Suppose That You Believe That the Probability You Will Get

question 104

Multiple Choice

Suppose that you believe that the probability you will get a grade of B or better in Introduction to Finance is .6 and the probability that you will get a grade of B or better in Introduction to Accounting is .5. If these events are independent, what is the probability that you will receive a grade of B or better in both courses?

• A) 0.300
• B) 0.833
• C) 0.600
• D) 0.500
• E) 0.800

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Definitions:

First-In, First-Out Method

An inventory valuation method where goods purchased or manufactured first are sold or used first.

Equivalent Units

A concept in process costing that converts partially completed units into a number of fully completed output units.

Conversion Costs

Costs incurred to convert raw materials into finished goods, including both direct labor and manufacturing overhead.

Materials Costs

The expenses related to the basic materials required for manufacturing products.