When the Proportion of Sample Size to Population Size, N/N

question 46

True/False

When the proportion of sample size to population size, n/N, is greater than 5%, the finite population correction factor is used to adjust the standard error of the proportion.

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Definitions:

Revenue Variance

The difference between actual revenue and budgeted or forecasted revenue.

Revenue And Spending Variances

The differences between the actual amounts of revenue and spending and their budgeted or forecasted amounts, analyzed for budget control.

Flexible Budget

A flexible budget is an estimation tool that adjusts for changes in the volume of activity, allowing for a more realistic comparison of actual to budgeted performance.

Materials Quantity Variance

A metric measuring the difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.