The False Consensus Effect, the Illusory Correlation, and the First

question 47

Multiple Choice

The false consensus effect, the illusory correlation, and the first instinct fallacy are all examples of topics in ____ research.

• A) attribution theory
• B) social cognition
• C) motivation
• D) prejudice

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Definitions:

Retained Earnings

The cumulative net income of a company that is retained within the company for reinvestment, rather than being paid out as dividends.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, preparing the books for the next period.

Zero Balance

Zero balance describes an account status in which the available balance is exactly zero, indicating no funds are currently available or outstanding.

Current Assets

Assets that are expected to be converted into cash, used, or consumed within one year or the operating cycle, whichever is longer.