SCENARIO 18-12 The Marketing Manager for a Nationally Franchised Lawn Service Company

question 168

Short Answer

SCENARIO 18-12
The marketing manager for a nationally franchised lawn service company would like to study the characteristics that differentiate home owners who do and do not have a lawn service. A random sample of 30 home owners located in a suburban area near a large city was selected; 15 did not have a lawn service (code 0) and 15 had a lawn service (code 1). Additional information available concerning these 30 home owners includes family income (Income, in thousands of dollars), lawn size (Lawn Size, in thousands of square feet), attitude toward outdoor recreational activities (Attitude 0 = unfavorable, 1 = favorable), number of teenagers in the household (Teenager), and age of the head of the household (Age). The Minitab output is given below:

-Referring to Scenario 18-11,what is the estimated probability that a school with a mean SAT score of 1100,a TOEFL criterion that is not at least 550,and the room and board expense of 7 thousand dollars will be a private school?

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Definitions:

Sales Journal

An accounting ledger in which sales of services or goods on credit are recorded, also known as the sales book.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Unearned Rent

Income received by a landlord for rent that has been paid in advance, which is considered a liability until the period it pertains to occurs.

Income Summary

Income Summary is an account to which all income statement accounts are transferred at the end of an accounting period to calculate the net profit or loss.