CFA 2018 quest bank questions reading 12 hypothesis testing

FEGHÿNFHÿCÿDÿOEGBÿÿFOLÿ ÿPÿ::ÿÿIÿODÿFÿ?QÿJCOFOÿHNHÿIÿDHB AROÿDÿHHDIGDÿFBÿOOHBÿDFÿDÿGGHFÿEFÿÿJAFAÿDFÿ.

I8"=<ÿ@#>J8=" #$ ÿ! !C

'"K=$@ÿ"$ÿ>8$ ÿ! !C

L?"M N8=ÿ! !C

O#$ÿP8@#G"E>8$8F=ÿ;"!?ÿ!?ÿQ#9ÿ'J8=!>$!ÿ#KÿR8!=89ÿO #=@ Eÿ ÿ= J#$ "G9ÿK#=ÿ !!$Fÿ@8!@?M8$<M=98 ÿ9>"! ÿK#=S8AÿR#=G:Eÿ8ÿ98=Fÿ8$<ÿJ#J98=ÿ ?"$Fÿ98ACÿTÿ!8A ÿ8ÿ 8>J9ÿ!#ÿ<!=>"$ÿ;?!?=ÿ?ÿ>8$ÿ9$F!?ÿ#KÿR#=!?=$ÿI"Aÿ"$ÿ!?

D@-028

E03-ÿF*,,.-ÿÿ*ÿ12.+ÿ0.ÿ)3360ÿ0ÿG6*ÿ703HI10<ÿ3ÿ.+3.ÿ10ÿ3)8ÿF*,,.-ÿÿ46ÿÿ 3-/06ÿ13-ÿ:3ÿÿ5:ÿ*ÿ+3ÿ34ÿ:*ÿ%=Aÿ+,-+ÿ*3ÿ3/036ÿ*)ÿ63)ÿ3-3+ÿÿ6030ÿ*3ÿ<===8ÿ9-3+ÿ

3110I)3.4ÿ0)3 4ÿ-02-8ÿ9ÿ3)1.ÿ,ÿ*ÿ3-3+ÿ3ÿ#ÿ*)ÿ63)ÿ0.ÿÿ3ÿ)3ÿ,ÿ<#=ÿ3-ÿ3ÿ3-30-ÿ-/3ÿ,

#=8ÿJ*+*ÿ,ÿ*ÿ, :6ÿ3)ÿÿKLM?ÿ3++03N

7*ÿ+3.+.3-ÿÿ3+ÿÿ8O%8

C-1ÿÿ40ÿ-=6.ÿ1--?

P-Qÿ/-ÿ/4-02ÿ-ÿ4240ÿ-ÿGÿ-ÿ<0ÿ-1502ÿ6ÿC-1ÿÿ4ÿ-=6.?

T85U68V7ÿWY978Z9[589

IELÿÿ@\Jÿ?ÿLL?=]?8

@\Jÿ?ÿLL?=]?AÿEFÿ>?@ÿJEÿJJLFÿ?Eÿ?ÿGEÿE@ÿÿWEL8

CÿÿIÿD??@ÿEÿGELÿFVÿ]@I@GEJÿ@EPÿÿÿ]@Fÿ]@MFÿI@GEÿENÿ?ÿIFVÿ]@I@GEJÿ@EPÿÿE

NWÿ]@Fÿÿ^_`YÿFJ@NFÿEÿE

GEZ@EPÿ8

]E@EG@Jÿ8

]E@EG@Jÿ8

ÿ@F@ÿÿÿÿ?ÿGEÿÿIÿG]L=ÿÿEÿ@HEaEÿÿH@E@ÿ?Eÿ$""AÿEÿEG]LÿIÿ%"ÿG]L=ÿÿEP8ÿb?

EG]LÿMELÿIÿ?ÿJG]FÿcZEJÿdÿ%88ÿb?ÿE]]@]@EÿFJÿEÿEÿ&KÿHIJEJÿLMLÿÿ

@\Jÿ?ÿLL?=]?ÿEFÿJJLFÿ?Eÿ?ÿ]]LEÿGEÿÿWELÿÿ$""8

@\Jÿ?ÿLL?=]?ÿEFÿJJLFÿ?Eÿ?ÿ]]LEÿGEÿÿH@E@ÿ?Eÿ$""8

@\Jÿ?ÿLL?=]?ÿEFÿJJLFÿ?Eÿ?ÿ]]LEÿGEÿÿÿWELÿÿ$""8

Cÿ@E@J?@ÿÿHÿD??@ÿ?ÿEM@EHÿEHÿIÿG]L=ÿÿEÿLE@HÿIGÿÿEJELL=ÿFI@ÿGÿ%&ÿ=E@ÿe?@ÿENM

@ÿNLDf8CÿEG]LÿÿF@EDÿIÿ9&"ÿG]L=ÿEFÿ?ÿ@E@J?@ÿF@Gÿ?Eÿ?ÿE]]@]@EÿJ@JELÿMELÿI@ÿ?ÿ

2'&ÿ,&ÿ,ÿ5&5',5ÿÿ)3?ÿ'/2ÿ,&ÿ,ÿ&-5&8ÿ01.@ÿ&8ÿ

2/5ÿ,&ÿ!3ÿ@&5(

2'&ÿ,&ÿ,ÿ5&5',5ÿ7.5A'ÿ,ÿ ,@1,(

BÿCÿÿ-&.&8ÿ,ÿ//'ÿ/ÿ,ÿ )%Dÿ0&5Eÿ2'.ÿÿ,ÿ-.0ÿ/ÿ&28(ÿC1'/'& @6ÿ,ÿ7&ÿÿÿ7,,5ÿ,2'.ÿ&//'2ÿ&28ÿ-.0(ÿFÿ.'2ÿ&ÿ&01.ÿ/ÿ3""ÿ'01&ÿ&2ÿ' '2ÿ2&&ÿÿ,ÿ&.ÿ&&.ÿ-.0ÿ/5ÿ

@&5ÿ155ÿÿ,ÿ2'.ÿ&2ÿ/5ÿÿ@&5ÿ 78ÿ,ÿ2'.(ÿG,&ÿÿ,ÿÿ/ÿ,@1,ÿ,&ÿCÿÿ8>

ÿ&ÿ7a&.2ÿÿ/ÿ&ÿ,@1,ÿ''58ÿ7,,5ÿ&ÿ11.&ÿ0&ÿÿb56ÿB&'Eÿc.ÿ'01ÿ&ÿ=&'ÿ/ÿ$(Dÿd&2

ÿ&ÿ&01.ÿ/ÿ$"ÿd5-&ÿ7,5ÿ,ÿ25dÿÿ50&.(/&ÿ3?ÿ8/'&'ÿ.-.ÿÿ',6ÿc.ÿ,.2

5A'ÿ,ÿ ,@1,ÿ&2ÿ''.2ÿ,&ÿ,ÿ11.&ÿ0&ÿÿÿ8/'&

T8U 8V &8% &8W& &8VWV 8V$

% 8VU &8% &8U$ &8VUV 8V&$

Xÿ50(;ÿ2+0(ÿÿ0+,4/+3ÿÿ3,./ÿ+ÿ)+4+,,+ÿ+ÿ53ÿ)ÿWUÿ2,ÿ5/ÿ(/8<./-ÿ3+-Yÿ+ÿ0(0+ÿ+25,ÿ(ÿ53

)ÿ1-7).ÿ)+4+,,ÿÿ/3/ÿÿ3/2ÿ(ÿ2+0(ÿ3ÿ+3?28'3+-Yÿ(ÿ+25,ÿ(13ÿ+ÿ2+ÿ53ÿ)ÿWW2,ÿ5/ÿ(/ÿ1(ÿ+ÿ+3+/3ÿ3.+ÿ)ÿ8V$ÿ2,ÿ5/ÿ(/8X2ÿ(ÿ55,+ÿÿ/2+,,-ÿ3/438ÿXÿ+ÿW$Z

0)30ÿ,.,Y1(+ÿÿ(ÿ[.+,ÿÿ/,+ÿÿ(ÿ0/0+,ÿ.+,\

'(ÿ[.+,ÿ]03ÿ(ÿ0/0+,ÿ.+,ÿ4-ÿ8$ÿ+3+/3ÿ3.+8

'(ÿ[.+,ÿ]03ÿ(ÿ0/0+,ÿ.+,ÿ4-ÿ8Uÿ+3+/3ÿ3.+8

'(ÿ0/0+,ÿ.+,ÿ]03ÿ(ÿ[.+,ÿ4-ÿ8ÿ+3+/3ÿ3.+8

\6 6( &6(] &6% &6% 6%

 6% &6(5 &6%& &65% 6%5

'6( 6% &6(& &65 &65( 6%%

& ÿ ?ÿ ##Eÿ 2<  52ÿ   + *04 ÿ ÿ 0ÿ 2+  204 ÿ *04 ÿ 02 0 5ÿ 6  :ÿ 0ÿ 9 *ÿ 5  + ;  ÿ 0 ÿ :ÿ Eÿ 4 *4 ÿ <

 9 < 202) ÿ ?ÿ :/= : ÿ   ÿ 64 5ÿ 2>=0+ ÿ 0ÿ 204 24 0 5ÿ   ÿ  0    2ÿ  ÿ  :0 ÿ 2+  204 ÿ *04 ) ÿ ?ÿ 2:7 ÿ : 2<  52ÿ   + *04 ÿ ÿ  :ÿ + 09ÿ < + ÿ :ÿ   ÿ  0    2ÿ 6  : ÿ 6: 2:ÿ 0ÿ + 0+ 2:+ ÿ 64 5ÿ  ÿ 8 2 ÿ :ÿ 4 4

Mÿ<<5>ÿ3B3ÿ<ÿ6D<5Bÿ=DÿÿB-EÿE<553<?ÿ--ÿ<-ÿ743<5>ÿB4-ÿEÿ )J*ÿA2ÿ<E?5ÿ=ÿ6<

"))*ÿA2ÿ3E?Bÿ=D<3ÿÿ"*!*ÿN7ÿ<ÿ+Jÿ5,5ÿ4ÿ743<3Iÿ6232ÿ<EÿÿOP:;ÿ<33-<@

ÿ-B-ÿÿÿ622-ÿ2ÿE<ÿÿ4ÿE?5>ÿÿ<ÿ-7<=<ÿÿ7-<-ÿ2<ÿ ))Iÿ<ÿ<E?5ÿ4ÿ!)ÿE?5>ÿÿ<Uÿ<B

2ÿ<E?5ÿ,<5ÿ4ÿ2ÿ3E?Bÿÿ<3Iÿ ÿVÿ!**ÿA2ÿ55<Bÿ<5-<,ÿ2>?2ÿ<-

FEGHÿNFHÿCÿDÿOEGBÿÿFOLÿ ÿPÿ::ÿÿIÿODÿFÿ?QÿJCOFOÿHNHÿIÿDHB

AROÿDÿHHDIGDÿFBÿOOHBÿDFÿDÿGGHFÿEFÿÿJAFAÿDFÿ<<:

CFHÿAROÿDÿHHDIGDÿFBÿOOHBÿDFÿDÿGGHFÿEFÿÿÿJAFAÿDFÿ<<:

CFHÿAROÿDÿHHDIGDÿFBÿOOHBÿDFÿDÿGGHFÿEFÿÿJAFAÿDFÿ<<:

SCÿDÿCHHTJÿUGHFFLÿTDODÿÿVWXYZÿ]WV^ÿÿ_ÿFÿNFHBÿUGHFFÿCAÿBNAJOÿ_TÿFOFHÿJCOFOÿFB

OEOÿJCOFO`

<:>=:

h<:;?:

<:;?:

h 

Y7"Y7

BCDEF G HIÿ KL MD NOP> ÿ B> C> G P> G Qÿ RSMG QOP

TG P> L UV> G MHWCL G CHQO H XYZ [\] [^_ZZ

")"")

+")"")

Q ÿOÿTÿ%'Bÿ?;ÿQ ÿOÿUÿ%'B'

Q ÿOÿUÿ%'Bÿ?;ÿQ ÿOÿVÿ%'B'

()*)ÿ+ÿ)ÿ+,,-.ÿ/0ÿ/1ÿ)23)ÿ.ÿÿWX9:ÿ/**;/<

=)ÿ3;1/1,2ÿ+ÿ/ÿ=23ÿ;;;ÿÿI/,ÿÿ)ÿ.+*/*ÿ,?,ÿ+ÿ)ÿ'

% /