One Year, Professional Sports Players Salaries Averaged $1

question 6

Multiple Choice

One year, professional sports players salaries averaged $1.9 million with a standard deviation of $0.7 million.Suppose a sample of 100 major league players was taken. Find the approximate probability that the averagesalary of the 100 players exceeded $1.1 million.

• A) approximately 1
• B) approximately 0
• C) 0.2357
• D) 0.7357

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Definitions:

Asset Valuation

The process of determining the fair market value of assets, which can include both tangible assets like property and intangible assets like patents.

Current Ratio

A liquidity ratio measuring a company's ability to pay short-term obligations, calculated as current assets divided by current liabilities.

Short-Term Notes Payable

Liabilities representing amounts borrowed that are expected to be repaid within one year or one operating cycle, whichever is longer.

Accruals

Accounting method where revenue and expenses are recorded when earned or incurred, regardless of when the cash transaction occurs.