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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does economic life refer to?
💡 Hint: Think about the costs associated with keeping a machine.
Question 2
Easy
What is depreciation?
💡 Hint: Consider how machinery loses value as it ages.
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 method can be used to calculate depreciation?
- Straight-line method
- Double declining balance
- Unit cost method
💡 Hint: Consider which method accelerates depreciation more.
Question 2
True or False: A machine’s economic life determines when it is necessary to replace it.
- True
- False
💡 Hint: Think about the costs incurred when keeping an aging machine.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
An old truck costs $5,000 in maintenance yearly. If its replacement cost increases by 10% annually, how long should it be kept before replacement if it depreciates at a rate of 15% per year?
💡 Hint: Calculate yearly costs and compare them over the years.
Question 2
If a replacement machine will save you $3,000 in efficiency each month but costs $12,000 to purchase, how many months until the replacement is cost-effective?
💡 Hint: Consider the total savings versus total cost.
Challenge and get performance evaluation