THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 30

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Suppose that 20% of all invoices are for amounts greater than $800.A random sample of 50 invoices is taken.
-The average score of all students who took a particular statistics class last semester has a mean of 70 and a standard deviation of 3.0.Suppose 36 students who are taking the class this semester are selected at random.Find the probability that the average score of the 36 students exceeds 71.

• A)0.0228
• B)0.0772
• C)0.1228
• D)0.1772.

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Definitions:

Notes Receivable

Financial assets representing amounts owed to the holder by others through formal written agreements stipulating payment terms.

Open Account

A credit arrangement where goods and services are provided with the agreement that payment will be made at a later date.

Direct Write-Off Method

A method of accounting for bad debts that involves expensing accounts at the time they are determined to be uncollectible.

Financial Reporting

The method of creating reports that reveal a company's financial condition to its management, investors, and governmental bodies.