The Probability of an Outcome

question 45

Multiple Choice

The probability of an outcome

• A)is the number of times that the outcome occurs in the long run.
• B)equals M × N, where M is the number of occurrences and N is the population size.
• C)is the proportion of times that the outcome occurs in the long run.
• D)equals the sample mean divided by the sample standard deviation.

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Definitions:

Outstanding Checks

Checks written by a company or person that were not received or not processed by the bank before the preparation of the bank statement.

Financial Statement

A formal record of the financial activities of a business, person, or other entity, presented in a structured manner to understand financial conditions and operations.

Normal Balance

The side of an account (debit or credit) where increases are recorded, depending on the account type.

Permanent/Temporary

Refers to the duration of an object, situation, or condition, where "permanent" is enduring or lasting forever, and "temporary" is limited in time.