Which Statement Is NOT True

question 274

Multiple Choice

Which statement is NOT true?

• A) In 2019, the payroll tax was 12.4% of wage earnings up to a maximum of $132,900.
• B) If you retire at age 67, you will get larger monthly Social Security checks than if you retire before the age of 67.
• C) The money you contribute to FICA is yours, to be given back to you when you retire.
• D) Your Social Security benefits are determined by a formula based strictly on your lifetime contributions.

Understand the concept of confidence intervals and how they are calculated.

Apply the formula to calculate the 99% confidence interval.

Distinguish between different levels of confidence intervals (90%, 95%, 99%).

Interpret the effects of sample size on the width of the confidence interval.

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Definitions:

Cost Behavior

The manner in which a cost changes as the related activity level changes, categorized into fixed, variable, and mixed costs.

Opportunity Cost

The potential benefit that is given up when one alternative is selected over another.

Manufacturing Company

A business entity engaged in the transformation of raw materials into finished goods for sale by using labor, machines, and chemical or biological processing.

Contribution Margin

The amount by which sales revenue exceeds variable costs; it contributes to covering fixed costs and generating profit.