QMB QUIZ 3 | QUESTIONS AND ANSWERS | 2026
UPDATE WITH COMPLETE SOLUTION
Turkey Town Surfing is an online company that sells surfing materials for avid
surfers. Suppose their average order size is $218.19 with a standard deviation
of $35.44. A random sample of 35 customer orders has been selected. The
standard error of the mean for this sample is ________. Answer - $5.99
The Wall Street Journal reported that a recently conducted travel found that
28% of baby boomers (those born between 1946 and 1964) took a cruise
vacation within the last three years. A random sample of 75 baby boomers was
selected. What is the probability that 23 or fewer of these individuals took a
cruise within the last three years? Hint: use the 28% to determine the standard
error and the 23/75 as the p-bar. Answer - 0.6965
According to IDC, Apple's share of the smartphone market was 40% during a
recent quarter. A random sample of 90 smartphone users was selected. The
standard error of the proportion is ________. Answer - 0.0516
As the size of the sample increases, the
________________________________. Answer - standard error of the mean
becomes smaller
The Fortune 500 is comprised of Fortune magazine's annual list of the finite
population of the top 500 companies in the U.S. ranked by revenues. According
to Catalyst, 16% of positions on corporate boards at Fortune 500 companies
were held by women in 2018. A random sample of 100 Fortune 500 companies
, was selected. The standard error of the proportion is ________. Answer -
0.0328
Sampling error is the difference between a sample statistic and a population
parameter. Answer - True
Scotland has been a member of the United Kingdom since the 1707 Act of
Union. In a recent poll, 38% of Scots would vote in favor of leaving the U.K. A
random sample of 135 Scots was selected. What is the probability that
between 50 and 60 of them were in favor of leaving the U.K.? Answer - 0.5297
Recently, FHA mortgages, which are insured by the federal government,
accounted for 28% of all home-purchase mortgages that were approved. A
random sample of 150 mortgage applications was selected. What is the
probability that 48 or more from this sample were insured by the FHA? Answer
- 0.1376
Recent survey data indicated that 14.2% of adults between the ages of 25 and
34 live with their parents. Their parents must have a basement! A random
sample of 125 young adults in this age group was selected. What is the
probability that between 13 and 17 of these young adults lived with their
parents? Hint: use 14.2% to determine the standard error and the p-bar would
be the 13/125 and the 17/125. Answer - 0.3120
The Central Limit Theorem (CLT) states that the sample means Answer - of
large-sized samples will be normally distributed regardless of the shape of their
population distributions.
According to the US Treasury, the average COVID-19 stimulus payment per
family was $1,974. Assuming that the standard deviation for these payments
was $412, the standard error of the mean for a random sample of 80 tax
returns is ________. Answer - $46.06
UPDATE WITH COMPLETE SOLUTION
Turkey Town Surfing is an online company that sells surfing materials for avid
surfers. Suppose their average order size is $218.19 with a standard deviation
of $35.44. A random sample of 35 customer orders has been selected. The
standard error of the mean for this sample is ________. Answer - $5.99
The Wall Street Journal reported that a recently conducted travel found that
28% of baby boomers (those born between 1946 and 1964) took a cruise
vacation within the last three years. A random sample of 75 baby boomers was
selected. What is the probability that 23 or fewer of these individuals took a
cruise within the last three years? Hint: use the 28% to determine the standard
error and the 23/75 as the p-bar. Answer - 0.6965
According to IDC, Apple's share of the smartphone market was 40% during a
recent quarter. A random sample of 90 smartphone users was selected. The
standard error of the proportion is ________. Answer - 0.0516
As the size of the sample increases, the
________________________________. Answer - standard error of the mean
becomes smaller
The Fortune 500 is comprised of Fortune magazine's annual list of the finite
population of the top 500 companies in the U.S. ranked by revenues. According
to Catalyst, 16% of positions on corporate boards at Fortune 500 companies
were held by women in 2018. A random sample of 100 Fortune 500 companies
, was selected. The standard error of the proportion is ________. Answer -
0.0328
Sampling error is the difference between a sample statistic and a population
parameter. Answer - True
Scotland has been a member of the United Kingdom since the 1707 Act of
Union. In a recent poll, 38% of Scots would vote in favor of leaving the U.K. A
random sample of 135 Scots was selected. What is the probability that
between 50 and 60 of them were in favor of leaving the U.K.? Answer - 0.5297
Recently, FHA mortgages, which are insured by the federal government,
accounted for 28% of all home-purchase mortgages that were approved. A
random sample of 150 mortgage applications was selected. What is the
probability that 48 or more from this sample were insured by the FHA? Answer
- 0.1376
Recent survey data indicated that 14.2% of adults between the ages of 25 and
34 live with their parents. Their parents must have a basement! A random
sample of 125 young adults in this age group was selected. What is the
probability that between 13 and 17 of these young adults lived with their
parents? Hint: use 14.2% to determine the standard error and the p-bar would
be the 13/125 and the 17/125. Answer - 0.3120
The Central Limit Theorem (CLT) states that the sample means Answer - of
large-sized samples will be normally distributed regardless of the shape of their
population distributions.
According to the US Treasury, the average COVID-19 stimulus payment per
family was $1,974. Assuming that the standard deviation for these payments
was $412, the standard error of the mean for a random sample of 80 tax
returns is ________. Answer - $46.06
