Several Students Are Studying the "Intelligence" Chapter in Their Psychology

question 86

Multiple Choice

Several students are studying the "Intelligence" chapter in their psychology text for an upcoming test. Which student below is offering an INCORRECT definition of intelligence

• A)Ginny: "Intelligence refers to the ability to adjust to new situations."
• B)Irina: "Intelligence measures only book learning and test-taking ability."
• C)Janice: "Intelligence refers to reasoning and problem solving abilities."
• D)Kevin: "Intelligence refers to abstract thinking capabilities and the ability to understand complex ideas."

---

Definitions:

Inventory

The total amount of goods and materials held by a company for the purpose of resale or production.

Lower of Cost

An accounting principle that values inventory at the lower of its historical cost or the current market value.

Net Realizable Value

The estimated selling price in the ordinary course of business, less any costs of completion, disposal, and transportation.

Cost of Goods Sold

The immediate expenses related to manufacturing the products a company sells, which consist of materials and labor.