Which Statement Is Incorrect

question 51

Multiple Choice

Which statement is incorrect?

• A)A budget defines precise targets, e.g., level of sales, levels of inventory.
• B)A budget is expressed in monetary terms.
• C)A budget is a short-term plan.
• D)A budget summarises past information.

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Definitions:

Poisson Distribution

A distribution quantifying the chances of a specific amount of occurrences happening within a set period or spatial region.

Probability

A measure of the likelihood that a certain event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Sales

The exchange of a commodity for money; the action of selling something.

Poisson Approximation

A statistical technique used to estimate the probability of a given number of events happening in a fixed interval of time or space, assuming these events occur with a known constant mean rate and independently of the time since the last event.