Instruction 2-5
the Following Are the Durations in Minutes of a Sample

question 69

Multiple Choice

Instruction 2-5
The following are the durations in minutes of a sample of long-distance phone calls made within Australia reported by one long-distance carrier.
$$\begin{array}{l}\begin{array} { l c } &\text { Relative }\\\text { Time (in Minutes) } & \text { Frequency } \\\hline 0 \text { but less than } 5 & 0.37 \\5 \text { but less than } 10 & 0.22 \\10 \text { but less than } 15 & 0.15 \\15 \text { but less than 20 } & 0.10 \\\text { 20 but less than 25 } & 0.07 \\25 \text { but less than } 30 & 0.07 \\30 \text { or more } & 0.02\end{array}\end{array}$$
-Referring to Instruction 2-5,if 100 calls were sampled,________ of them would have lasted less than 5 minutes or at least 30 minutes or more.

• A)39
• B)35
• C)37
• D)None of the above.

Recognize the significance of performance in fulfilling contractual obligations.

Understand the role of mutual agreement in modifying, discharging, or terminating contracts.

Comprehend the legal effects of conditions connected to contracts.

Know the legal remedies available for non-performance and breach of contract.

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Definitions:

Traditional Accounting System

A method of accounting focusing on recording and reporting financial transactions based on historical costs and following generally accepted accounting principles (GAAP).

Push Manufacturing

The traditional approach to manufacturing in which products are manufactured according to a production schedule based on estimated sales; the schedule pushes product into inventory before customer orders are received.

Make to Order

A production strategy where manufacturing starts only after a customer places an order, tailoring products to specific customer requirements.

Lean Environment

A systematic method for waste minimization within a manufacturing system without sacrificing productivity, focusing on adding value and reducing non-value activities.