Which of the Following Assumptions Is Necessary to Apply a Goodness-Of-Fit

question 72

Multiple Choice

Which of the following assumptions is necessary to apply a goodness-of-fit test?

• A)The population must be normally distributed.
• B)The data are measured with a nominal or ordinal scale.
• C)The population variance must be known.
• D)The population mean must be known.

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Definitions:

Profit

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activities.

Fixed Costs

Expenses that do not change with the level of goods or services produced by a business, such as rent, salaries, and insurance.

Unit Variable Cost

The cost associated with producing one additional unit of a product, which includes labor, materials, and other variable expenses.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.