Janet Higgins Operates a Small Dress Shop That Sells Various

question 25

Essay

Janet Higgins operates a small dress shop that sells various items of apparel and accessories. She employs two clerks who make sales to customers, accept returns when a customer is dissatisfied with merchandise, and put new merchandise on display. One of the clerks, Gretchen Grant, was hired recently. Janet had always done all the accounting for the store and had made bank deposits. However, Gretchen has offered to do the accounting for the store during slow periods when there are no customers in the store; she also has begun making bank deposits as she leaves for the day. Having Gretchen take these responsibilities allows Janet more time for acquiring merchandise for the store and for personal errands. What potential risks for the success of Janet's business are present in this situation?

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Definitions:

P(A And B)

The likelihood of both events A and B happening simultaneously.

P(A Or B)

The probability of the occurrence of at least one of two events A or B.

Marital Status

A demographic variable indicating the legal relationship status of an individual, such as single, married, divorced, or widowed.

Mutually Exclusive

A condition where two events cannot both occur at the same time.