Data on the Amount of Money Made in a Year

question 78

Multiple Choice

Data on the amount of money made in a year by 1000 families in a small town were collected.
You want to know the difference in the amount of money made in that year by the middle 50% of
The 1,000 families.Which of the following would you compute?

• A) Arithmetic mean.
• B) Median.
• C) Interquartile Range.
• D) Coefficient of correlation.

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Definitions:

Interest Expense

The cost accrued on borrowed funds, reflected as a financial charge for the use of the lender's money.

FICA Withholding

Taxes that are automatically deducted from an employee’s wages for Social Security and Medicare, as mandated by the Federal Insurance Contributions Act.

Tax Rate

The percentage at which an individual or corporation is taxed, varying by income or profits level and jurisdiction.

Deductions

Amounts that are subtracted from an individual's gross income to reduce the income subject to tax, including various expenses, contributions, and allowances.