Lebron Is a Professional Basketball Player

question 78

Multiple Choice

Lebron is a professional basketball player. He never knows for sure which of his shots will result in a basket, but the more shots he takes, the more baskets he makes. In this example, Lebron's shooting is being reinforced on a _____ schedule.

• A)fixed-ratio
• B)fixed-interval
• C)variable-ratio
• D)variable-interval

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Definitions:

Special Or Unusual Items

Items in financial statements that are unusual due to their nature or infrequency, and which can significantly affect net income.

Inventory Method Change

A change in the accounting method used to value inventory, which can significantly affect a company's financial statements and tax liability.

LIFO

Last In, First Out; an inventory valuation method where the last items placed in inventory are the first ones considered sold.

Retrospective Approach

A method used in accounting to apply new accounting policies to transactions, other events, and conditions as if the new policy had always been in place.