Using a Nonrandom Sample to Estimate the Mean of a Population

question 94

Multiple Choice

Using a nonrandom sample to estimate the mean of a population:

• A)should never be done
• B)will result in a smaller sampling error than a random sample
• C)requires the help of a random number table
• D)means that possible error cannot be systematically measured
• E)none of the above

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Definitions:

Contribution Margin

The amount of revenue from sales that exceeds variable costs, contributing to covering fixed costs and generating profit.

Dollar Sales Volume

The total revenue generated from the sale of goods or services, expressed in monetary terms.

Target Net Profit

A specific financial goal for net income that a company aims to achieve within a certain period.

Contribution Margin Ratio

The ratio of contribution margin (sales minus variable costs) to sales revenue, showing the proportion of sales revenue that exceeds variable costs.