In Tests of Significance, If the Test Statistic Does NOT

question 23

Multiple Choice

In tests of significance, if the test statistic does NOT fall in the critical region, we

• A) conclude that the population distribution is normal
• B) reject the null hypothesis
• C) fail to reject the null hypothesis
• D) conclude that our alpha level was too low

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Definitions:

Direct Materials

Raw materials used directly in the production of a product, whose costs are easily traced to that product.

First-In, First-Out

An accounting method where the earliest acquired goods are sold or used first.

Conversion Cost Per Equivalent Unit

This is the cost incurred during the manufacture of a product that includes both direct labor and manufacturing overhead costs, divided by the number of equivalent units produced.

Work In Process-Assembly

Items in a manufacturing process that have been partially completed but are not yet finished goods.