Use Simulation to Obtain Data Based on Probabilities
-Classify the Statement

question 225

Multiple Choice

Use Simulation to Obtain Data Based on Probabilities
-Classify the statement as an example of classical probability, empirical probability, or subjective probability. In one state lottery, a person selects a 4-digit number. The probability of winning this state's lottery is $\frac { 1 } { 10,000 }$ .

• A) classical probability
• B) empirical probability
• C) subjective probability

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Definitions:

Statement Of Comprehensive Income

A financial statement that presents a company's total income, including both net income and other income items that are not included in the net income.

Gross Profit Ratio

A financial metric that compares gross profit to net sales, revealing the efficiency of a company in managing its labor and supplies in production.

Accounts Receivable

Customer-incurred debts to a business for goods or services for which payment is outstanding.

Inventory Turnover

A ratio showing how often a company has sold and replaced its inventory during a certain period, indicating the efficiency of inventory management.