If the Likelihood That a Result Occurred by Chance Is

question 387

Multiple Choice

If the likelihood that a result occurred by chance is less than 5%:

• A) the results are statistically significant.
• B) the results fail to support the hypothesis being tested.
• C) the results can be used to predict individual behaviour with some accuracy.
• D) the results are meaningless.

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Definitions:

Average Cost Method

An inventory costing method where the cost of goods sold and ending inventory values are determined by calculating the average cost of all similar items in the inventory.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, after accounting for purchases and sales during the period.

Toasters

Electrical appliances designed for browning slices of bread through the application of radiant heat.

Inventory Balance

The total value or quantity of all the goods and materials held by a company or business for the purpose of resale or production.