Before Beginning the Exam, a Student Stops and Reflects on the Five

question 17

Multiple Choice

Before beginning the exam, a student stops and reflects on the Five C's: content, confidence, control, common sense, and comparison. Which statement made by the student indicates her understanding of confidence?

• A) "I know I can do this."
• B) "I just need to remember what I studied."
• C) "I just need to narrow down the right answer."
• D) "What do I think is the right answer?"
• E) "Relax, stay calm and focused."

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Definitions:

Liabilities

Financial obligations or debts that are owed by a business to another entity, which are settled over time through the transfer of economic benefits including money, goods, or services.

Capital Balances

The amount of money that the members or partners of a company have contributed and currently have in their accounts, reflecting the equity or stake in the firm.

Capital Accounts

Accounts used in accounting to track the equity and financing of partners in a partnership or of an individual in sole proprietorships.

Drawing Accounts

Accounts used to track the amount of money or assets withdrawn from a business by its owners.