The Manager of a Grocery Store Has Taken a Random

question 85

Multiple Choice

The manager of a grocery store has taken a random sample of 144 customers. The average length of time it took these 144 customers to check out was 3 minutes. It is known that the standard deviation of the population of checkout times is 1 minute. The 95% confidence interval for the true average checkout time (in minutes) is

• A) 2.863 to 3.137.
• B) 1.36 to 4.64.
• C) 1 to 5.
• D) 2.837 to 3.163.

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Definitions:

AASB 121

The Australian Accounting Standards Board document that refers to the effects of changes in foreign exchange rates on financial reporting.

Functional Currency

The currency of the primary economic environment in which an entity operates, used in its financial reporting.

Primary Economic Environment

The main economic setting in which a company operates and carries out its operations, often determined by its reporting currency and major market.

Local Overseas Currency

The official money or legal tender used in a country other than one's own, especially in the context of international trade or travel.