I a Random Variable Is Assigned Numerical Values Based on the Outcomes

question 84

Multiple Choice

i. A random variable is assigned numerical values based on the outcomes of an experiment.
ii. A random variable is a quantity resulting from a random experiment that can assume different values by chance.
Iii) The mean of a probability distribution is referred to as its expected value.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (ii) and, (iii) are correct statements but not (i).
• E) All statements are false

---

Definitions:

Partnership Income

The share of earnings distributed to partners in a partnership business, typically based on the terms of the partnership agreement.

Personal Income

Personal income is the total earnings received by an individual, including wages, investments, and benefits, used to evaluate financial health.

Capital Expenditure

Resources utilized by an organization for the purpose of purchasing, improving, and preserving tangible assets like land, factories, or machinery.

Cash Flow

The sum of monetary movements into and from a business, critically defining its liquid cash assets.