Use the Following to Answer Questions

question 49

Multiple Choice

Use the following to answer questions :
A researcher wants to test if the elementary school children spend less than 30 minutes per day on homework.A random sample of 64 children from the school shows that they spend an average of 24.5 minutes per day on homework.Assume that 15.3 minutes,and that the test is to be made at the 1% significance level.
-What is the critical value of z?

• A)-2.06
• B)-2.33
• C)-2.58
• D)-1.96

---

Definitions:

Allowance Account

An account used in accounting to record reductions in the carrying amount of accounts receivable, due to potential or estimated uncollectible debts.

Net Realizable Value

The estimated selling price in the ordinary course of business minus the estimated costs of completion and the estimated costs necessary to make the sale.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was acquired.

Fair Value

The estimated market value of an asset or liability, reflecting what a willing buyer would pay a willing seller in an arm's length transaction.