A consumer group wants to know if an automobile insurance company with thousands of customers has an average insurance payout for all their customers that is greater than $500 per insurance claim. They know that most customers have zero payouts and a few have substantial payouts. The consumer group collects a random sample of 18 customers and computes a mean payout per claim of $579. 80 with a standard deviation of $751. 30.
Answers
The null hypothesis will be that the average insurance payout for all customers is $500 or less, and the alternative hypothesis will be that the average payout is greater than $500.
That is:
Null Hypothesis: H₀: μ ≤ 500
Alternative Hypothesis: Ha: μ > 500
To test this hypothesis, we will use a one-sample t-test, since we are comparing the mean of a sample to a known value.
The formula for the test statistic is: t = (x - μ) / (s / √n)
where x is the sample mean, μ is the hypothesized population mean, s is the sample standard deviation, and n is the sample size. Plugging in the given values, we get:
t = (579.80 - 500) / (751.30 / √18) ≈ 1.72
Using a t-table with 17 degrees of freedom (n - 1 = 18 - 1 = 17) and a 5% level of significance for a one-tailed test, we get a critical value of t = 1.74. Since our calculated t-value of 1.72 is less than the critical value of 1.74, we fail to reject the null hypothesis. Therefore, there is not enough evidence to suggest that the average insurance payout for all customers is greater than $500 per insurance claim.
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Related Questions
4. Identify the accounts affected by the following transaction and show action to take in recording
the accounts in the double entry system.
Transaction
Account to be
credited
Account to be
debited
(i) Owner put cash into business.
(ii) Bought goods for cash.
(iii) Sold goods for cash.
(iv) Received cash for rent.
FDM
(v) Owner withdraws cash from business
for personal use.
Answers
Answer:
Explanation:
A debit entry represent an increase while a credit entry represents a decrease in an expense and asset account . but in a liability and capital account , a credit entry increases and a debit entry decreases the balance
1) Owner put cash into business
Account to be credited Account to be debited
Capital (increases ) Cash (increases)
2)Bought good for cash
Cash (decreases) Merchandise Inventory (increases)
3) Sold goods for cash
Merchandise inventory(decreases ) Cash (increases)
4)Received cash for rent
Rental income(increases) Cash ( increases)
5)Owners withdraw cash
Cash (reduces) Drawing (increases)
Advertisers who simply want to build awareness may purchase online advertising from small websites that sell ads directly. They are likely to use which performance measure?.
Answers
Advertisers who simply want to build awareness may purchase online advertising from small websites that sell ads directly. They are likely to use FANBASE.
Fanbase is a social networking platform with a subscription model that aids users in making money from the material they provide. The heart of your company is its workforce. Building connections with others encourages loyalty. Loyalty therefore has the potential to boost revenue.
Creating a fan base is a great approach to begin interacting with individuals who have similar interests. Positive marketing and consumer interaction tactics are effective because they sell. Fans' comments on your postings, however, are now more than just user-generated marketing materials. Users expect a brand reaction at this interactive user touchpoint, which is active. If you don't answer, you're actively losing money in addition to degrading the user experience.
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Sites like Kickstarter, GoFundMe, and Causes are all examples of what type of altruism?
Group of answer choices
Crowdfunding
Private foundations
Service Learning
Community Service
Answers
Please help, I'm so behind. How is net pay different from gross pay?
Answers
Answer:
Quantity
Explanation:
gross is the total with no type of changes. Net is your total deductions such as tax or anything like that.
What is the difference between needs, wants and demand
Answers
Needs are things that satisfy the basic requirement. Wants are requests directed to specific types of items. Demands are requests for specific products that the buyer is willing to and able to pay for.
Explanation:
:))
how many oscars did the sherman brothers earn for mary poppins?
Answers
For Mary Poppins which featured the songs "Feed The Birds," "Supercalifragilisticexpialidocious," and the tune "Chim Chim Cher-ee," the Sherman Brothers received two Academy Awards in 1965.
How many Oscars did Mary Poppins bring in for the Sherman Brothers?The Sherman brothers received a Grammy Award, two Academy Awards (including Best Original Song for "Chim Chim Cher-ee"), and recognition for their work on Mary Poppins. Sherman also received 23 gold and platinum albums, nine Academy Award nominations, four Grammy nominations, five Golden Globe nominations, and four Grammy nominations. Shaiman and Wittman were hired, and their nine brand-new songs—many of which are performed by Emily Blunt and Lin-Manuel Miranda, two A-listers—are in the best Disney tradition.
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why is enterprise important to a country ?
Answers
Answer:
New and improved products, services, or technology from entrepreneurs enable new markets to be developed and new wealth to be created. Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending.
Explanation:
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A/an ____ appraisal is conducted as part of the day-to-day working relationship between a manager and an employee.spontaneousinformal
Answers
An informal appraisal is conducted as part of the day-to-day working relationship between a manager and an employee. This type of appraisal is typically less structured and less formal than a traditional appraisal. The purpose of an informal appraisal is to provide feedback to the employee on their performance, highlight areas where they are excelling, and identify areas where they may need improvement.
In an informal appraisal, the manager may provide feedback on the employee's performance during regular meetings or check-ins. This could include discussing specific projects or tasks that the employee has worked on and providing feedback on their performance. The manager may also ask for the employee's input and feedback on their own performance, and work together to identify areas where improvements could be made.
Informal appraisals are a valuable tool for managers to provide ongoing feedback and support to their employees. They help to create a culture of open communication and collaboration, where employees feel valued and supported. However, it is important to note that informal appraisals should not replace formal performance reviews. Formal appraisals provide a more structured and comprehensive evaluation of an employee's performance, and should be conducted at least once a year.
In conclusion, an informal appraisal is an important part of the day-to-day working relationship between a manager and an employee. It provides an opportunity for ongoing feedback and support, and helps to create a culture of open communication and collaboration. However, it should be used in conjunction with formal appraisals to provide a comprehensive evaluation of an employee's performance.
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juanita, the department manager, realizes that kevin is missing from work and didn't call in sick. she assumes something beyond kevin's control must have happened. this belief is an example of
Answers
The department manager, Juanita, notices that Kevin is absent from work but did not report sick. This viewpoint is an illustration of biased perception.
Which stress is brought on by joyful occasions that provide positive feelings like pleasure, enthusiasm, and enjoyment?Stress can become harmful when we feel overburdened. That is why eustress is such a crucial component of our general health. According to Lee, "stress causes a feeling of excitement, fulfillment, significance, contentment, and well-being."
When we initially come into contact with a stressor, whose stress stage is activated?
The "flight - or - fight" response and the earliest signs of the body experiencing severe stress are referred to as the alarm reaction stage. The body starts to heal itself by reducing cortisol levels and returning the physiological reactions (such as arterial pressure) to normal that after initial panic of the stressful event.
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Bob Fixie sells you a bicycle at his garage sale for $501.00. This transaction is governed by the UCC, not common law. True or False
Answers
True, the transaction between Bob Fixie and you for the bicycle at $501.00 is governed by the UCC (Uniform Commercial Code), not common law. The UCC applies to sales of goods, while common law typically governs contracts involving services or real estate.
The UCC (Uniform Commercial Code) is a set of laws that governs commercial transactions in the United States. It was created to provide a standardized set of rules for commercial transactions, including the sale of goods. The UCC applies to transactions involving the sale of goods, which are defined as tangible, movable items. In this case, Bob Fixie is selling a bicycle, which is a tangible, movable item. Therefore, the transaction is governed by the UCC, not common law. So, the main answer to the question is true.
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Dominic lists his camera for sale on an online auction site. Chloe is the highest bidder and purchases the camera. How does the auction site earn its revenue through the transaction?.
Answers
Here, the auction site earn its revenue through the payment made by Dominic which is a small fee to the auction site
What is the small fee here?In this case, the small fee refers to the operating cost paid to enable him auction his camera far sale at the auction site.
In conclusion, the auction site earn its revenue through the payment made by Dominic which is a small fee to the auction site.
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2. As a teenager, why might creating a budget be important?
Answers
A budget can help teens start to discern between genuine needs and wants and will show them where their money is going each month. A good budget will provide for both needs and at least some wants and should be flexible and relatively easy to use and understand.
The savings, interests, and other assets a borrower has that can be used to pay back the loan are collectively known as:
Answers
Capital refers to all the resources a borrower has that can be utilized to repay the loan, including savings, interest, and other assets.
A loan occurs when one or more individuals, businesses, or other entities lend money to additional individuals, businesses, or other entities. The recipient frequently has to pay interest charges until the debt is repaid in addition to the money borrowed. The principal amount owed, the interest rate charged by the lender, and the payment due date are frequently included in the documentation establishing the debt. The subject asset will temporarily be split between the lender and the borrower as part of the loan. The payment of interest is what prompts the lender to approve the loan. A formal loan upholds all of these standards and conditions.
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As you read through the draft of your message, you consider whether parts of your message should be rearranged to make your point more effective. Proofreading Evaluating Editing
Answers
Answer:
The correct answer will be "Editing".
Explanation:
Editing seems to be the process where even the letter being written is reconstructed or reconfigured to more efficiently express the letter. Arranging, modifying, as well as assembling a recorded, written, or video content for official completion, commonly by such an individual except for the producer of the content (considered as an editor).The other options in question aren't relevant to the particular circumstance. So the option available here is just the right one.
governments of ____ countries can encourage trade by minimizing interference with the free exchange of goods and services.
Answers
Answer:
Developing
Explanation:
Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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what is a customer retention?
Answers
Answer:
Customer retention refers to a company's ability to turn customers into repeat buyers and prevent them from switching to a competitor. As a performance metric, it indicates whether your product and the quality of your service please your existing customers.
Explanation:
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Determining a job's cognitive ability requirement is part of the task analysis process. true or false ?
Answers
True. As part of the task analysis process, determining a job's cognitive ability requirement involves identifying the mental processes and skills necessary to successfully perform the job tasks.
such as problem-solving, decision-making, and critical thinking. This information is then used to develop job performance standards and assess candidate qualifications. Task analysis is a process of breaking down a job or task into its component parts or steps in order to better understand the skills, knowledge, and abilities required to perform the task successfully. The process typically involves observing and documenting the tasks performed by workers, interviewing workers and supervisors, and examining any relevant documentation or procedures.
Cognitive ability requirements refer to the mental skills, knowledge, and abilities needed to successfully perform a job or task. This includes things like problem-solving, critical thinking, decision-making, and learning ability. Determining the cognitive ability requirements of a job is an important part of the task analysis process as it can help ensure that job candidates have the necessary mental abilities to perform the job successfully.
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When can cool product
be combined with other cool product
Answers
Answer:
In what ways are COOL commodities covered? COOL information must be provided at the point of sale for covered commodities. We offer fresh and frozen fruits and vegetables; wild & farm-raised fish and shellfish; muscle cut and ground chicken, lamb, and goat meat; raw peanuts, pecans, and macadamia nuts; and ginseng.
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If an inexpensive alternative to oil were found, the price of oil adjusted for inflation:
a. would decline as the alternative would reduce the demand for oil
b. would decline as the alternative would reduce the supply of oil
c. would increase as the alternative would increase the demand for oil
d. would increase as the alternative would increase the supply of oil
Answers
The correct answer is A. If an inexpensive alternative to oil were found, the price of oil adjusted for inflation would decline as the alternative would reduce the demand for oil.
The discovery of an inexpensive alternative to oil would lead to a decrease in the demand for oil as consumers and industries would switch to the alternative. The reduction in demand for oil would lead to a decrease in its price adjusted for inflation, as there would be a surplus of oil in the market. The decrease in price would make it harder for oil companies to compete with the alternative, leading to further decreases in demand for oil.
However, it is important to note that the extent of the price decline would depend on the availability and affordability of the alternative to oil. If the alternative is not widely available or affordable, the price of oil may not decline as much. Additionally, other factors such as geopolitical events and changes in supply and demand for oil in different regions can also affect the price of oil.
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when managers become personally involved in developing public policy, the firm is at what level of business political involvement? multiple choice limited organizational involvement. moderate organizational involvement. aggressive organizational involvement. holistic organizational involvement.
Answers
What level of business political involvement is the company at when managers get intimately involved in creating public policy. Organizational involvement that is aggressive.
Which political action plan aims to secure backing from other impacted organizations to better persuade decision-makers strategy for gaining support. Public policy includes legislation, government activities, financial priorities, and regulations that represent particular viewpoints, attitudes, cultural ideals, or accepted norms. Aggressive organizational involvement in politics is when a manager directly hires a lobbyist to represent the company's political strategy in Washington. The responsibility for formulating policies falls to top-level management. They are in charge of creating the organization's policies and objectives.
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explain how walmart might use the international money market
Answers
Walmart, as a large multinational corporation, might use the international money market in several ways to support its operations and manage its financial risk.
Foreign Exchange Risk Management: By participating in the international money market, Walmart can hedge against currency fluctuations by buying and selling currency in the market to minimize the impact of exchange rate movements on its financial results.Fundraising: Walmart may need to raise capital to support its operations, and the international money market provides a platform for the company to access a large pool of global capital. Working Capital Management: By using the international money market, Walmart can access short-term financing to manage its working capital requirements in different countries.Investment: Walmart may have surplus cash that it wants to invest for the long term. The international money market provides a range of investment opportunities, including fixed income securities, foreign currencies, and other assets.To read more about walmart, Visit-
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Where do banks get the majority of the money they lend?.
Answers
Answer:
Banks collect savings from households and businesses (savers) and use these funds to make loans to those who want to borrow (borrowers).
Banks assemble savings from individuals and companies (savers) and utilize these resources to provide loans to borrowers.
Financial institutions known as banks offer a variety of services pertaining to lending, managing finances, and conducting financial transactions. By enabling the movement of money and providing a range of financial goods and services, they contribute significantly to the economy resources . Banks perform the following important tasks and offer the following services:
Deposits: Banks welcome contributions from private citizens, companies, and other nonprofits. These deposits might be in the form of savings accounts, checking accounts, certificates of deposit (CDs), and other kinds of accounts. Government-backed schemes that guarantee deposits often exist to safeguard the money of clients.
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DO NOT ANSWER THIS QESTION
Answers
Answer: ok
Explanation:
Liability insurance is…
A. Insurance that will pay for damage to your car in the event of an accident
B. Insurance that will cover injuries to yourself in the event of an accident
C. Insurance that will pay for damage done by someone who doesn’t have insurance
D. Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident
Answers
Answer:
D
Explanation:
Liability means being responsible for something, usually by law, so liability insurance is when insurance protects you from charges from the other party's injuries and/or damage to their car in the case of an accident.
Answer:
D. Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident
Explanation:
If an economy experiences a decrease in the money supply, short-run unemployment.
Answers
If an economy experiences a decrease in the money supply, short-run unemployment decreases and hence output increase.
What is the relation between money supply and unemployment rate?
In principle, we can draw the conclusion that an increase in the money supply will, over time, raise domestic prices to a greater extent, reducing both labour and capital unemployment rates.
The reference is Natural Rate of Unemployment.
When the unemployment rate is at its natural rate, economists often state that the economy is operating at full employment output. The rate that prevents inflationary pressures in the economy is known as the natural rate. It is a rate that accommodates typical changes that occur in labour markets. For instance, some people are unemployed right now because they just graduated from college and are looking for their first job.
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Select all that apply.
Information on a résumé includes each of the following:
date of birth
education
past employment
references
I should know this right now.. Btw, I NeEd aN aNsWeR NoW!!!!!!
Answers
Hope this helpssss
What is NOT one of the main components of money management?
A.financial records
B.personal financial statements
C.tracking interest rates
D.budgeting
Answers
What is not one of the main components of money management is tracking interest rates. Money management is a strategy to make money work by tracking expenses and financial factors.
The components of money management are:
Financial recordsPersonal financial statementsBudgetThrough these three components, a person is able to analyze, manage, control and review their finances to keep their inflows and outflows, investments and financial needs under control.
It is therefore essential for an individual to learn more about money management, to avoid debt, undue expenses and losses arising from mismanagement of their personal finances.
The correct answer is letter C.
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Answer:
C because you need to know all the financial records , personal statements and how to budget .
Explanation:
A pharmacy has monthly sales of $278,000, inventory purchases of $186,000, salaries and wages of $49,000, utilities of $2,000, insurance of $1,200 and maintenance of $675. what is the overhead?\
Answers
The pharmacy's monthly overhead is $52,875.
The term "overhead" describes continuing business costs that aren't directly related to providing a good or service. It is crucial for budgeting as well as for figuring out how much a business must charge for its goods or services in order to turn a profit. The charges or expenses for operating a business are referred to as overhead. These costs are unrelated to any particular product or service unit. Among the overhead expenses are: Rent, Utilities, Insurance, Office Equipment, Travel costs, wages and salaries, advertisement costs, legal and accounting costs. Data and calculations: $278,000 in monthly sales. $186,000 in inventory purchases. Total overhead: Salaries and wages $49,000, Electricity $2,000, $1,200 in insurance, $675 Maintenance, $52,875 in overhead overall. Consequently, the pharmacy's overhead for the month is $52,875.
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what do you mean by
Level of profession
Answers
Answer:
it's meant to be an indicator