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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What are ownership and operating costs?
💡 Hint: Think about costs that are constant versus those that depend on equipment usage.
Question 2
Easy
Define salvage value.
💡 Hint: What do you think you can sell the equipment for after using it?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is a key component of ownership costs?
- Operating costs
- Depreciation
- Repair costs
💡 Hint: Consider what cost continues even when the equipment is not used.
Question 2
True or False: Operating costs are fixed and do not change over time.
- True
- False
💡 Hint: Think about what happens when you actually use a piece of equipment.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A piece of equipment has an initial cost of $120,000, a salvage value of $15,000, and a useful life of 8 years. Calculate the depreciation using the sum of the years' digits method.
💡 Hint: Remember to calculate the sum of the years first and apply it appropriately.
Question 2
Using the double declining balance method, calculate the depreciation for the first year for equipment with an initial cost of $150,000 and a useful life of 5 years.
💡 Hint: Focus on double the straight-line rate and the initial cost.
Challenge and get performance evaluation