The Following Amounts Have Been Paid Out of the Business

question 1

Multiple Choice

The following amounts have been paid out of the business bank account. Purchase of motor car £7 000, petrol and car expenses £1 300, wages £4 500, £9 000 paid in by the owner, money taken out by the owner, £1 000, money from sales £9 000, purchases of goods resold £4 000, rent of premises £3 000.
-what should be recorded as the increase in assets over the period?

• A) £7000
• B) £16000
• C) £15000
• D) £ 4200
• E) None of the above

Apply chi-square tests to investigate uniformity in distributions.

Apply probability concepts to practical examples involving categorical data.

Understand the concept and application of Chi-Square tests for independence and goodness-of-fit.

Calculate and interpret P-values in hypothesis testing.

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Definitions:

Essential Consumption

The purchase and use of goods and services that are considered necessary for basic living and well-being.

Marginal Utility

The additional satisfaction or utility that a consumer gains from consuming one more unit of a good or service.

Total Utility

The total satisfaction received from consuming a particular quantity of goods or services.

Price Elasticity

A calculation of the extent to which the desired quantity of a good changes following a price modification.