Describe the Basic Distinction Between Probability Sampling and Nonprobability and Explain

question 65

Essay

Describe the basic distinction between probability sampling and nonprobability and explain why most psychology research uses nonprobability methods.

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Definitions:

Cash Equivalents

Short-term, highly liquid investments that are readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value.

Certificates of Deposit

A savings certificate with a fixed maturity date and specified fixed interest rate, held at a bank or financial institution.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.

Bank Balance

Bank balance refers to the total amount of money available in a bank account at a specific point in time, as recorded by the financial institution.