Suppose That a Coin Is Flipped 20 Times

question 46

Multiple Choice

Suppose that a coin is flipped 20 times. The first 19 flips are all heads. Is the last flip more likely to be heads, more likely to be tails, or equally likely to be heads or tails? When people engage in the gambler's fallacy, they ____.

• A) say that the last flip is more likely to be heads
• B) say that the last flip is more likely to be tails
• C) say that the last flip is more likely to be heads OR say that the last flip is more likely to be tails
• D) say that the last flip is equally likely to be heads or tails

---

Definitions:

Unearned Revenue

Income received by a company for services or products yet to be delivered or provided, often considered a liability until the service or product is delivered.

Tutoring Services

Professional educational services provided to individuals or small groups to improve their understanding and performance in specific subjects or skills.

Contract

A legally binding agreement between two or more parties defining the terms and conditions of a particular arrangement or transaction.

Journalize

The process of documenting business activities in a journal within the scope of accounting practices.