If a Parameter Is Computed from a Set of Data

question 3

Multiple Choice

If a parameter is computed from a set of data, which of the following statements is true?

• A) The data are obtained from a census.
• B) The data are obtained from a random sample.
• C) The data is from a sample that is representative of the population.
• D) The data are obtained from a stratified sample.
• E) The data are obtained from a convenience sample.

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Definitions:

Cash Receipts

Money received by a business, often recorded in the period it is received.

Cash Sales

Revenue received from transactions where payment is made immediately in cash.

Collections

The process of pursuing and receiving payments on outstanding accounts receivable from customers.

Payments

The act of transferring money or money's worth from one party to another as a settlement for a transaction or an obligation.