Bones Brothers & Associates Prepare Individual Tax Returns

question 44

Multiple Choice

Bones Brothers & Associates prepare individual tax returns. Over prior years,Bones Brothers has maintained careful records regarding the time to prepare a return. The mean time to prepare a return is 90 minutes and the population standard deviation of this distribution is 14 minutes. Suppose 100 returns from this year are selected and analyzed regarding the preparation time. What assumptions do you need to make about the shape of the population distribution of all possible tax preparation times to make inferences about the mean time to complete a tax form?

• A)The population distribution is skewed to the right.
• B)The population distribution is skewed to the left.
• C)The population distribution is normal.
• D)The shape of the population distribution does not matter.

---

Definitions:

Monopolist

An individual or company that is the sole supplier of a particular good or service, allowing them to control the market price.

Maximizing Profits

The process of adjusting production levels and pricing strategies to achieve the highest possible return on investment.

Minimizing Losses

Strategies or actions taken by businesses or investors to reduce financial losses or minimize risks.

Total Profit

The total amount of money a business has earned after all expenses have been deducted from its total revenue.