Use Your Intuition to Decide Whether the Following Two Events

question 22

Multiple Choice

Use your intuition to decide whether the following two events are likely to be independent or associated. Event A: You reach into your dark closet, without looking, and pull out a black shirt. Event B: You reach into your sock drawer, without looking, and pull out black socks.

• A)Associated
• B)Independent

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Definitions:

Gain

The increase in equity resulting from the sale of a business asset for more than its carrying amount.

Assets

Assets that a business possesses or controls, anticipated to yield future economic advantages.

Liabilities

Financial obligations or debts that a company owes to others, arising during the course of its operations.

Goods or Services

Products or activities provided by a business to customers in exchange for payment.