Use the Following to Answer Questions

question 48

Multiple Choice

Use the following to answer questions :
For a data set of 8 values of x and y,the value of = 180,the standard deviation of errors for the regression of y on x is 9.237,and the value of b is -6.28.
For the purpose of running a hypothesis test,the null hypothesis is that the slope of the population regression line of y on x is zero and the alternative hypothesis is that the slope of this population regression line is less than zero.The significance level is 1%.
-What is the critical value of t?

• A)-2.896
• B)-2.998
• C)-3.499
• D)-3.143

---

Definitions:

Expected Sales

The forecasted quantity of products or services a business expects to sell in a specific period.

Controlling Profit

The process of managing and manipulating the revenue and expenses of a business to ensure profitability.

Evaluating Performance

The process of assessing the effectiveness and efficiency of actions or outcomes against set goals or standards.

Master Budget

A comprehensive financial plan for an organization, encompassing all of its budgets for sales, production, overhead, etc., for a specific period.