The Gajet Store Inc

question 24

Multiple Choice

The Gajet Store Inc. started its operations on January 1, 2015. It engages in buying and selling different types of electronic gadgets. The first step in its operating cycle would be to:

• A)collect cash from customers.
• B)sell goods to customers.
• C)purchase inventory from vendors.
• D)record the sales in accounts.

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Definitions:

Binomial Experiment

A statistical experiment that has exactly two mutually exclusive outcomes, often labeled as success and failure.

Possible Outcomes

Refers to all the potential results that may occur from a specific action or random experiment.

Probability

The likelihood or chance that a particular event will occur, often expressed as a number between 0 and 1.

Probability of Success

The likelihood of achieving a favorable outcome in a given trial or experiment.