The Numerical Summary Characteristics of a Population Are Called _____

question 48

Multiple Choice

The numerical summary characteristics of a population are called _____, while the numerical summary characteristics of a sample are called _____.

• A) parameters; variance
• B) parameters; statistics
• C) statistics; parameters
• D) statistics; sum of squares

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Definitions:

Fixed Manufacturing Overhead Rate

A constant charge that represents the total fixed manufacturing overhead costs divided by the standard allocation base.

Variances

The difference between planned or expected financial outcomes and the actual results achieved, often analyzed in budgeting and cost control.

Direct Labor-Hours

The number of hours spent by workers producing a company's goods, a measure of direct labor input.

Standard Cost System

An accounting method where costs are predetermined for product costing, facilitating variance analysis between expected and actual costs.