Determine Whether the Following Is a Probability Model A) Yes
B) No

question 50

Multiple Choice

Determine whether the following is a probability model.
- $\begin{array} { l | c } \text { Outcome } & \text { Probability } \\\hline \text { Golfing } & 0.13 \\\text { Skiing } & 0.15 \\\text { Swimming } & 0.19 \\\text { Biking } & 0.30 \\\text { Hiking } & 0.23\end{array}$

• A) Yes
• B) No

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Definitions:

Gross Profit

The difference between revenue and the cost of goods sold, indicating the profitability of a company's core activities.

Goods Available for Sale

The total quantity of goods that a company has in its stock ready to sell at the end of a financial period.

Absorption Costing

An accounting method that includes all manufacturing costs — direct materials, direct labor, and both variable and fixed overhead — in the cost of a product.

Variable Costing

A costing method that includes only variable production costs in product cost calculations, used for internal decision-making.