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Acc419 TMA1 10/10

1. Investment in Associates
2. Equity
3. Consolidated financial statements
4. Direct and indirect method
5. Purchase
6. Significant influence
8. Parent company bears the same name as subsidiary
9. Cashflow
10. All of the above


1). Former Soviet Union, Cuba, Germany, Russia, North Korea etc are close examples of —— economies

(A)free enterprise
(B)capitalism and Communism
(C)Controlled or Planned
(D)mixed economy

Correct Answer: Controlled or Planned

2). Free market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households and businesses in the economy through the ——.

(A)cost mechanism
(B)price mechanism
(C)market mechanism
(D)trade mechanism

Correct Answer: price mechanism

3). A budget line is ——————

(A)downward sloping
(C)positively sloped
(D)upward sloping

Correct Answer: downward sloping

4). In economics the central problem is ———.


Correct Answer: scarcity.

5). Controlled or Planned economies are usually associated with ——-where government determines the wages of workers, the prices of goods and services and level of output.

(A)Socialism and Communism
(B)capitalism and Communism
(C)Socialism and facsism
(D)Socialism and authoritharianism

Correct Answer: Socialism and Communism

6). The following are determinants of demand elasticity except ——

(B)proportion of income spent on the commodity
(C)number of uses the product could be put

Correct Answer: technology

7). price ceiling is always fixed ———- equilibrium price


Correct Answer: below

8). The following are features of perfect competitive market except ——

(A)homogeneous goods
(B)firms are price taker
(C)perfect mobility of factors
(D)single seller, many buyers

Correct Answer: single seller, many buyers

9). The amount of satisfaction derive from consumption of a particular commodity is —–

(C)marginal utility

Correct Answer: utility

10). In a controlled economy, it is the —— that makes the economic decision and it is solely done meaning that there are no —– sector initiatives

(A)private/ government
(B)government / banking
(C)private / public
(D)government / private

Correct Answer: government / private

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