Refiloe Won a Lottery Prize of R₁ Million

question 6

Multiple Choice

Refiloe won a lottery prize of r₁ million.She put the money in the bank to save it for her daughter's university education.For Refiloe, money was functioning primarily as a

• A)unit of account.
• B)store of value.
• C)means of payment.
• D)type of short term loan.

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Definitions:

Level Of Significance

The probability of rejecting the null hypothesis when it is true, typically set as a threshold like 0.05 or 0.01 before conducting a hypothesis test.

Sample Size

Refers to the number of observations or elements selected from a population to conduct a study.

Population Proportion

A fraction or percentage that represents a part of the total population sharing a particular characteristic or attribute.

Sample Proportion

The fraction or percentage of the sample that represents a particular trait or characteristic.