If a Parameter Is Computed from a Set of Data

question 36

Multiple Choice

If a parameter is computed from a set of data, which of the following statements is
True?

• A) The data are obtained from a census.
• B) The data are obtained from a random sample.
• C) The data is from a sample that is representative of the population.
• D) The data are obtained from a stratified sample.
• E) The data must be quantitative.

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Definitions:

Units

A measure of quantity, such as items, goods, or services, which can be counted or measured.

FIFO

First-In, First-Out (FIFO) is an inventory valuation method where goods first added to inventory are the first ones considered sold.

Ending Inventory

The financial value of products on hand for selling at the end of a fiscal period.

Units

basic quantities or measurements used as a standard to express values, amounts, or sizes.