The General Electric Service Department Believes That the Median Time

question 33

Multiple Choice

The General Electric service department believes that the median time for a service call should be 30 or fewer minutes. To test this, the following random sample of service times was collected: Given that the managers do not wish to make the assumption that the population is normally distributed, the critical value for the test about median service times, using a .05 level of significance, is:

• A) 5
• B) 40
• C) 8
• D) 37

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Definitions:

Financial Statement Footnotes

Detailed explanations and additional information provided at the bottom of financial statements, clarifying specific line items.

Two-Statement Approach

A financial reporting method where income tax effects of items reported outside the income statement are recognized directly in equity instead of income statement.

Unrealized Gains

Profits that have been achieved on paper from investments but have not yet been realized through selling the investment.

Other Comprehensive Income (OCI)

Income that is not included in net income, including items that are not realized or not reflected in earnings.