Which of the Following Describes Variance

question 24

Multiple Choice

Which of the following describes variance?

• A) It is the difference between the maximum value and the minimum value in the data set.
• B) It is the difference between the first and third quartiles of a data set.
• C) It is the average of the squared deviations of the observations from the mean.
• D) It is the average of the greatest and least values in the data set.

---

Definitions:

Preexisting Duty

An obligation that one party already owes under the law or another agreement, which cannot serve as consideration for a new contract.

Cost of Doing Business

The total expenses incurred by a company in operating its business, including manufacturing, marketing, and administrative costs.

Adequacy of Consideration

The fairness of the value exchanged in a contract, ensuring that what is provided by each party is of comparable worth.

Financial Benefit

Any form of economic gain received, including income, dividends, or an increase in asset value.