Natural Resources

question 83

Multiple Choice

Natural resources:

• A) are production inputs that come from the earth.
• B) include lakes, mineral deposits, forests, and so on.
• C) can be split into two categories: renewable or nonrenewable.
• D) All of these are true.

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Definitions:

Depreciation

An accounting method to allocate the cost of a tangible asset over its useful life, reflecting wear and tear, decay, or obsolescence.

Gift Tax

A tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return.

Fair Market Value

The price at which an asset would trade in a competitive auction setting, reflecting the value of the asset in the marketplace.

Gain

The financial benefit obtained when the selling price of an asset exceeds its purchase price.