The United States Department of the Census Defines a Family

question 25

Multiple Choice

The United States Department of the Census defines a family household as one in which inhabitants

• A)consider themselves families.
• B)are related to each other through marriage,blood,or adoption.
• C)function as an economic unit.
• D)none of the above -- the U.S.Department of the Census does not distinguish between family and nonfamily households since it is not relevant to the count.

Understand and identify various costs associated with long-lived assets.

Differentiate between types of long-lived assets including tangible and intangible assets.

Classify expenditures related to assets correctly as capital or revenue expenditures.

Analyze and record expenditures associated with acquiring and improving long-lived assets.

---

Definitions:

Normal Probability Distribution

A statistical function that describes all the possible values and likelihoods that a random variable can take within a given range, characterized by its bell-shaped curve, symmetric about the mean.

Standard Deviation

A statistical metric that quantifies the dispersion or variability of a dataset relative to its mean.

Mean

The average of a set of numbers, calculated by dividing the sum of the values by the number of values.

Standard Normal Variable

A standard normal variable is a random variable that follows a normal distribution with a mean of zero and a standard deviation of one.