What Does It Mean to Say That a Test Has

question 115

Multiple Choice

What does it mean to say that a test has been standardized?

• A) People who get a high score the first time they take the test will probably get a high score the second time also.
• B) Psychologists have established rules for administering the test and interpreting its scores.
• C) Scores on this test correlate positively with performance on some other task.
• D) The content of this test is a good representation of the field the test is supposed to deal with.

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Definitions:

Compounded Monthly

Interest calculation method where interest is added to the principal each month, increasing the amount on which subsequent interest is calculated.

RRSP

A Registered Retirement Savings Plan that allows individuals in Canada to save for retirement on a tax-deferred basis.

Annuity Payment

A fixed amount of money paid to someone each period, typically for the rest of their life or for a fixed number of years, as part of an annuity contract.

Ordinary Annuity

A series of equal payments made at regular intervals, with the interest compounding period being the same as the payment period.