If You Are Shopping for a Bathrobe and You Buy

question 154

Multiple Choice

If you are shopping for a bathrobe and you buy the very first soft robe that you see, then you are likely a ____________. If you go on to look for robes in every store in town before purchasing one, then you are likely a ____________.

• A) minimizer; optimizer
• B) optimizer; minimizer
• C) maximizer; satisficer
• D) satisficer; maximizer

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Definitions:

Revenue Recognition

The accounting principle that deals with the conditions under which revenue is recognized and recorded on the financial statements.

Installment Method

An accounting method used to recognize revenue and expenses on long-term contracts and other sales where payment is received in installments.

Qualitative Characteristic

Features or attributes that describe the non-numeric aspects of goods, services, processes or information, often related to quality.

Reliability

The quality or state of being dependable or consistent in performance or outcome.