A Professor Computed the Sample Average Exam Score of 20

question 33

True/False

A professor computed the sample average exam score of 20 students and used it to estimate the average exam score of the 1,500 students taking the exam.This is an example of inferential statistics.

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Definitions:

Salvage Value

Predicted value upon resale of an asset at the end of its practical life.

Depreciation

The systematic allocation of the depreciable amount of an asset over its useful life.

Useful Life

The estimated time period that an asset is expected to be usable for the purposes of a business before it becomes obsolete.

Salvage Value

The estimated residual value of an asset after its useful life has ended, and it can no longer be used for productive purposes.