A Data Set from a Sample of 399 Michigan Families

question 54

Essay

A data set from a sample of 399 Michigan families was collected. The data include family size (large or small), number of cars owned by family (1, 2, 3, or 4), and whether family owns a foreign car. Excel^® produced the pivot table shown below. Use this pivot table to determine how family size and number of cars owned influence the likelihood that a family owns a foreign car.

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Definitions:

Notes Payable

Short or long-term financial obligations represented by promissory notes, indicating money owed by a company.

Accounts Payable

Money owed by a company to its suppliers or vendors for goods or services received but not yet paid for.

Current Liability

Short-term financial obligations that are due within one year or within a normal operating cycle.

Current Assets

Assets expected to be converted into cash, sold, or consumed within a year or within the operating cycle of a business.