Professor Elderman Has Given the Same Multiple-Choice Final Exam in His

question 13

Multiple Choice

Professor Elderman has given the same multiple-choice final exam in his Principles of Microeconomics class for many years. After examining his records from the past 10 years, he finds that the scores have a mean of 76 and a standard deviation of 12. What is the probability that a class of 15 students will have a class average greater than 70 on Professor Elderman's final exam?

• A) 0.0262
• B) 0.6915
• C) 0.9738
• D) Cannot be determined.

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Definitions:

Bad Debts Expense

An expense reported on the income statement, representing the estimate of receivables that are not expected to be collected.

Contra Account

An account used in the ledger to offset a related or a parent account, often showing the amount of reductions or adjustments to the main account.

Sales Account

An account in the general ledger that records the sales of goods or services.

Uncollectible Accounts

Accounts receivable that a business does not expect to collect due to customers being unable or unwilling to pay.