You Complete a Hypothesis Test Using α =

question 6

Multiple Choice

You complete a hypothesis test using α = .05,and based on the evidence from the sample,your decision is to reject the null hypothesis.If the treatment actually does have an effect,which of the following is true?

• A)You have made a Type I error.
• B)You have made a Type II error.
• C)You might have made a Type I error, but the probability is only 5% at most.
• D)You have made the correct decision.

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Definitions:

Cash Sales

Transactions where customers pay for goods or services at the time of purchase using cash.

Credit Sales

Transactions where the payment is deferred to a future date, allowing the buyer to receive goods or services before payment is made.

Service Charge

A fee charged to customers for a specific service provided, often seen in banking, hospitality, and service industries.

Factor

A factor refers to an element or condition that contributes to a result; in finance, it could also mean a firm that buys receivables from businesses.