In Determining the Sample Size Necessary to Estimate a Population

question 49

Multiple Choice

In determining the sample size necessary to estimate a population proportion, which of the following information is not needed?

• A)the maximum margin of error that can be tolerated
• B)the confidence level required
• C)a preliminary estimate of the true population proportion P
• D)the mean of the population

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Definitions:

Balance Sheet

An account showing the assets, liabilities, and equity of shareholders of a firm on a specific date.

Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

Manufacturing Overhead

This consists of all the indirect costs related to manufacturing that cannot be directly traced to specific units produced, such as electricity for the factory or maintenance expenses.

Administrative Costs

Expenses related to the general operations of a business, including salaries of senior executives, office supplies, and utilities.