What this answers
This test answers "is my sample's average meaningfully different from a specific known benchmark?" Common uses include checking whether a manufacturing process's average output matches a target specification, or whether a sample's average score differs from a known population value.
When to use it, and when not to
Use this when you have one sample and a single fixed number to compare it against, not another sample. If you have two groups to compare against each other, use the Independent t-Test (unrelated groups) or Paired t-Test (matched measurements) instead.
How it is calculated
The t statistic is the difference between your sample mean and the benchmark, divided by the standard error of the mean (sample standard deviation divided by the square root of n). Degrees of freedom are n minus 1. Cohen's d, the effect size reported here, is that same difference divided by the sample standard deviation rather than the standard error, giving a scale-free measure of how large the gap is in standard-deviation units.
Worked example
For the sample 1, 2, 3 tested against a benchmark of 0: the sample mean is 2, the standard error is 1 divided by the square root of 3 (about .577), giving a t statistic of about 3.46 on 2 degrees of freedom, a fairly large t for such a small sample.
Assumption audit
What this result does not mean
A significant result means the data provide evidence the true mean differs from the benchmark at your chosen threshold, not that the difference is practically important; check Cohen's d for that. A nonsignificant result means the test was inconclusive at that threshold, not proof the true mean equals the benchmark exactly.
Limitations
With a small sample, this test has limited power to detect a real but modest difference from the benchmark, and the confidence interval will be correspondingly wide.