Eugene Gates, Marketing Director of Mansfield Motors Manufacturers, Inc

question 82

Multiple Choice

Eugene Gates, Marketing Director of Mansfield Motors Manufacturers, Inc.'s Electrical Division, is leading a study to assess the relative importance of product features. An item on a survey questionnaire distributed to 100 of Mansfield's customers asked them to rate the importance of "ease of maintenance" on a scale of 1 to 10 (with 1 meaning "not important" and 10 meaning "highly important") . His staff assembled the following statistics: If Eugene concludes that the average rate of "ease of maintenance" for all customers is 7.5, he is using ___.

• A) a range estimate
• B) a statistical parameter
• C) a point estimate
• D) an interval estimate
• E) a guesstimate

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Definitions:

Security Agreement

A legal document that provides a lender a security interest in a specified asset or property, which serves as collateral for a loan.

Debtor

An individual or entity that owes a debt to another called a creditor, typically arising from a loan or other financial obligation.

Secured Party

A lender or creditor in a secured transaction who has a legal interest or lien on collateral provided by the debtor.

Preferential Payments

Transactions made before a bankruptcy filing where a debtor gives preferential treatment to certain creditors over others.