Which Trait Represents the Tendency for Consumers to Focus on Maximizing

question 31

Multiple Choice

Which trait represents the tendency for consumers to focus on maximizing what is received from a transaction as compared to what is given?

• A) materialism
• B) conscientiousness
• C) bargaining proneness
• D) value consciousness

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Definitions:

GAAP

Generally Accepted Accounting Principles; these are the standard set of accounting rules, standards, and procedures that companies use to compile their financial statements in the United States.

IFRS

International Financial Reporting Standards, a set of accounting guidelines that govern how financial statements should be reported around the world.

Auditing

The examination of financial statements by a certified public accountant in order to express an opinion as to the fairness of presentation.

CPA

Certified Public Accountant, a professional designation given to accounting professionals in numerous countries around the world after completing a study course and passing an examination.