Horatio Oscar Vineeth Lane (HOV Lane for Short) Records His

question 143

Multiple Choice

Horatio Oscar Vineeth Lane (HOV Lane for short) records his commute times for a period of one month and assigned them to five different categories as shown in the table.
$$\begin{array} { | c | c | } \hline \text { Commute Length } & \text { Number af Observations } \\\hline \text { commute time } < 10 \text { minutes } & 1 \\\hline 10 \leq \text { commute time } < 20 \text { minutes } & 2 \\\hline 20 \leq \text { commute time } < 30 \text { minutes } & 4 \\\hline 30 \leq \text { commute time } < 40 \text { minutes } & 9 \\\hline 40 \leq \text { commute time } < 50 \text { minutes } & 4 \\\hline\end{array}$$
-What kind of probability is demonstrated if Mr. Lane is asked to predict the duration of his next commute?

• A) subjective probability
• B) conjecture probability
• C) objective probability
• D) reflexive probability

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Definitions:

Selling Price

The amount of money for which a product is sold to the consumer.

Completed-Contract Method

An accounting strategy where revenue and expenses of a long-term project are deferred until the project is completed, at which point they are recognized in the fiscal period of completion.

Partial Billings

The invoicing of a portion of the amount due for goods or services before the work is fully completed.

Construction In Progress

The balance sheet account that represents the costs incurred on a construction project during the period it is actively being worked on.