The Intelligence Quotient (IQ) Test Scores for Adults Are Normally

question 61

Multiple Choice

The Intelligence Quotient (IQ) test scores for adults are normally distributed with a mean of 100 and a standard deviation of 15. What is the probability we could select a sample of 50 adults and find that the mean of this sample exceeds 104?

• A) 0.0294
• B) 0.9412
• C) Approximately one
• D) 0.9706

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Definitions:

Materials Quantity Variance

The difference between the actual amount of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit.

Raw Materials Price

The cost of raw materials required in the manufacturing process, a critical factor in the overall production cost and pricing strategy.

Variance

The difference between a planned, budgeted, or standard amount and the actual amount incurred or realized.

Revenue Variance

The difference between actual revenue earned and expected revenue, often used in budgeting and financial analysis.