A Large Number of Applicants for Admission to Graduate Study

question 71

Multiple Choice

A large number of applicants for admission to graduate study in business are given an aptitude test. Scores are normally distributed with a mean of 460 and standard deviation of 80. What fraction of applicants would you expect to have scores of 600 or above?

• A)0.0401
• B)0.4599
• C)0.5401
• D)0.0852

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Definitions:

Inventory Procedures

Established methods for managing and controlling inventory levels, valuation, and turnover.

Gross Profit Method

An inventory valuation technique estimating the cost of goods sold and the ending inventory, based on the gross profit margin.

LIFO Liquidations

A situation where older inventory, costed at historical prices, is sold, potentially leading to an inflated profit margin due to lower cost of goods sold.

Interim Report

A financial statement covering a period of less than one fiscal year that provides updates on a company's performance and financial position between annual reports.