A Consumer's Decision to Produce a Service for Himself or Herself

question 58

Multiple Choice

A consumer's decision to produce a service for himself or herself or contract externally for the service depends on a variety of factors.Which of the following is an example of a psychic reward a homeowner might receive if he decides to landscape his own yard instead of hiring a landscape design expert?

• A) Control over the landscaping process and the final results
• B) Feelings of pride and pleasure as he looks at the final results
• C) A high degree of confidence in his own ability to landscape
• D) The skills and knowledge of a landscape artist
• E) Less expensive process than a professional landscaper would offer

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Definitions:

FASB Members

The individuals serving on the Financial Accounting Standards Board, responsible for establishing and improving standards of financial accounting and reporting in the U.S.

Securities And Exchange Commission

A government commission created by Congress to regulate the securities markets and protect investors in the United States, often abbreviated as SEC.

Accounting Principles

Fundamental concepts that guide the field of accounting, including principles like revenue recognition, matching, and the principle of conservatism.

Critical Thinking

The intellectually disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and/or evaluating information.