Lucia Is an Engineering Student

question 30

Multiple Choice

Lucia is an engineering student.According to ingroup/outgroup bias she most likely believes other engineering students are ________ and liberal arts students are ________.

• A) unique individuals; very similar to each other
• B) unique individuals; unique individuals
• C) very similar to each other; very similar to each other
• D) very similar to each other; unique individuals

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Definitions:

Economic Life

The estimated period over which an asset is expected to be economically usable, both for its original purpose or for other purposes.

Bargain Purchase Option

An option in a lease agreement that allows the lessee to purchase the leased asset at the end of the lease term at a price significantly lower than the expected fair market value.

Lease Term

The fixed, non-cancellable period of time for which a lease is agreed upon between the lessee and the lessor.

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting.