Inferential Statistics Are Used To

question 4

Multiple Choice

Inferential statistics are used to:

• A)make inferences to only the sample used.
• B)make inferences to the population the sample was taken from.
• C)infer more empirically the underlying meaning of concepts.
• D)infer which assumptions can be violated when doing multivariate analysis.
• E)make inferences to the validity of the analytic results.

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Definitions:

Standard Quantity Allowed

The quantity of materials or resources authorized for use in the production of a certain level of output under standard operating conditions.

Finished Goods Inventory

The stock of completed products that are ready to be sold but have not yet been sold to customers.

Standard Costing System

A method of cost accounting that involves assigning expected costs to production and then analyzing any variances between those expected costs and actual costs incurred.

Work in Process Inventory

Goods that are in the process of being manufactured but are not yet complete.