Business Abbreviations

41.What is the full form of “MC”?
a.
b.
c.
d.

Option “D” is correct.
Marginal cost is the additional cost incurred in the production of one more unit of a good or service. It is derived from the variable cost of production, given that fixed costs do not change as output changes, hence no additional fixed cost is incurred in producing another unit of a good or service once production has already started.
42.What is the full form of “LIFO”?
a.
b.
c.
d.

Option “C” is correct.
Last in, first out (LIFO) is a method used to account for inventory. Under LIFO, the costs of the most recent products purchased (or produced) are the first to be expensed. LIFO is used only in the United States and governed by the generally accepted accounting principles (GAAP).
43.What is the full form of “KPI”?
a.
b.
c.
d.

Option “D” is correct.
“Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company’s overall long-term performance. KPIs specifically help determine a company’s strategic, financial, and operational achievements, especially compared to those of other businesses within the same sector.”
44.What is the full form of “JIT”?
a.
b.
c.
d.

Option “C” is correct.
Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.
45.
What is the full form of “IOC”?
a.
b.
c.
d.

Option “B” is correct.
Indian Oil Corporation Limited (IOCL), is an Indian government corporation. It is under the ownership of Ministry of Petroleum and Natural Gas, Government of India headquartered in New Delhi. The government corporation is ranked 212th on the Fortune Global 500 list of the world’s biggest corporations as of 2021.
46.What is the full form of “FIFO”?
a.
b.
c.
d.

Option “B” is correct.
First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which assets produced or acquired first are sold, used, or disposed of first.
For tax purposes, FIFO assumes that assets with the oldest costs are included in the income statement’s cost of goods sold (COGS). The remaining inventory assets are matched to the assets that are most recently purchased or produced.
47.What is the full form of “EX”?
a.
b.
c.Exports
d.

Option “C” is correct.
Exports are goods and services that are produced in one country and sold to buyers in another. Exports are incredibly important to modern economies because they offer people and firms many more markets for their goods. One of the core functions of diplomacy and foreign policy between governments is to foster economic trade, encouraging exports and imports for the benefit of all trading parties.
48.What is the full form of “EBITDA”?
a.
b.
c.
d.

Option “C” is correct.
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization and is a metric used to evaluate a company’s operating performance. It can be seen as a proxy for cash flow from the entire company’s operations.
49.What is the full form of “EPS”?
a.
b.
c.
d.

Option “D” is correct.
Earnings per share (EPS) is calculated as a company’s profit divided by the outstanding shares of its common stock. The resulting number serves as an indicator of a company’s profitability. It is common for a company to report EPS that is adjusted for extraordinary items and potential share dilution.
50.What is the full form of “DTC”?
a.
b.
c.
d.

Option “C” is correct.
Direct Tax Code is set of rules that is going to replace the existing Income Tax Act (IT Act). It covers all taxes that is under the present IT Act including corporate income tax and personal income tax. Effort to create a DTC started from 2009 onwards.
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