Identify Whether the Average Described Is a Mean, Median, or Mode

question 22

Multiple Choice

Identify whether the average described is a mean, median, or mode.
-A college receives 300 applications for financial aid. The applications are sorted into three equal groups according to income. Those with the highest incomes will not receive aid. Those with the lowest incomes will
Receive the most aid and those with average incomes will receive a small amount of aid.

• A) Mode
• B) Median
• C) Mean

Identify different categories of expenses and their implications on a company's financial health.

Calculate basic financial ratios such as markup percentage, markdown percentage, and return on investment.

Distinguish between gross sales, net sales, and gross margin.

Recognize how inventory management impacts financial statements.

---

Definitions:

Basic Standard Deduction

represents the portion of income not subject to tax that can reduce the taxable income, set by the IRS, varying by filing status.

Dependent

An individual, typically a child or family member, who relies on another for financial support and qualifies for certain tax benefits.

Earned Income

Income generated from active employment and work, including wages, salaries, tips, and other compensation.

Qualifying Widow(er)

A tax filing status allowing a surviving spouse with a dependent child to use married filing jointly tax rates for up to two years after the year of their spouse's death.