Which Measure of Central Tendency Is Used When You Calculate

question 6

Multiple Choice

Which measure of central tendency is used when you calculate the average of individual income and find many extreme scores?

• A)mean
• B)median
• C)mode
• D)standard error

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Definitions:

Selling Price

The amount of money charged for a product or service, or the sum of the value that customers exchange for the benefits of having or using the product or service.

Absorption Costing

An accounting method that includes all direct costs and allocated indirect costs (such as overhead) in the cost of a product.

Australian Accounting Standards

The set of accounting principles and procedures that must be followed by companies operating in Australia.

Variable Costing

An accounting method that includes only variable production costs (materials, labor, and overhead) in the cost of goods sold and treats fixed overhead costs as period expenses.