After Calculating the Sample Size Needed to Estimate a Population

question 30

Multiple Choice

After calculating the sample size needed to estimate a population proportion to within 0.05,you have been told that the maximum allowable error (B) must be reduced to just 0.025.If the original calculation led to a sample size of 1000,the sample size will now have to be

• A)2000.
• B)4000.
• C)1000.
• D)8000.

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Definitions:

Capital

Financial assets or the financial value of assets, such as cash and goods, used by a business to generate income or wealth.

Net Loss

The amount by which expenses exceed revenues over a specific period, indicating that a company has spent more than it has earned.

Income Summary Account

The income summary account is a temporary account used during the closing process to summarize the period's revenues and expenses before transferring the net income or loss to the owner's equity account.

Capital

Resources or assets that are used by a business to generate income and wealth over time, often referred to as the net worth of the business.