An accounting firm is planning for the next tax preparation season. From last year's returns, the firm collects a systematic random sample of 100 filings. The 100 filings showed an average preparation time of 90 minutes with a standard deviation of 140 minutes. What is the standard error of the mean?
A) 14 minutes
B) 140 minutes
C) 1.4 minutes
D) 90 minutes

Question

Quizplus · Accepted Answer

The standard error of the mean is calculated as the standard deviation divided by the square root of the sample size: 140 / √100 = 14 minutes.

An Accounting Firm Is Planning for the Next Tax Preparation