A Government Agency Claims That the Median Hourly Wages for Workers

question 42

Multiple Choice

A government agency claims that the median hourly wages for workers at fast food restaurants in the western U.S. is $6.55. In a random sample of 100 workers, 68 were paid less than $6.55, 10 were paid
$6.55, and the rest more than $6.55. Find the test statistic z to test the governmentʹs claim.

• A)-4.743
• B)-3.912
• C)-3.187
• D)-2.386

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Definitions:

Adjusted Trial Balance

A trial balance prepared after adjusting entries are made, used to verify the balance of debits and credits before generating financial statements.

Multiple-Step Income Statement

A detailed financial statement that divides revenue and expenses into separate categories, such as operating and non-operating sections, to highlight different aspects of business performance.

Brookstone Art Supplies

A specific supplier or retailer, but without more context, it is not a recognized accounting or business key term. NO.

Adjusting Entries

Entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.