Joe and Josephine Have Started a Plumbing Business and Have

question 32

True/False

Joe and Josephine have started a plumbing business and have incorporated.They invest nothing into the corporation and the corporation has minimal assets.One day Josephine negligently damages a main pipe in a customer's home causing the basement to flood and resulting in $20,000 in damages.The homeowner's only remedy is to sue the corporation and because the corporation has no funding and minimal assets,the homeowner must bear the loss because Joe and Josephine are shielded from liability due to the corporate protections the business entity affords them.

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Definitions:

Simple Random Sample

A subset of a larger population in which every member has an equal chance of being selected, ensuring the sample’s representativeness.

Annual Salary

The total amount of money that an individual earns in one year from their job before taxes and other deductions.

Sampling Distribution

The distribution of a statistic (such as the mean or variance) derived from a large number of samples of a specific size from a particular population.

Sample Proportion

The ratio of members in a sample exhibiting a particular attribute to the total sample size, often expressed as a percentage.