Podcast
Questions and Answers
What is one of the responsibilities of engineers in the discipline of engineering economy?
What is one of the responsibilities of engineers in the discipline of engineering economy?
- Designing aesthetically pleasing products
- Deciding on marketing strategies
- Coming up with financially-sound engineering designs (correct)
- Ensuring projects are completed on time
What is the primary purpose of engineering economy for business organizations?
What is the primary purpose of engineering economy for business organizations?
- To increase marketing efforts
- To hire more staff
- To allocate and invest capital wisely (correct)
- To ensure quick project completion
What is one of the steps involved in making an engineering economy analysis?
What is one of the steps involved in making an engineering economy analysis?
- Solving complex mathematical equations
- Conducting market research
- Creating detailed marketing plans
- Identification of the Problem (correct)
In engineering economy, what is meant by 'technically-sound' designs?
In engineering economy, what is meant by 'technically-sound' designs?
What is the purpose of using mathematical modeling techniques in an engineering economy study?
What is the purpose of using mathematical modeling techniques in an engineering economy study?
Why are the economic results of an engineering economy study important in decision-making situations?
Why are the economic results of an engineering economy study important in decision-making situations?
What factor of production refers to all natural resources including land, water, air, and trees?
What factor of production refers to all natural resources including land, water, air, and trees?
Which factor of production involves human activities such as extracting raw materials and processing them into finished goods?
Which factor of production involves human activities such as extracting raw materials and processing them into finished goods?
What is the main concern of Engineering Economy?
What is the main concern of Engineering Economy?
Which of the following is NOT a difference between Farming and Industrial Production?
Which of the following is NOT a difference between Farming and Industrial Production?
Which factor of production involves organizing other factors to generate goods and services for human needs?
Which factor of production involves organizing other factors to generate goods and services for human needs?
What activities fall under Labor as a factor of production?
What activities fall under Labor as a factor of production?
Which method of pricing materials in inventory is based on the principle that the materials issued at any time are taken from the oldest stock and priced at the cost when they were purchased?
Which method of pricing materials in inventory is based on the principle that the materials issued at any time are taken from the oldest stock and priced at the cost when they were purchased?
Which method of pricing materials in inventory is based on the principle that the materials issued at any time are taken from the most recent stock?
Which method of pricing materials in inventory is based on the principle that the materials issued at any time are taken from the most recent stock?
Which type of inventory system involves the determination of the actual quantity of materials in stock at a given date?
Which type of inventory system involves the determination of the actual quantity of materials in stock at a given date?
Which type of inventory system involves the implementation of a system where each type of material (raw, in-process or completed) is monitored as to when and how many were received, when and how many were issued, and when and how many were delivered?
Which type of inventory system involves the implementation of a system where each type of material (raw, in-process or completed) is monitored as to when and how many were received, when and how many were issued, and when and how many were delivered?
Which type of inventory system is applicable in industries where materials have a tendency to deteriorate?
Which type of inventory system is applicable in industries where materials have a tendency to deteriorate?
Which type of inventory system involves the assignment of an inventory card to each type of material, containing relevant information such as date and quantity received, date and quantity issued, personnel or department requesting, and cost of the material?
Which type of inventory system involves the assignment of an inventory card to each type of material, containing relevant information such as date and quantity received, date and quantity issued, personnel or department requesting, and cost of the material?
What is the fundamental equation of accounting that relates assets, liabilities, and ownership?
What is the fundamental equation of accounting that relates assets, liabilities, and ownership?
Which financial summary provides a snapshot of the relationship between assets, liabilities, and net worth on a specific date?
Which financial summary provides a snapshot of the relationship between assets, liabilities, and net worth on a specific date?
What does 'Net Worth' represent in accounting?
What does 'Net Worth' represent in accounting?
In accounting, what is considered as income?
In accounting, what is considered as income?
What type of income arises from the sale of products or rendering of services for which a business was established?
What type of income arises from the sale of products or rendering of services for which a business was established?
How is ownership reflected in the fundamental equation of accounting?
How is ownership reflected in the fundamental equation of accounting?
What is the main focus of Economics?
What is the main focus of Economics?
How is 'scarcity' defined in the context of Economics?
How is 'scarcity' defined in the context of Economics?
What does Agricultural Economics primarily focus on?
What does Agricultural Economics primarily focus on?
What is the role of Modern Agriculture?
What is the role of Modern Agriculture?
How can 'allocation' be best described in Economics?
How can 'allocation' be best described in Economics?
What does the term 'Product' refer to in Economics?
What does the term 'Product' refer to in Economics?
