As Product Adopters, Innovators

question 281

Multiple Choice

As product adopters, innovators

• A) have a fear of debt and use neighbors and friends as information sources.
• B) are skeptical and have below average social status.
• C) are deliberate and use many informal social contacts.
• D) are leaders in social settings and have a slightly above average education.
• E) are venturesome, higher educated, and use multiple information sources.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby resetting the temporary accounts for the next period.

Account Balances

The amount of money in an account at a specific point in time, reflecting all transactions.

Credits

An accounting entry that either decreases assets or increases liabilities and equity on the company's balance sheet.

Debits

An entry recorded on the left side of a double-entry bookkeeping system that increases asset and expense accounts, and decreases liability, equity, and revenue accounts.