We Want to Estimate with 99 Percent Confidence the Percentage $\left[ \begin{array} { l l } .18 & .27\end{array} \right]$

question 117

Multiple Choice

We want to estimate with 99 percent confidence the percentage of buyers of cars who are under 30 years of age.A margin of error of 5 percentage points is desired.What sample size is needed? In an earlier sample,we found a 99 percent confidence interval of buyers under 30 years of age to be $\left[ \begin{array} { l l } .18 & .27\end{array} \right]$
)

• A)104
• B)664
• C)392
• D)523

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Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity levels, allowing for more accurate budgeting and performance evaluation.

Fixed Costs

Fixed costs are business expenses that remain constant regardless of production volume, such as rent, salaries, and insurance premiums.

Direct Materials Price Variance

The difference between the actual cost and the standard cost of materials used in production, indicating how efficiently materials are being purchased.

Standard Price

Standard price is a predetermined cost assigned to materials and goods, used in budgeting and costing calculations.