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Define Internal Locus of Control and External Locus of Control

question 136

Essay

Define internal locus of control and external locus of control, and explain the concepts with suitable examples.


Definitions:

Cash Over and Short

An account that records the discrepancies between the expected cash count and the actual amount of cash received or paid out, indicating errors or theft.

Outstanding Checks

Checks that have been written and recorded in the checking account but have not yet been cashed or cleared by the bank.

Payee

The side in a financial exchange that is given the payment.

Bank

A financial institution licensed to receive deposits and provide loans, along with offering various other financial services.

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