A Multiple-Choice Exam Offers Five Choices for Each Question

question 9

Multiple Choice

A multiple-choice exam offers five choices for each question. Jason just guesses the answers, so he has probability 1/5 of getting any one answer right. One of your math major friends tells you that the assignment of probabilities to the number of questions Jason gets right out of 10 is (rounded to three decimal places) :

What is the probability that Jason will get no more than two of the ten questions right?

• A) 0.244
• B) 0.282
• C) 0.526
• D) 0.718
• E) 0.756

Recognize the significance of financial reporting systems guided by the principle of exceptions.

Understand the concept and application of standard cost systems in accounting.

Comprehend the basis of setting standard costs for manufacturing products.

Acknowledge the limitations of relying exclusively on past cost data for setting standards.

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Definitions:

Selection Effect

Refers to a bias introduced into research when individuals are not randomly assigned, leading to non-comparable groups.

Peers

Individuals of similar age, status, or interest, often considered equals within a specific context.

Attitudes

Psychological tendencies expressed by evaluating a particular entity with some degree of favor or disfavor.

Temperament

The combination of inherent traits, personality, and behaviors that determine an individual's typical responses to the environment.