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Recently the State Fish and Game planted several thousand tagged fish in a local river. The mean length of these fish, which constitute a population, is 12.6 inches. Yesterday, fishermen caught 100 of these tagged fish. You could expect that the mean length for these fish would be 12.6 inches as well since they come from the population.
Partnership
A legal form of business operation between two or more individuals who share management and profits.
Corporation
A legal entity that is separate from its owners, offering limited liability to its shareholders, and is capable of entering contracts, suing and being sued.
Account Payable
The sum of funds that a business needs to pay back to its vendors or lenders for products or services bought on a credit basis.
Account Receivable
Debts owed by customers to a company for items or services that have been dispatched but not compensated.
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