When Entrepreneurs Believe That They Are Responsible for What Happens

question 28

Multiple Choice

When entrepreneurs believe that they are responsible for what happens to them and that their own actions determine important outcomes such as the success or failure of a new business, they have

• A)an external locus of control.
• B)less openness to experience.
• C)moderate need for achievement.
• D)an internal locus of control.

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Definitions:

Cost of Goods Sold

Expenses directly linked to the creation of goods sold by a business, such as materials and labor.

Inventory Units

The individual items or quantifiable segments of products that a business holds in its inventory, each possibly having a different value or cost basis.

Perpetual LIFO

Perpetual Last-In-First-Out is an inventory cost method assuming that the last items added to inventory are the first sold, continually updating inventory and cost of goods sold values.

Ending Inventory

The overall price of items available for selling at the end of a fiscal period.