When Is a Stratified Sample an Appropriate Sampling Technique

question 3

Multiple Choice

When is a stratified sample an appropriate sampling technique?

• A) specific characteristics of the population are of no concern
• B) individuals in a population are not equal
• C) each member must have an equal chance of being selected
• D) you have a small population

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Definitions:

Materials Costs

These are the costs associated with the raw materials used in the manufacture of products or the provision of services.

Overtime

Additional hours worked beyond the standard working hours, often compensated at a higher pay rate than regular hours.

Rate Variance

Rate Variance is the difference between the standard cost and actual cost paid for something, often analyzed in budgeting to manage financial performance.

Budget Reports

Budget Reports compare the actual financial operations against the planned or budgeted figures to help in financial planning and control.