Before the Rush Began for Christmas Shopping, a Department Store $\alpha$

question 31

Essay

Before the rush began for Christmas shopping, a department store had noted that the percentage of its customers who use the store's credit card, the percentage of those who use a major credit card, and the percentage of those who pay cash are the same. During the Christmas rush in a sample of 150 shoppers, 46 used the store's credit card; 43 used a major credit card; and 61 paid cash. With $\alpha$ = 0.05, test to see if the methods of payment have changed during the Christmas rush.

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Definitions:

Inventory Value

The total cost or market value of all the goods held by a company meant for sale.

Misstatement

A discrepancy in financial documentation that occurs when a financial statement contains deviations from the truth, errors, or omissions.

Balance Sheet

A financial statement that provides a snapshot of a company's financial condition at a specific point in time, showing assets, liabilities, and shareholders' equity.

Income Statement

A financial document that reports a company's financial performance over a specific accounting period, outlining revenues, expenses, and net profit or loss.