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A Quiz Contains Four Multiple-Choice Problems

question 93

Essay

A quiz contains four multiple-choice problems.Each problem has five choices for the answer,but only one of them is correct.If a student randomly guesses the answer to each problem,find the probability that the student gets exactly three correct answers.


Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels.

Revenue Variances

The difference between actual revenue and budgeted or expected revenue, analyzed to understand and manage financial performance.

Spending Variances

Spending variances are the differences between the actual amount spent and the budgeted or planned amount, often analyzed to control and manage expenses better.

Activity Variance

The difference between the budgeted cost for an activity level and the actual cost incurred, indicating deviations from planned performance.

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