Inputs, Such as Natural Resources, Labor, Capital, and Entrepreneurship, Are

question 108

Multiple Choice

Inputs, such as natural resources, labor, capital, and entrepreneurship, are known as:

• A)elemental factors
• B)factors of production
• C)creative factors
• D)building blocks
• E)elements of construction

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Definitions:

Straight Line Amortization

A method of allocating the cost of an intangible asset over its useful life in equal annual amounts.

Impairment

A decrease in the recoverable value of an asset below its carrying amount on the balance sheet, necessitating a write-off.

Goodwill

The intangible asset that arises when a company acquires another for a price higher than the fair value of its identifiable tangible and intangible assets.

Indefinite Useful Life

An intangible asset that is not expected to deplete over a measurable period of time, and hence is not amortized.