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Applied economics > Quiz > Flashcards

Quiz Flashcards

1
Q

It can be anything that is generally accepted in payment for goods and services

A

Money

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2
Q

It is the first recognized form of coinage in the philippines

A

Piloncitos

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3
Q

Qualities of good money material

A

1 Acceptability
2 Stability
3 Portability
4 Durability
5 Uniformity
6 Divisibility
7 Recognizability

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4
Q

Functions of money

A

1 Medium of exchange
2 Unit of account
3 Store of value
4 Standard of Deferred payments

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5
Q

Types of money

A

1 Currency in circulation
2 Demand deposits
3 Traveler’s checks
4 Other checkable deposits

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6
Q

It consist of coins and paper money that we use in our daily transactions

A

Currency in circulation

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7
Q

These are often used by individuals travelling on vacation to foreign countries and can be used in place of hard currency

A

Traveler’s checks

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8
Q

This are checking account balances maintained by, and available through, depository banking institutions, including commercial banks, savings and loan associations, credit unions, and mutual savings bank

A

Other checkable deposits

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9
Q

it is the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy

A

Purchasing power

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10
Q

It decreases the amount of goods or services you would able to purchase

A

Inflation

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11
Q

Increases the amount of goods or services you would able to purchase

A

Deflation

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12
Q

It is a phenomenon of rising general level of prices of goods and services over a period of time

A

Inflation

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13
Q

This type of inflation which results form a more rapid increase in income than the increase in production.

A

Demand-pull inflation

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14
Q

When cost of production increases inputs required to produce goods and services, the said increase is passed along to consumers in the form of higher prices

A

Cost-push inflation

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15
Q

Inflation that occurs because a government pursues an excessively loose monetary policy

A

Structural inflation

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16
Q

Losers of inflation

A

Fixed incomes
Savers
Creditors

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17
Q

Gainers of inflation

A

Debtors
Business owners
Government

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18
Q

It states the price, in terms of one currency, at which another currency can be bought

A

Exchange rate

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19
Q

It refers to the talent that some people have for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things

A

Entrepreneurship

20
Q

It is a way of giving individuals access to better lives not only for themselves but for their family as a whole

A

Entrepreneurship

21
Q

It is an individual who attempts to organize his own business rather than working as an employee.

A

Entrepreneur

22
Q

Economic issues facing the Filipino entrepreneur

A

Investment and interest rate
Rentals
Minimum wage
Taxes

23
Q

It is a tax on consumption levied on the sale, barter. shifted or passed on the buyer, transferee or lessee of goods, properties or services

A

Value added tax

24
Q

It is a government levy imposed on individuals or entities that vary with the income or profits of the taxpayers

A

Income tax

25
Q

What is the VAT in the Philippines

A

12%

26
Q

what is the percentage tax in the Philippines

A

3-10% tax rate

27
Q

It is the aggregation of the different businesses engaged in the same line of undertaking

A

Industry

28
Q

It is the single most important choice you’ll make regarding your company

A

Business Organization

29
Q

It is owned by a single individual who is singly responsible for running the business and is accountable for all debts and obligations related to the business

A

Sole proprietorship

30
Q

It is an agreement in which two or more persons combine their resources in a business with a view to making profit

A

partnership

31
Q

it is drawn up and profits are equally divided among the partners according to the terms of agreement

A

Partnership agreement

32
Q

All owners share the management of the business and each is personally responsible for and must assume the consequences of the action of the other partners

A

General partnership

33
Q

Partners that are limited and contribute only capital, take no part in control or management and are liable for debts to a specific extent only.

A

Limited partnership

34
Q

It is a legal entity that is separate form its owners, the shareholders

A

Corporation

35
Q

types of corporation

A

C-corporation
S-corporation
Limited liability company

36
Q

It is a corporation that is taxed separately from its owners.

A

C-corporation

37
Q

It is a hybrid business structure that provides the limited legal liability of a corporation and the operational flexibility of a partnership or sole proprietorship

A

Limited liability company

38
Q

It is an undertaking by a person or a group of persons who are partners, or of stockholders who own a juridical entity known as corporation

A

Business

39
Q

It is just a small portion of an industry

A

Business

40
Q

Total assets of micro business

A

worth below 1,500,001

41
Q

Total assets of small business

A

1,500,001 to 15,000,000

42
Q

Total assets for medium business

A

15,000,001 to 60,000,00

43
Q

Total assets for large scale business

A

more than 60,000,000

44
Q

It is an entity organized by people with similar needs to provide themselves with goods and services or to jointly use available resources to improve their income

A

Cooperative

45
Q

This corporation do not pay income taxes rather the earnings and profits are treated as distributions

A

S-corporation

Applied economics (2 decks)

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