Assume the Following Cost of Goods Sold Data for a Company

question 233

Multiple Choice

Assume the following cost of goods sold data for a company: If 2013 is the base year, what is the percentage increase in cost of goods sold from 2013 to 2015?

• A) 130%
• B) 30%
• C) 70%
• D) 20%

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Definitions:

Level Of Significance

The threshold chosen for determining whether a statistical result obtained is deemed significant, typically represented as a probability value (p-value).

Sample Size

The number of observations or data points collected for the purpose of statistical analysis.

One-Tail P-Value

The probability, in hypothesis testing, of observing a test statistic as extreme as, or more extreme than, the value observed under the assumption that the null hypothesis is true, in one direction.

Two-Tail Test

A statistical test in which the critical area of a distribution is two-sided and tests whether a sample is greater than or less than a certain range of values.