Exhibit 9-5 a Random Sample of 100 People Was Taken. Eighty-Five of Eighty-Five

question 97

Multiple Choice

Exhibit 9-5
A random sample of 100 people was taken. Eighty-five of the people in the sample favored Candidate A. We are interested in determining whether or not the proportion of the population in favor of Candidate A is significantly more than 80%.
-Refer to Exhibit 9-5. The p-value is

• A)0.2112
• B)0.05
• C)0.025
• D)0.1056

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Definitions:

Gross Profit

Gross Profit is the financial metric calculated by subtracting the cost of goods sold (COGS) from total sales revenue.

Purchases

The total amount expended on goods or services intended for use in the business process.

LIFO

"Last In, First Out," an inventory valuation method where the most recently produced or purchased items are the first to be expensed.

Cost Flow Assumption

An accounting principle that determines how costs are allocated to inventory and cost of goods sold, examples include FIFO, LIFO, and average cost methods.