A Store Manager Wishes to Deter Ether His Customers Would

question 17

Essay

A store manager wishes to deter ether his customers would be prepared to pay a little extra for organic produce. He uses a random number table to choose 50 random numbers between 1 and 200. He stands outside the store on a Monday morning between 9:00 a.m. and 12:00 noon and int e people corresponding to the random numbers. For example random number 82 would correspond to the 82nd person to arrive. Do you think that the sample obtained in this way will be representative of all the store's customers?

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Definitions:

Liability

An obligation of a company or individual, representing debts or financial responsibilities owed to others.

Remittance Advice

A document sent by a customer to a seller, indicating that an invoice has been paid, typically accompanying a payment.

Bank Reconciliation

The process of comparing and matching figures from the accounting records against those presented on a bank statement to ensure they are in agreement.

Disbursements

Cash or fund outflows from a company for expenses, investments, and other financial activities.