Family Business Succession

6. A spinner that has 3 sections of equal area, numbered from 1 to 3, is spun two times in succession. Which is NOT part of the sample space?
(1, 3)
(3, 3)
(3, 2)
(3, 4)
7. A local weather forecaster is accurate 85% of the time when predicting precipitation for the day. What is the probability that she will make correct precipitation predictions 4 days in a row? Round to the nearest whole percent.
about 54%
about 53%
about 52%
about 47%
8. A bag contains 6 purple marbles and 7 white marbles. Two marbles are drawn at random. One marble is drawn and not replaced. Then a second marble is drawn. What is the probability that the first marble is white and the second one is purple?

9. In how many different ways can you arrange 7 books on a shelf?
823,543 ways
5,040 ways
720 ways
28 ways
Does the problem involve permutations or combination? Explain.
10. In how many different ways could a committee of 5 students be chosen from a class of 25 students?

Permutations; the order matters.
Permutations; the order does not matter.
Combinations; the order does not matter.
Combinations; the order matters.
11. You work at a T-shirt printing business. Of the 2,800 T-shirts shipped, 396 have a defect. What is the experimental probability that a T-shirt has a defect? Write your answer as a percent, to the nearest tenth of a percent
15.3%
14.1%
11.7%
19.4%
Is the sample described a good sample? Explain.
12. To find the average income of an adult in the United States, 250 workers in Tennessee are questioned.
No; the sample is not random.
Yes; the sample is selected at random from the population to be studied.
No; the sample is not selected from the population to be studied.
13. A worker takes a random sample of 200 bolts and finds that 30 of them are either too long or too short, thus making them unusable. Estimate the number of unusable bolts in a production of 17,000 bolts.
1,610 bolts
2,550 bolts
2, 140 bolts
2,260 bolts
14. Out of a random sample of 330 apples, 25 are rated "AAA." Estimate the number of apples that would be rated "AAA" in a crop of 57,000 apples.
about 432 apples
about 4,318 apples
about 43,180 apples
about 8,636 apples
Short Answer
Solve by simulating the problem.
15. What is the experimental probability that exactly 3 children in a family of 4 children will be boys? Assume that P(boy) = P(girl).

(Hint: Describe your simulation and show or explain your work.)

16. The graph shows the population of four towns.

a. Which town appears to have about twice the population of Town C?
b. Which town actually has twice the population of Town C?
c. Explain why the graph is misleading.
(

17. The results of a coin toss are shown. What is P(heads)?

HTHHHTHTTHHTHTT
THHTHTTHHHHTHTT

Simplify the expression.
18. 5C3

19. Find the range of the data.
Scores: 90, 89, 87, 79, 89, 84, 80, 85, 85, 79

20. A drawer contains 4 red socks, 3 white socks, and 3 blue socks. Without looking, you select a sock at random, replace it, and select a second sock at random. What is the probability that the first sock is blue and the second sock is red?

21. A lunch menu consists of 5 different sandwiches, 2 different soups, and 5 different drinks. How many choices are there for ordering a sandwich, a bowl of soup, and a drink?

22. The Burger Diner offers burgers with or without any or all of the following: catsup, lettuce, and mayonnaise. How many different burgers can you order?
yes i did 1-5

You’re missing problems 1 through 5, or did you actually try and do those?

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• Family Business Estate Planners Understand the Management Succession Planning Process
• Small Business Transition: “Passing Along the Business”
• Len Green Innovation Discussion – Part 1 of 3
• Family Business Management
• Management Succession Planning Blueprint (ebook)