Statistical Methods That Require Few Assumptions,if Any,about the Population Distribution

question 105

Multiple Choice

Statistical methods that require few assumptions,if any,about the population distribution are known as:

• A)parametric techniques.
• B)nonparametric techniques.
• C)free agent techniques.
• D)All of these choices are true.

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Definitions:

Net Realizable Value

The estimated selling price in the ordinary course of business, minus the estimated costs of completion and the necessary costs to make the sale.

Inventory

The raw materials, work-in-progress products, and finished goods considered to be the part of a business's assets that are ready or will be ready for sale.

FIFO Inventory Method

"First In, First Out," a method of inventory valuation where goods purchased first are assumed to be sold first.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the efficiency of core operations before other expenses.