A Sample of 20 Items from a Population with an Unknown

question 76

Multiple Choice

A sample of 20 items from a population with an unknown $\sigma$ is selected in order to develop an interval estimate of $\mu$ . Which of the following is not necessary?

• A)We must assume the population has a normal distribution.
• B)We must use a t distribution.
• C)Sample standard deviation must be used to estimate \(\sigma\).
• D)The sample must have a normal distribution.

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Definitions:

Stockholders

Stockholders, or shareholders, are individuals or entities that legally own one or more shares of stock in a joint-stock company, making them partial owners of that company.

Variable Factory Overhead Controllable Variance

The difference between actual variable overhead and the standard cost of variable overhead that management could control or influence.

Fixed Overhead

This term refers to indirect costs of running a business that do not change with the level of production or sales, such as rent, utilities, and salaries.

Variable Overhead Rate

The ratio of variable overhead costs to activity drivers such as hours worked or units produced.