Solve the Problem. -In a Sample of 99 Widgets, 7 Were Defective. How

question 46

Multiple Choice

Solve the problem.

-In a sample of 99 widgets, 7 were defective. How many defective widgets would you expect in a sample of 792 widgets?

• A) 118 widgets
• B) 54 widgets
• C) 59 widgets
• D) 56 widgets

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specified period, culminating in net profit or loss.

Other Income

Any revenue other than revenue from sales. It appears in a separate section on the income statement. Examples: Rental Income and Storage Fees.

Merchandise Inventory

Items purchased for resale to customers in the ordinary course of business, representing a current asset on the balance sheet.

Sales Discount

Amount a customer is allowed to deduct from the bill total for paying a bill during the discount period.