Provide an Appropriate Response

question 7

Essay

Provide an appropriate response. Complete the following table on hypothesis testing. $$\begin{array} { | c | l | l | } \hline \text { Test about } & \text { Distribution } & \text { Assumptions } \\\hline \text { Mean } & & \\\text { Median } & & \\\text { Proportion } & & \\\text { Variance } & & \\\hline\end{array}$$

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Definitions:

Static Planning Budget

A budget based on a single level of output, not adjusted for changes in activity levels.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels, allowing for better budget-to-actual comparisons.

Favorable Spending Variance

A situation in which actual spending is less than the budgeted or projected amount, indicating cost efficiency.

Actual Cost

The real cost incurred in the production of goods or services, including all direct and indirect expenses.