QMB QUIZ 3 QUESTIONS AND
VERIFIED ANSWERS
\Q\.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 ________. - ANSWERS✔-$5.99
\Q\.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. - ANSWERS✔-0.6965
\Q\.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 ________. - ANSWERS✔-0.0516
\Q\.As the size of the sample increases, the
________________________________. - ANSWERS✔-standard error of the mean
becomes smaller
\Q\.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 ________. - ANSWERS✔-0.0328
\Q\.Sampling error is the difference between a sample statistic and a population
parameter. - ANSWERS✔-True
\Q\.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.? - ANSWERS✔-0.5297
\Q\.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? -
ANSWERS✔-0.1376
\Q\.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. - ANSWERS✔-0.3120
\Q\.The Central Limit Theorem (CLT) states that the sample means - ANSWERS✔-
of large-sized samples will be normally distributed regardless of the shape of their
population distributions.
VERIFIED ANSWERS
\Q\.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 ________. - ANSWERS✔-$5.99
\Q\.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. - ANSWERS✔-0.6965
\Q\.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 ________. - ANSWERS✔-0.0516
\Q\.As the size of the sample increases, the
________________________________. - ANSWERS✔-standard error of the mean
becomes smaller
\Q\.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 ________. - ANSWERS✔-0.0328
\Q\.Sampling error is the difference between a sample statistic and a population
parameter. - ANSWERS✔-True
\Q\.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.? - ANSWERS✔-0.5297
\Q\.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? -
ANSWERS✔-0.1376
\Q\.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. - ANSWERS✔-0.3120
\Q\.The Central Limit Theorem (CLT) states that the sample means - ANSWERS✔-
of large-sized samples will be normally distributed regardless of the shape of their
population distributions.
