An Assumption Made About the Value of a Population Parameter

question 72

Multiple Choice

An assumption made about the value of a population parameter is called a

• A)hypothesis
• B)conclusion
• C)confidence
• D)significance

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Definitions:

Machine-Hours

A measure of production activity that quantifies the total hours a machine is operated over a specific period.

Fixed Manufacturing Overhead

Indirect production costs that remain constant regardless of the volume of production, such as salaries of managers and depreciation of factory equipment.

Budget Variance

Budget Variance is the difference between the budgeted or planned amounts and the actual amounts spent or earned, used to evaluate financial performance.

Standard Hours

The expected amount of time required to produce a single unit or a batch of units under normal operating conditions.