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Planning, organizing, and controlling are typically listed as functions of what?

• Economics

• Management

• Finance

• Marketing

Federal income tax rates in the U.S. increase with levels or brackets of income. What economic term is used is used to describe this type of tax rate structure?

• Regressive

• Autocratic

• Progressive

• Democratic

In the market for corn what determines the market price?

• The quantity of corn produced

• The quantity of corn bought

• The price of Corn

• The supply and demand of corn

Jim owns a house with an assessed value of $225,000 and an estimated market value of $285,000. If the property tax rate on his house is 3%, what equation will Jim use to figure out how much property tax he will need to pay on his house this year?

• (0.03)(225,000)

• (0.03)(285,000)

• (0.03)(285,000+225,000)

• (0.03)(285,000-225,000)

A tax-deductible expense:

• increases taxable income

• has no impact on taxable income

• reduces taxable income

• increases taxes owed

Based on the economic concept of the 'time value of money', $1 today:

• Is worth more than $1 five years from now

• is worth less than $1 five years from now

• is worth the same as $1 five years from now

• may be worth more or less than $1 five years from now but it will depend on the interest rate

The forgone rental income to a farmer who operates his own farm instead of renting it would be known as:

• a fixed cost

• a liability

• hidden income

• an opportunity cost

In economics, the term 'risk taker' is often used to describe what?

• An irrational person

• an entrepreneur

• a hedger

• anyone who buys product in the market

The part of a loan that is repaid during a year is what type of payment?

• principal

• mortgage

• interest

• installment

On a balance sheet

total assets - ______ = Net worth

• Equity

• Total liabilities

• Debt

• Accrued expenses