Engineering Economic Exam 1 (CH 1 and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2) exam with correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Given: Interest accrued over time = $10 and principal
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
= $50. What should be done to arrive at the interest
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
rate? - correct answers ✔✔Divide $10 by $50 and
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
multiply the result by 100 ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Identify the terms that mean the same as ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
engineering economy. - correct answers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔Engineering economic analysis, economic ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
analysis, capital allocation study ||\\||\\ ||\\||\\ ||\\||\\
The code of _________ forms the standards to guide
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
decisions and actions of individuals and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
organizations in a profession. - correct answers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔Ethics
, Rank the steps involved in an engineering economy
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
study in order - correct answers ✔✔1. Identify and
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
understand the problem ||\\||\\ ||\\||\\
2. Collect relevant, available data and define viable
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
solution alternatives ||\\||\\
3. Make realistic cash flow estimates and identify an
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
economic measure of worth criterion for decision ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
making
4. Evaluate each alternative
||\\||\\ ||\\||\\ ||\\||\\
5. Select the best alternative
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
6. Implement the solution and monitor the results
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
The _____ is the largest rate of return of all the
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
projects not accepted (forgone) due to the lack of ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
capital funds or other resources - correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔opportunity cost ||\\||\\
2) exam with correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Given: Interest accrued over time = $10 and principal
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
= $50. What should be done to arrive at the interest
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
rate? - correct answers ✔✔Divide $10 by $50 and
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
multiply the result by 100 ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Identify the terms that mean the same as ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
engineering economy. - correct answers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔Engineering economic analysis, economic ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
analysis, capital allocation study ||\\||\\ ||\\||\\ ||\\||\\
The code of _________ forms the standards to guide
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
decisions and actions of individuals and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
organizations in a profession. - correct answers ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔Ethics
, Rank the steps involved in an engineering economy
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
study in order - correct answers ✔✔1. Identify and
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
understand the problem ||\\||\\ ||\\||\\
2. Collect relevant, available data and define viable
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
solution alternatives ||\\||\\
3. Make realistic cash flow estimates and identify an
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
economic measure of worth criterion for decision ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
making
4. Evaluate each alternative
||\\||\\ ||\\||\\ ||\\||\\
5. Select the best alternative
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
6. Implement the solution and monitor the results
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
The _____ is the largest rate of return of all the
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
projects not accepted (forgone) due to the lack of ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
capital funds or other resources - correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔opportunity cost ||\\||\\
