A Certain Type of New Business Succeeds 60% of the Time.Suppose

question 257

Multiple Choice

A certain type of new business succeeds 60% of the time.Suppose that 3 such businesses open (where they do not compete with each other,so it is reasonable to believe that their relative successes would be independent) .Which of the following distributions would you use to determine the probability that all of them will fail?

• A)Binomial distribution.
• B)Poisson distribution.
• C)Normal distribution.
• D)Hypergeometric distribution.

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Definitions:

Biological Transformation

The process by which living organisms convert substances into different forms, such as the conversion of milk into cheese by bacteria.

AASB 141

The Australian Accounting Standards Board statement that outlines the accounting for agricultural activities.

AASB 141

This is the Australian Accounting Standards Board's standard related to Agriculture, providing the accounting requirements for agricultural activity.

IAS 41

International Accounting Standard 41, which governs the accounting for agriculture.