During a Week of Final Exams, One of Your Friends

question 265

Multiple Choice

During a week of final exams, one of your friends comes up to you and says, "I'm so worked up this week. I've been so worried, tense, and strung out that I've really lost it!" Statements like these are most consistent with the definition of stress as a(n)

• A)stimulus
• B)transaction
• C)response
• D)interaction

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Definitions:

Closing Entries

Closing entries are journaled at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, thereby resetting the temporary accounts for the next period.

Natural Resources

Natural resources are raw materials that are derived from the environment, such as minerals, forests, water, and fertile land, which can be used for economic gain.

Periodic Inventory System

An inventory system that updates inventory balance and cost of goods sold at the end of an accounting period, not continuously.

Economic Entity Assumption

An accounting principle that states a company and its owner(s) are separate entities for financial reporting purposes.