A Finite Population Correction Factor Is Needed in Computing the Standard

question 22

Multiple Choice

A finite population correction factor is needed in computing the standard deviation of the sampling distribution of sample means

• A) whenever the population is infinite.
• B) whenever the sample size is more than 5% of the population size.
• C) whenever the sample size is less than 5% of the population size.
• D) irrespective of the size of the sample.

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Definitions:

Merchandise Purchases Budget

A merchandise purchases budget outlines the planned spending on goods for resale during a certain period, considering expected sales and inventory requirements.

Credit Sales

Sales made on credit, allowing customers to pay at a later date, which are recorded as accounts receivable on the balance sheet.

Cash Receipts

The collection of cash during a period, including cash sales and received payments from customers.

February Sales

The total revenue generated from sales activities in the month of February.