A Random Sample of 25 Executives from Companies with Assets

question 73

Multiple Choice

A random sample of 25 executives from companies with assets over $1 million was selected and asked for their annual income and level of education. The following Excel printout summarized the results:

• A) Since the calculated F-value is smaller than the F-critical value, there is a significant difference in the incomes of these 3 groups.
• B) Since the calculated F-value is smaller than the F-critical value, there is no significant difference in the incomes of these three groups.
• C) Since the P-value is 0.001, there is a 10% chance of these results happening when there is no significant difference in the incomes of these three groups.
• D) Since the calculated F-value is larger than the F-critical value, and the P-value is so small, there is strong evidence to suggest that all three groups with different levels of education have the same incomes.
• E) Since the calculated F-value is larger than the F-critical value, and the P-value is so small, there is strong evidence to suggest that the three groups with different levels of education do not all have the same incomes.

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Definitions:

Merchandise Sold

This term refers to products that have been sold and are in the process of being delivered to the customer, usually recognized as revenue in retail or wholesale businesses.

Inventory Control

A system used by a business to manage its inventory effectively, ensuring there are adequate supplies without overstocking.

Receiving Report

A document that records the details of goods received by a company, including date received, quantity, and condition.

Initial Record

Initial record refers to the first entry or recording of a financial transaction or event in the accounting system.