For a One-Tailed Test, the Critical Value

question 34

Multiple Choice

For a one-tailed test, the critical value:

• A) divides the sampling distribution into three parts.
• B) is the number of standard errors away from the sample mean.
• C) helps determine if the test statistic falls in the rejection region or not.
• D) fails to reject the null hypothesis if the test statistic exceeds the critical value.

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Definitions:

Budget Variance

The difference between what was budgeted or planned for an operation and what actually occurred.

Fixed Manufacturing Overhead

Indirect manufacturing costs that remain relatively constant regardless of the level of production, including salaries of managers and depreciation of factory equipment.

Work in Process

Materials and goods partially completed during the production process; inventory that is in-between raw materials and finished goods.

Volume Variance

The difference between the budgeted amount of overhead based on standard production volumes and the actual overhead incurred, due to changes in production volume.