The Names of All 65 Students in a Professor's Class

question 37

Multiple Choice

The names of all 65 students in a professor's class are written on identical slips of paper, and the slips are placed into a large glass jar. Then, the professor selects 6 random slips
From the jar. Identify the kind of sample that is being used.

• A) sample of convenience
• B) systematic sample
• C) cluster sample
• D) simple random sample

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Definitions:

Periodic Inventory Method

The periodic inventory method is an accounting approach where the inventory value is updated at specific intervals, relying on physical counts to determine cost of goods sold and ending inventory levels.

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A method of paying bills where a record is kept of all invoices and payments.

Discount Lost

The additional expense a company incurs when it fails to take advantage of the payment terms offered by suppliers, like missing early payment discounts.

Gross Method

Accounting treatment for purchase discounts where discounts are not considered until actually taken.