Determining the credit card debt

Assignment Help Accounting Basics
Reference no: EM131008634

Credit card debt

The average household credit card debt has been reported to be between $8000 and $10,000. Often of interest is the average credit card debt carried by college students. In 2008, the average credit card debt for college students was reported to be $2200 based on 12,500 responses. A year earlier it was reported to be $2190 based on survey of 8200 college students. The standard error of the difference in mean credit card balances was $1.75.

a) Has the average credit card balance carried by college students increased significantly? Cite appropriate statistical evidence to support your conclusion.

b) Is this a meaningful difference to the typical student? Is it meaningful to a credit card company?

c) The sample size in 2008 is one and a half times that in 2007. Does this make the results more or less convincing? Explain.

Reference no: EM131008634

Questions Cloud

Problem regarding the radio ads : A company is willing to renew its advertising contract with a local radio station only if the station can prove that more than 20% of the residents of the city have heard the ad and recognize the company's product. The radio station conducts a ran..
How fast is the balloon rising at the given moment : At a certain moment, the angle between the observer's line of sight and the horizontal is π/5, and it is changing at a rate of 0.5 rad/h. How fast is the balloon rising at this moment?
What additional information would have been provided : Below is another quote from the paper. In this quote, the author reports the mean number of minutes of cell phone use per week for those who participated in the survey. What additional information would have been provided about cell phone use beha..
Find the rate of increase in revenue : Find the rate of increase in revenue when production is 1000 switches per day. Find the rate of increase in profit when production is 1000 switches per day. dollars/day.
Determining the credit card debt : The average household credit card debt has been reported to be between $8000 and $10,000. Often of interest is the average credit card debt carried by college students. In 2008, the average credit card debt for college students was reported to be ..
How should the reaction be tamed out to produce : How should the reaction be tamed out to produce 100 kmol of C per day - Raw mataials are pure A and B. Undesired co-products also farmed include BO and BA.
What was your greatest loss so far in your life : What was your greatest loss so far in your life? What exactly happened? Did you experience any different physical symptoms as a result of this loss
Number of advertised brand names : Ad recall. In Exercises 54 and 56, we see the number of advertised brand names people recalled immediately after watching TV shows and 24 hours later. Strangely enough, it appears that they remembered more about the ads the next day. Should we con..
Find the points of inflection of the graph of the function : Find the points of inflection of the graph of the function. (If an answer does not exist, enter DNE.) f(x) = 8 sin x + 8 cos x, [0,2π]. Describe the concavity.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Describe the functions of managerial accounting

A VP of operations has asked you to make recommendations at the weekly status meeting on how to improve the efficiency and effectiveness of each producing sub processes individually and as a whole.

  Bugnuggets crawfish emporium specializes in the

bugnuggets crawfish emporium specializes in the manufacturing and sales of specialty mudbug novelties and nibbles.

  Katara enterprises distributes a single product whose

katara enterprises distributes a single product whose selling price is 30 and whose variable expense is 16 per unit.

  Compute the equivalent units of production for the first

the colorado company manufactures a product that goes through three processing departments. information relating to

  Whom does management have a stewardship obligation

Management is held accountable to various parties, both internal and external to the business organization. To whom does management have a stewardship obligation and to whom does it have reporting responsibilities?

  What is the payback period for colby

What is the payback period for Colby? Round your answer to two decimal places. What is the payback period for Kylie. How much did Carsen invest in the project? How much cash does Rahn receive each year

  Explain the difference in the accounting treatment

Explain the difference in the accounting treatment of the cost of developed technology and the cost of in-process R&D in an acquisition.

  Why do you think jon is taking weeks to directly

Why do you think Jon is taking weeks to directly communicate with stakeholders about the new system?Why do you think Jon and the system administrators decided to outsource the software for this system to an ERP company rather than developing it fro..

  Fresh cut corporation purchased all the outstanding common

fresh cut corporation purchased all the outstanding common stock of premium meats for 12600000 in cash. the book value

  The estimated litigation expense of 1500000 will be

mathis co. at the end of 2012 its first year of operations prepared a reconciliation between pretax financial income

  Determine adamss method of accounting for its investment

Determine Adams's method of accounting for its investment in Barstow. Support your answer with a numerical explanation.

  Bills cabinets sells a product for 360 per unit th e

bills cabinets sells a product for 360 per unit. th e companys variable cost per unit is 60 for direct material 50 per

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd