Your Company's Internal Auditor Believes That 10% of the Company's

question 73

Multiple Choice

Your company's internal auditor believes that 10% of the company's invoices contain errors.To check this theory,20 invoices are randomly selected and 5 are found to have errors. What is the probability that of the 20 invoices written,five or more would contain errors if the theory is valid?

• A).0433
• B).0319
• C).9567
• D).8660

Understand the concept of insight in problem-solving.

Recognize how personal experiences and perceptions can shape risk assessment and fear.

Understand the planning fallacy and its effects on project planning and estimation.

Explain the impact of the availability heuristic on judgment and decision-making.

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Definitions:

Individual Difference

Variations among individuals in their thinking, emotion, personality, and behavior.

Subtype

A distinct group within a broader category that differs in some characteristics from the main group.

Superordinate Category

A higher-level classification that groups together more specific or subordinate categories based on common characteristics.

Corporate Executive

A senior manager or an administrative leader in a corporation who has significant decision-making powers and responsibilities for the organization's direction.