Indicate Whether Each of the Following Statements Is True or False

question 14

Short Answer

Indicate whether each of the following statements is true or false.
A restaurant or dry cleaner is considered to be a manufacturing company.______
Service companies cannot have an inventory of raw materials.______
Service companies accumulate cost information for the services they provide to customers.______
Information about the cost of services provided is useful in budgeting,and budgeting is important for service companies.______
A service company typically reports finished goods on its balance sheet.______

Apply the properties of normal distributions to solve problems.

Recognize the definitions and implications of specific terms related to normal distributions, such as mean, standard deviation, and variance.

Understand the concept and computation of quartiles within the context of the normal distribution.

Identify the characteristics that define a continuous random variable.

---

Definitions:

Economic Profit

The profit from an activity or business venture after subtracting both explicit and implicit costs, including opportunity costs.

Rate of Return

The gain or loss of an investment over a specified period, expressed as a percentage of the investment's cost.

Total Costs

The overall expense incurred in the production of goods or services, including both fixed and variable costs.

Hourly Price

A pricing method where goods, services, or labor are priced per hour, commonly used in billing for professional services or wages for hourly employees.