The US Census Bureau Would Like to Estimate the Average Square

question 2

Multiple Choice

The U.S. Census Bureau would like to estimate the average square footage of a new single-family home with a 95% confidence interval and a margin of error within plus or minus 200 square feet. Assuming the standard deviation for the square footage of new single-family homes is 850 square feet, the required sample size is ---------.

• A)70
• B)48
• C)55
• D)41

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Definitions:

Gain on Sale

The financial profit gained from selling an asset for more than its book value.

Opening Retained Earnings

The amount of retained earnings at the beginning of a financial period, representing the accumulated profits that have not been distributed to shareholders as dividends.

Revaluation Model

An accounting method that allows for the upward or downward adjustment in the carrying amount of an asset to its current fair value, provided it can be measured reliably.

Revaluation Increment

An increase in the book value of an asset to reflect its fair value, often recognized during asset revaluation processes.