In a Particular City, the Average Annual Salary for Secretaries

question 62

Multiple Choice

In a particular city, the average annual salary for secretaries is $28,000. A sample of secretaries from Company A shows an average annual salary of $24,500 with a
Population standard deviation of $4500. Secretaries at Company A claim they are paid
Less than the city average. What is the test value for this claim?

• A) 5.50
• B) -5.50
• C) -0.78
• D) 0.78

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Definitions:

Sale Or Return

A contract in which the seller delivers a quantity of goods to the buyer on the understanding that if the buyer desires to retain, use, or sell any portion of the goods, he will consider such part as having been sold to him, and that he will return the balance or hold it as bailee for the seller.

Risk Of Loss

Refers to the legal responsibility regarding who bears the cost of damage, destruction, or theft of goods during a transaction or after it, until delivery.

F.O.B. Seattle

A commercial term indicating that the seller of goods is responsible for them until they are loaded on board a shipping vessel in Seattle, at which point the buyer assumes risk and responsibility.

Shipment Contract

A type of agreement in sales law where the seller is responsible for delivering goods to a carrier, after which the risk of loss passes to the buyer.