Determine Whether the Given Value Is a Statistic or a Parameter

question 51

Multiple Choice

Determine whether the given value is a statistic or a parameter
-An investigation of 150 randomly selected local restaurants concluded that 42% of local restaurants have serious health code violations.

• A) Statistic
• B) Parameter

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Definitions:

Overhead Efficiency

A measure of how effectively a business uses its fixed overheads to generate sales or production output.

Fixed Overhead Budget

A financial plan that forecasts the fixed overhead costs a company expects to incur, regardless of its level of output.

Fixed Overhead Volume

A measurement of the costs that remain constant regardless of the company's level of production or business activity.

Overapplied

In cost accounting, this refers to a situation where the allocated overhead costs exceed the actual overhead costs incurred.