees?
Obtuse Angle
What is a triangle with all sides of different lengths called?
Scalene Triangle
What is the term for a triangle that has one angle greater than 90 degrees?
Obtuse Triangle
What is the term for a market structure characterized by a small number of firms?
Oligopoly
What is the term for a market structure where a single buyer controls the market?
Monopsony
What is the term for a market structure in which a single seller controls the entire market?
Monopoly
What is the process by which an object acquires energy due to its motion?
Kinetic Energy
What is the term for the energy stored in an object due to its position?
Potential Energy
What is the term for a bond that pays a fixed interest rate?
Coupon Bond
What is the term for the distance from the vertex of a parabola to its focus?
Latus Rectum
What is the straight line segment that passes through the center of a circle called?
Diameter
What is the term for the distance from the center of a circle to its edge?
Radius
What is the ratio of gross margin to operating, sales, and administrative expenses?
Profit Margin Ratio
What phenomenon describes the movement of liquid ink in a porous medium?
Capillary action phenomenon
What term refers to the arrangement of atoms in a solid?
Atomic Packing
What is the term for the axis that runs perpendicular to the transverse axis of a hyperbola?
Conjugate Axis
What is the term for a line that intersects a plane at a right angle?
Perpendicular to the Plane
What is the name of the law that relates the voltage, current, and resistance in an electrical circuit?
Ohm’s Law
What is the term for the energy required to move a charge through an electrical circuit?
Voltage
What is the term for the flow of electric charge?
Current
What is the term for the opposition to the flow of electric current?
Resistance
What is the term for the total number of elements in a sequence or set?
Cardinal Number
What is the term for the law that states the total current entering a junction equals the total current leaving?
Kirchhoff’s current law
What is the term for the law that states the sum of the voltages around a closed loop in a circuit equals zero?
Kirchhoff’s voltage law
