1 The bank may not pay from the customer's account without a mandate from the customer, e.g. a cheque drawn by the customer.  The bank agrees to promptly collect the cheques deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.
Population vs Sample. The main difference between a population and sample has to do with how observations are assigned to the data set. 1  A population includes all of the elements from a set of data.  A sample consists of one or more observations from the population.
A a measurable characteristic of a population, such as a mean or standard deviation, is called a parameter; but a measurable characteristic of a sample is called a statistic. We will see in future lessons that the mean of a population is denoted by the symbol Î¼; but the mean of a sample is denoted by the symbol x.