Which of the Following Is a Self-Serving Bias

question 32

Multiple Choice

Which of the following is a self-serving bias?

• A) believing we are in control of things beyond our control
• B) a tendency to minimize our strengths
• C) a tendency to exaggerate our weaknesses
• D) a tendency to underestimate ourselves as compared to others

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Definitions:

Deferred Tax Asset

A tax relief that results from over-payment or advance payment of taxes, which can be used to reduce a company's future tax liability.

Prepaid Asset

Expenses paid in advance for goods or services to be received in the future, which are recorded as assets until they are used or consumed.

Taxable Income

The amount of income subject to taxes, calculated by adjusting gross income for deductions, exemptions, and allowances, according to tax laws.

Deferred Income Tax Asset

A balance sheet item that represents taxes paid or carried forward but not yet realized on the income statement.