A Measure Computed from the Entire Population Is Called

question 87

Multiple Choice

A measure computed from the entire population is called:

• A) a statistic.
• B) a mean.
• C) a parameter.
• D) a qualitative value.

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Definitions:

Gross Profit

The financial measure representing the difference between sales revenue and the cost of goods sold, indicating the efficiency of a company in managing its labor and supplies in production.

Net Income

The company's final earnings following the deduction of all expenses and taxes from the gross revenue.

Accrual System

An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash transactions occur.

Expenses

The outflow of money to another person or company to pay for an item or service or for a category of costs.