The Following Table Shows Part of the Probability Distribution for a Random

question 28

Short Answer

The following table shows part of the probability distribution for a random variable x.

$$\begin{array} { r r } \mathbf { x } & \mathbf { f x } ) \\0 & 0.2 \\1 & ? \\2 & 0.15 \\3 & ? \\4 & 0.15\end{array}$$
a. The mean of the above distribution is known to be 1.8 i.e., Ex) = 1.8). Determine f1) and f3).
b. Compute the variance and the standard deviation for the above probability distribution.

Distinguish between legal and illegal practices in debt collection.

Recognize the rights of consumers under the Fair Debt Collection Practices Act.

Understand the implications of false advertising and misrepresentation in product marketing.

Comprehend the rights consumers have under the Fair Credit Reporting Act.

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Definitions:

Written Off

Written off involves removing an asset or debt from a company’s financial statements, acknowledging that the asset has lost all value or the debt cannot be collected.

Reinstated

The act of restoring something to its previous condition or position, such as reinstating an employee after suspension or a policy after being temporarily revoked.

Allowance Account

An account used in accounting to record reductions in the value of receivables, such as allowances for doubtful accounts.

Direct Write-Off Method

An accounting practice where uncollectible debts are charged against income at the time they are determined to be uncollectable, rather than provisioned for in advance.