________ Is a System Used for Reducing Bias and Error

question 12

Multiple Choice

________ is a system used for reducing bias and error in the measurement of data.

• A)Statistics
• B)The scientific method
• C)Checks and balances
• D)The double-blind method

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Definitions:

Gross Profit

Gross Profit is the financial metric representing the difference between revenue and the cost of goods sold (COGS), before deducting overheads, payroll, taxation, and interest payments.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made on a periodic basis, rather than continuously, often at the end of an accounting period.

Cost Of Goods Sold

The direct costs attributable to the production of goods sold by a company.

Merchandising Business

A merchandising business buys goods in their finished form for the purpose of resale without further processing, making profit through buying and selling activities.