To Calculate the Margin of Error of a Sample Estimate

question 65

Multiple Choice

To calculate the margin of error of a sample estimate, you must know all but which one of the following?

• A) size of the sample
• B) standard error of the sampling distribution
• C) the population value
• D) desired level of confidence in the margin of error

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Definitions:

Departmental Gross Profit

The difference between sales and the cost of goods sold for a specific department, highlighting its profitability.

Revenue

An amount earned by performing services for customers or selling goods to customers; it can be in the form of cash or accounts receivable. A subdivision of owner’s equity: As revenue increases, owner’s equity increases.

Breakfast Department

A specific business unit within a hospitality organization that is responsible for managing and operating the breakfast service.

Cost Center

is a segment of a business that does not directly generate revenue but incurs costs, like a human resources department.