Which term means the evaluation of worth or value of something?

Which term means the evaluation of worth or value of something?

• A. Assessment
• B. Appraisal
• C. Valuation
• D. Calibration

Answer: (B)

Appraisal is the act of estimating the value or worth of an item, usually performed by a qualified expert who considers factors like condition, market demand, and recent sales of similar items. This focused assessment provides a credible monetary value for purposes such as selling, insuring, or settling a transaction. Assessment is a broader evaluation of quality or performance, not specifically about an item's monetary value. Valuation involves determining value as well, but it’s often used in financial or formal contexts and may refer to the value itself or the process, while appraisal emphasizes the expert evaluation of worth. Calibration relates to adjusting instruments to a standard and has nothing to do with evaluating an item's value.

Appraisal is the act of estimating the value or worth of an item, usually performed by a qualified expert who considers factors like condition, market demand, and recent sales of similar items. This focused assessment provides a credible monetary value for purposes such as selling, insuring, or settling a transaction.

Assessment is a broader evaluation of quality or performance, not specifically about an item's monetary value. Valuation involves determining value as well, but it’s often used in financial or formal contexts and may refer to the value itself or the process, while appraisal emphasizes the expert evaluation of worth. Calibration relates to adjusting instruments to a standard and has nothing to do with evaluating an item's value.