An economic study is made of the total amount cost (C) for a series of alternative investment (P) for a given project. If C is plotted as the ordinate versus P, the most desirable occurs when

Reduction in the level of national income and output usually accompanied by the fall in the general price level.

It is a series of equal payments occurring at equal interval of time.

The place where buyers and sellers come together.

A market whereby there is only one buyer for an item for which there are no good substitute.

It is a series of equal payments occurring at equal interval of time where the first payment is made after several periods, after the beginning of the payment.

The total income equals the total operating cost.

Kind of obligation which has no condition attached.

Direct labor cost incurred in the factory and direct material cost are the costs of all materials that go into production. The sum of these two direct costs is known as

An index of short term paying ability is called

An artificial expenses that spreads the purchase price of an asset or another property over a number of years.

Estimated value at the end of the useful life.

Consists of the actual counting or determination of the actual quantity of the materials on hand as of a given date.

Additional information of prospective bidders on contract documents issued prior to bidding date.

An evil wrong committed by a person damaged another person’s property or reputation is

A series of uniform accounts over an infinite period of time.

The quantity of a certain commodity that is offered for sale at a certain price at a given place and time.

Work-in process is classified as

What is the highest position in the corporation?

Type of ownership in business where individuals exercise and enjoy the right in their own interest.

Decrease in the value of a physical property due to the passage of time.

An association of two or more individuals for the purpose of operating a business as co-owners for profit.

We may classify an interest rate, which specifies the actual rate of interest on the principal for one year as

Parties whose consent or signature in a contract is not considered intelligent

It is defined to be the capacity of a commodity to satisfy human want.

It is the amount which a willing buyer will pay to a willing seller for a property where each has equal advantage and is under no compulsion to buy or sell.

This occurs in a situation where a commodity or service is supplied by a number of vendors entering the market.

These are products or services that are desired by human and will be purchased if money is available after the required necessities have been obtained.

These are products or services that are required to support human life and activities, that will be purchased in somewhat the same quantity even though the price varies considerably.

A condition where only few individuals produce a certain product and that any action of one will lead to almost the same action of the others

Grand total of capability of a the assets and operational corporation

The worth of the property equals to the original cost less depreciation

Money paid for the use of borrowed capital.

Liquid assets such as cash and other assets that can be converted quickly into cash, such as accounts receivable and merchandise are called

The length of time which the property may be operated at a profit.

The provision in the contract that indicates the possible adjustment of material cost and labor cost.

The present worth of all depreciation over the economic life of the item is called

Gross profit, sales less cost of goods sold, as a percentage of sales is called

Worth of the property as shown in the accounting records of an enterprise

Those funds that are required to make the enterprise or project a going concern

A market situation where there is only one seller with many buyer

The true value of interest rate computed by equations for compound interest for a 1 year period is known as

The intangible item of value from the exclusive right of a company in a stated region of the country.

The recorded current value of an asset is known as

Scrap value of an asset is sometimes known as

Sometimes called second hand value

An intangible value which is actually operating concern has due to its operation.

The value which has a disinterested third party, different from the buyer and seller, will determine in order to establish a price acceptable to both parties.

A type of annuity where the payments are made at the end of each payment period starting from the first period.

It is a series of equal payments occurring at equal intervals of time where the first payment is made after several periods, after the beginning of the payment.

A type of annuity where the payments are made at the start of each period, beginning from the first period.

Which is ordinarily NOT an essential element of an annuity?

A is a periodic payment and I is the interest rate; the present worth of a perpetuity equals which expression?

A mathematical expression also known as the present value of an annuity of one is called

As applied to a capitalized asset, the distribution of the initial cost by periodic changes to operation as in depreciation or the reduction of a debt by either periodic or irregular prearranged program is called

The reduction of the value of an asset due to constant use and passage of time.

A method of computing depreciation in which the annual charge is a fixed percentage of the depreciation book value at the beginning of the year to which the depreciation applies.

A method of depreciation whereby the amount to recover is spread uniformly over the estimated life of the asset in terms of the periods or units of output.

Which of the following depreciation methods cannot have a salvage value of zero?

A method of depreciation where a fixed sum of money is regularly deposited at compound interest in a real or imaginary fund in order to accumulate an amount equal to the total depreciation of an asset at the end of the asset’s estimated life.

Capitalized cost of any property is equal to

The lessening of the value of an asset due to the decrease in the quantity available, referring to natural resources such as coal and oil.

Is the simplest form of a business organization.

An association of two or more persons for a purpose of engaging in a profitable business.

A distinct legal entity which can practically transact any business transaction which a real person could do.

Double taxation is a disadvantage of which business organization?

Which is not a type of business organization?

What is the minimum number of incorporators in order that a corporation be organized?

GATT stands for

Which of the following is not a code of ethics?

Ethics requires you to take into consideration the effects of your behavior on which groups of people? I. your employer II. the nonprofessionals in society III. other professionals

Complete the sentence: Guidelines of ethical behavior among engineers are needed because

Which of the following terms is not related to ethics?

What actions can be taken by a state-regulating agency against a design professional who violates one or more of its rules of conduct? I. the professional’s license may be revoked or suspended II. notice of the violation may be published in the local newspaper III. the professional may be asked to make restitution IV. the professional may be required to complete a course in ethics

Which of the following activities is not commonly required by codes of ethics for engineers?

Which organizations typically do not have codes of ethics for engineers?

Plan stamping is best defined as

Complete the sentence: “The U.S. Department of Justice’s successful action in the 1970s against engineering codes of ethics that formally prohibited competitive bidding was based on the premise that”

An engineer working for a big design firm has decided to start a consulting business, but it will be a few months before she leaves. How should she handle the impending change?

During the day, an engineer works for a scientific research laboratory doing government research. During the night, the engineer uses some of the lab’s equipment to perform testing services for other consulting engineers. Why is this action probably unethical?

Which of the following methods of charging for professional services is unethical?

An engineer spends all of his free time (outside of work) gambling illegally. Is this a violation of ethical standards?

During routine inspections, a field engineer discovers that one of the company’s pipelines is leaking hazardous chemicals into the environment. The engineer recommends that the line be shut down so that seals can be replaced and the pipe can be inspected more closely. His supervisor commends him on his thoroughness and says the report will be passed on to the company’s maintenance division. The engineer moves on to his next job, assuming things will be taken care of in a timely manner. While working in the area again several months later, the engineer notices that the problem hasn’t been corrected and is in fact getting worse. What should the engineer do?

A senior licensed professional engineer with 30 years of experience in geotechnical engineering is placed in charge of a multidisciplinary design team consisting of a structural group, a geotechnical group, and an environmental group. In this role, she is responsible for supervising and coordinating the efforts of the groups when working on large, interconnected projects. In order to facilitate coordination, designs are prepared by the groups under the direct supervision of the group leader, and then they are submitted to her for review and approval. This arrangement is ethical as long as

A relatively new engineering firm is considering running an advertisement for their services in the local newspaper. An ad agency has supplied them with four concepts. Of the four types of ads, which one(s) would be acceptable from the standpoint of professional ethics? I. an advertisement contrasting their success over the past year with their nearest competitors’ failures II. an advertisement offering a free television to anyone who hires them for work valued at over $10,000 III. an advertisement offering to beat the price of any other engineering firm for the same services IV. an advertisement that tastefully depicts their logo against the backdrop of the Golden Gate Bridge

An engineer works at a large firm for several years during which he participates in the development of a new production technique. After leaving the company to start a consulting business, a competitor of his original employer ask for help with a similar problem, and the engineer is sure that the only solution is to use the process developed by his previous employer. Can the engineer ethically accept the job?

An engineering firm receives much of its revenue from community construction projects. Which of the following activities would be ethical for the firm to participate in?

A building designed by an engineer-architect team leaks during heavy rains. The building’s owner may not be able to recover the cost of repairs because of

Rebecca works for a company in its laboratory division. She is required to keep accurate records of the results of her experimental work. What is the first thing Rebecca should log into her lab notebook?

You are engineer in charge of receiving bids for an upcoming project. One of the contractors bidding the job is your former employer. The former employer laid you off in a move to cut costs. Which of the following should you do? I. say nothing II. inform your present employer of the situation III. remain objective when reviewing the bids

To whom/what is a registered engineer’s foremost responsibility?

If one is aware that a registered engineer willfully violates a state’s rule of professional conduct, one should

Which of the following acts would normally not be permitted by an engineering code of conduct?

Which would be considered an ethical gift for an engineer to accept from a supplier?

In dealing with suppliers, an engineer may

You are a city engineer in charge of receiving bids on behalf of the city council. A contractor’s bid arrives with two tickets to a professional football game. The bid is the lowest received. What should you do?

Mr. S.W. Frank, PE, is the owner and founder of Frank and Sons Engineering, Inc., a state corporation in compliance with state laws. None of Mr. Frank’s sons or employees are professional engineers. Mr. Frank, now 94 years old and with failing eyesight, comes into office daily and asks questions about the projects. When his sons complete their reports and plans, he applies engineer’s seal (stamp) to them.

Seventeen years ago, Susan designed a corrugated steel culvert for a rural road. Her work was accepted and paid for by the county engineering department. Last winter, the culvert collapsed as a loaded logging truck passed over. Although there were no injuries, there was damage to the truck and roadway, and the county tried unsuccessfully to collect on Susan’s company’s bond. The judge denied the claim on the basis that the work was done too long ago. This defense is known as

What is the best description of “going along with the crowd” and “doing what the Romans do”?