A Parameter Refers to Acharacteristic While a Statistic Refers to Characteristics

question 38

Multiple Choice

A parameter refers to acharacteristic while a statistic refers to characteristics from a
_________________.

• A) sample; population.
• B) probability; nonprobability sample.
• C) sampling error; population error.
• D) population; sample.
• E) sub-sample; probability.

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Definitions:

Activity Variances

The difference between the budgeted costs based on standard activity levels and the actual costs incurred, related to specific business activities.

Activity Variances

Differences between the expected levels of activity used for costing purposes and the actual levels of activity observed, which can impact on cost calculations.

Total Expenses

The sum of all costs and expenses incurred by a business during a specific period, including operational and non-operational costs.

Flexible Budget

A budget that adjusts to changes in the volume of activity, providing a more accurate basis for performance evaluation.