The Purpose of Descriptive Statistics Is To

question 82

Multiple Choice

The purpose of descriptive statistics is to:

• A) Make inferences about a population from a sample
• B) Test hypotheses
• C) Make interval estimates
• D) Summarize and explain a set of data

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Definitions:

Service Costing System

An accounting approach designed to allocate costs associated with providing a service, often used by companies that primarily offer services instead of products.

Upstream Activity

Activities in the supply chain or production process that occur before the final manufacture or production stage, often involving the extraction or raw material acquisition.

Merchandising Business

A business model that involves purchasing products at wholesale prices and selling them at retail prices to earn a profit.

Cost of Goods Sold

An accounting term that refers to the direct costs attributable to the production of the goods sold by a company, including the cost of materials and labor.