A Statistics Student Found a Reference in the Campus Library

question 182

Multiple Choice

A statistics student found a reference in the campus library that contained the median family incomes for all 50 states.She would report her data as being collected using

• A)a designed experiment.
• B)observational data.
• C)a random sample.
• D)a published source.

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Definitions:

Fair Value

An estimate of the price at which an asset or liability could be exchanged in a current transaction between willing parties.

Unamortized Patent

The portion of a patent's cost that has not yet been expensed in the income statement over its useful life.

Amortization Expense

The systematic allocation of the cost of an intangible asset over its useful life.

Fair Value

The proceeds from liquidating an asset or the fees involved in transferring a liability during a regular transaction with engaged market members on the bookkeeping date.