Refer to the Information Provided in Table 12 *4 Yrs College = 16 Yrs; Masters/law Degrees = 18

question 7

Multiple Choice

Refer to the information provided in Table 12.3 below to answer the questions that follow.
Table 12.3:
Annual Family Income and Education* Statistics for Three Neighborhoods
$$\begin{array} { l | llllll } & { \text { GLENBROOK } } && { \text { MEADOWBROOK } } && { \text { ELMBROOK } } \\& \text { Income } & \text { Education } & \text { Income } & \text { Education } & \text { Income } & \text { Education } \\\hline \text { Mean } & \$ 78,000 & 17 \text { Years } & \$ 28,000 & 15 \text { Years } & \$ 16,000 & 11 \text { Years } \\\text { Median } & \$ 27,000 & 18 & \$ 28,000 & 16 & \$ 18,000 & 11 \\\text { Mode } & \$ 26,000 & 20 & \$ 28,000 & 11 & \$ 14,000 & 11 \\\text { Stand Dev. } & \$ 8,000 & 3 & \$ 2,000 & 6 & \$ 3,000 & 1.0 \\\text { (N) } & ( 300 ) & & ( 300 ) & & ( 300 ) &\end{array}$$ *4 yrs college = 16 yrs; masters/law degrees = 18 yrs; Ph.D/MD degrees = 20 yrs.
-Which neighborhood has an income distribution that is close to a normal distribution?

• A) Glenbrook
• B) Meadowbrook
• C) Elmbrook
• D) All neighborhoods are normally distributed.

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Definitions:

Journal Entries

A method used to enter an accounting transaction into the general journal, documenting the debit and credit effects on specific accounts.

Cash Sales

Sales transactions where payment is received from the buyer immediately at the time of the sale, typically in cash or equivalent.

Deposits In Transit

Funds that have been deposited by a company but have not yet been recorded by the bank.

Bank Debit Memo

A notice from a bank reducing a customer's account balance due to charges like fees or corrections.