The Process Used to Calculate the Revised Probability of an Event

question 29

Multiple Choice

The process used to calculate the revised probability of an event given additional information can be obtained through ________.

• A)Bayes' theorem
• B)classical probability
• C)permutation
• D)subjective probability

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Definitions:

De Minimis Benefit

A small or insignificant benefit provided by employers to employees that is tax-exempt, such as the occasional use of a company vehicle.

Administratively Impractical

A situation or condition that is so difficult or complicated to manage or implement from an administrative point of view that it is practically impossible.

Welfare Payments

Government financial aid provided to individuals or families in need, for living expenses and basic needs.

Reported

The act of declaring or disclosing income, transactions, or other financial information to tax authorities.