If the Probability of Success Is

question 14

Multiple Choice

If the probability of success is .25, what is the probability of obtaining the first success within the first three trials?

• A).4218
• B).5781
• C).1406
• D).2228

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Definitions:

Revenue Accounts

Accounts used to record the income generated from a company’s core operating activities.

Expense Accounts

These are ledgers that track the costs incurred by a business during its operations, excluding the purchase of inventory.

Income Summary Account

A temporary ledger account used to transfer the balances of all revenue and expense accounts at the end of an accounting period to determine the net income or loss.

Proprietorship

A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.