Which of the Following Statements Correctly Describes the Sign Test

question 56

Multiple Choice

Which of the following statements correctly describes the sign test?

• A) It often uses the directions of differences observed in matched pairs sample to determine whether the relative frequency distributions of two statistical populations are identical to or different from one another.
• B) It is often used to determine whether a sample comes from a population with a specified median.
• C) Both (a) and (b).
• D) Neither (a) nor (b).

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Definitions:

Insurance

A financial product sold by insurance companies to safeguard against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting the consumption of the asset's value over time.

Direct Materials Variances

The difference between the actual cost of direct materials used in production and the expected (standard) cost of those materials.

Fixed Overhead

Regular, unchanging costs incurred by a business, regardless of its level of production or sales, such as rent or salaries.