The Difference Between a Standard and a Budget Is That

question 105

Multiple Choice

The difference between a standard and a budget is that ________.

• A) a budget generally indicates a total amount while a standard indicates a per unit amount
• B) a standard acts as an overall guide for operating the business on a planned course of action
• C) a budget generally indicates a per unit amount while a standard indicates a total amount
• D) a standard projects future costs while a budget examines past costs

---

Definitions:

Critical Value

A threshold in statistics that the test statistic must exceed for the null hypothesis to be rejected in significance testing.

Type I Error

The incorrect rejection of a true null hypothesis, also known as a "false positive."

Greek Letter

Symbols used in various fields such as mathematics, science, and engineering to denote constants, variables, and parameters.

Critical Value

A threshold in statistical testing that defines the boundary for rejecting the null hypothesis.