Which of the Following Statements Is True

question 126

Multiple Choice

Which of the following statements is true?

• A)Probabilities must be negative.
• B)Probabilities must be greater than 1.
• C)The sum of all probabilities for a random variable must be equal to 1.
• D)The sum of all probabilities for a random variable must be equal to 0.

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Definitions:

Fixed Manufacturing Overhead

Costs related to manufacturing that do not change with the level of production, such as rent, salaries, and utilities.

Direct Labor

Labor that is directly involved in the creation or production of goods, distinguishable from indirect labor such as administrative work.

Raw Material

The basic material from which a product is made, often used in manufacturing and production processes.

Labor Efficiency Variance

The difference between the actual hours of labor worked and the expected (or standard) hours, multiplied by the standard hourly labor rate.