FIN 320F Exam 1 Working Words (Duvic) with complete solutions 2024_2025.
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Course
FIN 320F
Institution
FIN 320F
UNIT 1
Incentives
Something that motivates a person to take or avoid taking an action.
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Resources
Physical or intangible assets that can be used to accomplis...
FIN 320F Exam 1 Working Words (Duvic)
with complete solutions 2024/2025
Incentives - ANSWER- Something that motivates a person to take or avoid taking
an action.
Resources - ANSWER- Physical or intangible assets that can be used to
accomplish a goal.
Confirmation Bias - ANSWER- The tendency to process information by looking
for, or interpreting information that is consistent with one's existing beliefs.
Encyclopaedia Brittanica
Economic activity - ANSWER- The production, distribution and consumption of
economic assets.
Economic assets - ANSWER- Assets functioning as stores of value and over
which ownership rights are enforced by institutional units, individually or
collectively, and from which economic benefits may be derived by their owners
by holding them, or using them, over a period of time. OECD Glossary of
Statistical Terms.
Property rights - ANSWER- The right to control an asset. This control includes
how the property should be used, how the benefits from this use are distributed,
and the ability to dispose of the asset.
Socialism - ANSWER- A governmental system with a collective or governmental
control of property rights.
, Capitalism - ANSWER- A market economy where individuals control property
rights, especially the right to control assets used to produce society's economic
assets.
Corruption - ANSWER- Dishonest or illegal activity by persons in authority,
especially political leaders, government administrators, judicial officials and
police
UNIT 3 - ANSWER-
Business - ANSWER- is an organization that raises capital from investors, uses
this capital to obtain productive assets, and uses these productive assets to
produce economic assets--goods and services--for customers.
Profit - ANSWER- The surplus that occurs when the revenues received from a
business' productive efforts exceeds the cost of producing economic assets.
Efficiency - ANSWER- Getting the maximum output from scarce resources.
Different levels of efficiency result from how businesses' organize productive
effort and raise capital.
Proprietorship - ANSWER- A business where a person combines the functions of
owner, manager and worker. Proprietorships are efficient in small-scale
operations.
General Partnership - ANSWER- A business where several people share
ownership and management.
Corporation - ANSWER- A business that is chartered by government to conduct
business. It is a legal entity separate from its owners, and can enter into
contracts separate from its owners.
Major financial decisions - ANSWER- Capital Budgeting/Investment decision:
What productive projects should the firm undertake?
Capital Structure/Financing decision: How should the company raise capital to
finance its activities?
Cash management/Working capital management: How does the corporation
ensure that it has enough cash to operate on a daily basis?
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