As a General Rule in Computing the Standard Error of the Sample

question 132

Multiple Choice

As a general rule in computing the standard error of the sample mean,the finite population correction factor is used only if the:

• A)sample size is smaller than 5% of the population size.
• B)sample size is greater than 5% of the sample size.
• C)sample size is more than half of the population size.
• D)None of these choices.

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Definitions:

Materials Price Variance

The difference between the actual cost of materials and the expected cost at standard prices.

Variable Overhead

Refers to the costs of production that fluctuate with the level of output, such as utilities and materials, that do not have a fixed price associated with production levels.

Direct Labor-hours

The total hours worked by employees directly involved in the production process, used as a basis for allocating costs to products.

Variable Manufacturing Overhead

Costs that vary with production output levels, such as utilities for the production facility, which are not directly tied to specific units of production.