The Amount Spent on Textbooks for the Fall Term Was

question 107

Multiple Choice

The amount spent on textbooks for the fall term was recorded for a sample of five hundred university students. The mean expenditure was calculated to be $500 and the median expenditure
Was calculated to be $425. Which of the following interpretations of the mean is correct?

• A)50% of the students sampled had textbook costs equal to $500
• B)The most frequently occurring textbook cost in the sample was $500
• C)The average of the textbook costs sampled was $500
• D)50% of the students sampled had textbook costs that were less than $500

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Definitions:

Head of Household

A tax filing status for individuals who are unmarried and provide home support for a qualifying person.

Federal Tax Withheld

The portion of an employee's paycheck that is taken by the employer and sent directly to the federal government as partial payment of income tax.

Tax Refund

The reimbursement of excess taxes paid by a taxpayer to the government over the course of the tax year.

Adjusted Gross Income

An individual's total gross income minus specific deductions allowed by the IRS, used to calculate taxable income.