A Random Variable

question 189

Multiple Choice

A random variable:

• A)is a variable with an uncertain future value.
• B)is a variable with a constant value.
• C)doesn't exist in economics.
• D)is useless in economic decision making.

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Definitions:

Selling and Administrative Expense

Expenses related to the selling of products and the management of the business, not directly tied to production.

Statement of Cash Flows

A financial report that summarizes the amount of cash and cash equivalents entering and leaving a company.

Income Tax Expense

The amount of income tax a company is obligated to pay to the government, based on its taxable income.

Cash Basis

An accounting method where revenues and expenses are recorded when cash is received or paid, rather than when they are incurred.