If We Wanted to See If Tossing a Die (A

question 105

Multiple Choice

If we wanted to see if tossing a die (a cube with the sides numbered one through six) had an equal
Chance of showing each side or number, what statistical test should be applied?

• A) A chi-square goodness-of-fit test
• B) Difference between two means
• C) Contingency table analysis
• D) Single population proportion

---

Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.

Net Realizable Value

The estimated selling price in the ordinary course of business, minus the estimated costs necessary to make the sale.

Inventory Purposes

The reasons for keeping stock of goods in a business, typically for sale, production, or avoiding stockouts.

Direct Costs

Expenses that can be directly traced to a product or service, such as materials and labor.