It Is Believed That on Average, Households Spend $150 a Week

question 15

Multiple Choice

It is believed that on average, households spend $150 a week on groceries with a standard deviation of $50. What is the probability that in a sample of 64 households, the average amount spent on groceries will be no more than $140 per week?

• A) 44.52%
• B) 5.48%
• C) 55.48%
• D) 94.52%
• E) 19.15%

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Definitions:

Comparative Balance Sheet

A financial statement that presents the financial position of a company at two or more different points in time, allowing for comparison and analysis of changes.

Balance Sheet Accounts

Accounts reported in the balance sheet, including assets, liabilities, and shareholders' equity.

Bonds Payable

Long-term liabilities representing borrowed money that the company is obligated to repay, typically with interest, at a specified future date.

Cost of Goods Sold

The total cost associated with producing goods that have been sold, including raw materials, labor, and overhead.