A Measure of How Well an Estimated Regression Line Fits

question 55

True/False

A measure of how well an estimated regression line fits the sample data on which it is based (denoted by and equal to the proportion of the total variation in the values of the dependent variable, y, that can be explained by the association of y with x as measured by the estimated regression line) is called the sample coefficient of correlation.

---

Definitions:

Sales Tax Payable

A liability account in a company's financial statements, representing sales tax collected from customers but not yet remitted to the government.

Sale

The exchange of a product or service for money, constituting the main operational activity for most businesses.

Liability Account

An accounting record that holds the amounts owed by a company to creditors, suppliers, or lenders.

Terms

Conditions under which a sale is made, including payment timeframe, discounts, and penalties for late payment.