In the Study in Which Participants Sat Briefly in a Psychology

question 5

Multiple Choice

In the study in which participants sat briefly in a psychology professor's office:

• A)most participants were unable to remember significant details of the office when tested later.
• B)most participants were able to accurately remember significant details of the objects that were present in the office when tested later.
• C)memory for details of the office was easily distorted by the later use of misinformation during the recall test.
• D)many participants erroneously remembered items that were not actually present in the room but were consistent with the schema of a professor's office.

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Definitions:

Average Cost Method

An inventory costing method where the cost of goods sold and ending inventory is determined by averaging the cost of all similar items available.

FIFO

An inventory valuation method that assumes the first items placed into inventory are the first sold, standing for "First In, First Out."

LIFO

Last In, First Out, an inventory valuation method where the goods purchased last are the first to be sold.

Safeguarding Inventory

Measures and controls put in place to protect a company's inventory from loss, theft, or damage.