The Mean Amount of Gasoline and Services Charged by Key

question 124

Multiple Choice

The mean amount of gasoline and services charged by Key Refining Company credit customers is $70 per month. The distribution of amounts spent is approximately normal with a standard deviation of
$10) What is the probability of selecting a credit card customer at random and finding the customer charged between $70 and $83?

• A) 0.1962
• B) 0.4032
• C) 0.3413
• D) 0.4750
• E) None of the choices are correct

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Definitions:

Income Summary

An account in the ledger used to summarize revenues and expenses for a specific period before transferring the net result to capital accounts.

Worksheet

A document or tool used by accountants to draft adjustments and test balances during the end-of-period reporting process, not part of the formal financial statements.

Financially Self-Sufficient

The ability to support oneself without external assistance, based on personal income or savings.

Independence

The state of being self-sufficient and not reliant on others for decision-making, support, or sustenance.