What Is Statistical Significance? Statistical significance is a determination made by an analyst that the results in the data are not explainable by chance alone. Statistical hypothesis testing is the method by which the analyst makes this determination. This test provides a p-value, which is the probability of observing results as extreme as those in the data, assuming
What Is Statistics? Statistics is a branch of applied mathematics that involves the collection, description, analysis, and inference of conclusions from quantitative data. The mathematical theories behind statistics rely heavily on differential and integral calculus, linear algebra, and probability theory. Statisticians, people who do statistics, are particularly concerned with determining how to draw reliable conclusions
What Is a Status Symbol? A status symbol is generally an object that signifies its owners’ high social and economic standing. Key Takeaways A status symbol is generally an object meant to signify its owners’ high social and economic standing.What serves as status symbols often changes as a culture and its values change.One’s vocation also
What Is the Statute of Frauds? The statute of frauds is a legal doctrine that requires certain types of contracts be in writing. The most common contracts covered by the statute of frauds includes the sale of land, agreements involving goods worth over $500, and contracts lasting one year or more. The purpose of the
What Is a Statute of Limitations? A statute of limitations is a law that sets the maximum amount of time that parties involved in a dispute have to initiate legal proceedings from the date of an alleged offense, whether civil or criminal. The length of time the statute allows for a victim to bring legal
What Is a Statutory Audit? A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping
What Is a Statutory Debt Limit? The statutory debt limit often referred to as the debt ceiling, was the limit set by Congress to the amount of debt that the U.S. government can take on. It also includes interest payments on existing debt. Once the government reaches the statutory debt limit, it cannot take on
What Is a Statutory Employee? The term statutory employee refers to an independent contractor who is treated as an employee for tax withholding purposes. A worker is considered a statutory employee as long as the employer and individual pay their share of Medicare and Social Security taxes and meet certain criteria. The employee is also
What Are Statutory Reserves? Statutory reserves are the funds that state insurance regulators require the insurance companies operating in their state to maintain at any given time. The purpose of statutory reserves is to help ensure that insurance companies have adequate liquidity available to honor all of the legitimate claims made by their policyholders. Key
What Is a Steady-State Economy? A steady-state economy is an economy structured to balance growth with environmental integrity. A steady-state economy seeks to find an equilibrium between production growth and population growth. In a steady state economy, the population would be stable with birth rates closely matching death rates and production rates similarly matching the
