The Total Contract Price to Build an Office Building Is

question 55

Multiple Choice

The total contract price to build an office building is $4 200 000, with estimated costs of $2 800 000. The construction firm's costs for Year 1 were $800 000. Under the percentage of completion method, gross profit reported in Year 1 is:

• A)$2 200 000.
• B)$400 000.
• C)$1 200 000.
• D)none of the above

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Definitions:

Barnum Effect

The tendency for individuals to see themselves in vague, stock descriptions of personality that could apply to many people.

Barnum Effect

The phenomenon whereby individuals believe that vague, general statements about personality are highly accurate for them personally, often used in psychics and horoscopes.

Consistent Tendency

A regular or habitual pattern of behavior or thought that is reliably observed across different situations and over time.

Shy

A personality trait characterized by feelings of tension and discomfort in social situations.