STRAIGHTERLINE BUSINESS STATS
EXAM QUESTIONS AND ANSWERS
A marketing class of 50 students evaluated the instructor using the following scale:
superior, good, average, poor, and inferior. The descriptive summary showed the
following survey results: 2% superior, 8% good, 45% average, 45% poor, and 0%
inferior. - Correct Answers -Most students rated the instructor as poor or average.
The general process of gathering, organizing, summarizing, analyzing, and interpreting
data is called ____________. - Correct Answers -Statistics
The main purpose of descriptive statistics is to: - Correct Answers -Summarize data in a
useful and informative manner.
An example of a qualitative variable is _________________. - Correct Answers -Color
of ink in a pen
The reported unemployment is 5.5% of the population. What measurement scale is
used to measure unemployment? - Correct Answers -interval or ratio
What level of measurement is the Centigrade temperature scale? - Correct Answers -
interval
A group of women tried five brands of fingernail polish and ranked them according to
preference. What level of measurement is this? - Correct Answers -ordinal
The incomes of 50 loan applicants are obtained. Which level of measurement is
income? - Correct Answers -ratio
The members of each basketball team wear numbers on their jerseys. What scale of
measurement are these numbers considered? - Correct Answers -nominal
Respondents were asked, "Do you now earn more than or less than you did five years
ago?" What is this level of measurement? - Correct Answers -ordinal
What type of variable is the number of gallons of gasoline pumped by a filling station
during a day? - Correct Answers -Continuous
A portion or part of a population is called a - Correct Answers -sample
, The mean, as a measure of central location, would be inappropriate for which one of the
following? - Correct Answers -Marital status of college students at a particular university
A bottling company offers three kinds of delivery service: instant, same day, and within
five days. The profit per delivery varies according to the kind of delivery. The profit for
an instant delivery is less than the other kinds because the driver has to go directly to a
grocery store with a small load and return to the bottling plant. To find out what effect
each type of delivery has on the profit picture, the company summarized the data in the
following table based on deliveries for the previous quarter.
What is the weighted mean profit per delivery? - Correct Answers -$97
The times (in minutes) that several underwriters took to review applications for similar
insurance coverage are 50, 230, 52, and 57. What is the median length of time required
to review an application? - Correct Answers -54.4
A survey item asked students to indicate their class in college: freshman, sophomore,
junior, or senior. Which measure(s) of central location would be appropriate for the data
generated by that questionnaire item? - Correct Answers -mode and median
On a finance exam, 15 accounting majors had an average grade of 90. On the same
exam, 7 marketing majors averaged 85, and 10 finance majors averaged 93. What is
the weighted mean for all 32 students taking the exam? - Correct Answers -89.84
For a data set with an odd number of observations that have been sorted from smallest
to largest values, where is the median located? - Correct Answers -(n + 1)/2
Assume a student received the following grades for the semester: History, B; Statistics,
A; Spanish, C; and English, C. History and English are 5 credit-hour courses, Statistics
a 4 credit-hour course, and Spanish a 3 credit-hour course. If 4 grade points are
assigned for an A, 3 for a B, and 2 for a C, what is the weighted mean grade for the
semester? - Correct Answers -2.76
The monthly amounts spent for food by families of four receiving food stamps
approximates a symmetrical, normal distribution. The sample mean is $150 and the
standard deviation is $20. Using the Empirical Rule, about 95% of the monthly food
expenditures are between what two amounts? - Correct Answers -$110 and $190
What is the relationship between the variance and the standard deviation? - Correct
Answers -Variance is the square of the standard deviation.
Which measure of dispersion disregards the algebraic signs (plus and minus) of each
difference between X and the mean? - Correct Answers -mean deviation
EXAM QUESTIONS AND ANSWERS
A marketing class of 50 students evaluated the instructor using the following scale:
superior, good, average, poor, and inferior. The descriptive summary showed the
following survey results: 2% superior, 8% good, 45% average, 45% poor, and 0%
inferior. - Correct Answers -Most students rated the instructor as poor or average.
The general process of gathering, organizing, summarizing, analyzing, and interpreting
data is called ____________. - Correct Answers -Statistics
The main purpose of descriptive statistics is to: - Correct Answers -Summarize data in a
useful and informative manner.
An example of a qualitative variable is _________________. - Correct Answers -Color
of ink in a pen
The reported unemployment is 5.5% of the population. What measurement scale is
used to measure unemployment? - Correct Answers -interval or ratio
What level of measurement is the Centigrade temperature scale? - Correct Answers -
interval
A group of women tried five brands of fingernail polish and ranked them according to
preference. What level of measurement is this? - Correct Answers -ordinal
The incomes of 50 loan applicants are obtained. Which level of measurement is
income? - Correct Answers -ratio
The members of each basketball team wear numbers on their jerseys. What scale of
measurement are these numbers considered? - Correct Answers -nominal
Respondents were asked, "Do you now earn more than or less than you did five years
ago?" What is this level of measurement? - Correct Answers -ordinal
What type of variable is the number of gallons of gasoline pumped by a filling station
during a day? - Correct Answers -Continuous
A portion or part of a population is called a - Correct Answers -sample
, The mean, as a measure of central location, would be inappropriate for which one of the
following? - Correct Answers -Marital status of college students at a particular university
A bottling company offers three kinds of delivery service: instant, same day, and within
five days. The profit per delivery varies according to the kind of delivery. The profit for
an instant delivery is less than the other kinds because the driver has to go directly to a
grocery store with a small load and return to the bottling plant. To find out what effect
each type of delivery has on the profit picture, the company summarized the data in the
following table based on deliveries for the previous quarter.
What is the weighted mean profit per delivery? - Correct Answers -$97
The times (in minutes) that several underwriters took to review applications for similar
insurance coverage are 50, 230, 52, and 57. What is the median length of time required
to review an application? - Correct Answers -54.4
A survey item asked students to indicate their class in college: freshman, sophomore,
junior, or senior. Which measure(s) of central location would be appropriate for the data
generated by that questionnaire item? - Correct Answers -mode and median
On a finance exam, 15 accounting majors had an average grade of 90. On the same
exam, 7 marketing majors averaged 85, and 10 finance majors averaged 93. What is
the weighted mean for all 32 students taking the exam? - Correct Answers -89.84
For a data set with an odd number of observations that have been sorted from smallest
to largest values, where is the median located? - Correct Answers -(n + 1)/2
Assume a student received the following grades for the semester: History, B; Statistics,
A; Spanish, C; and English, C. History and English are 5 credit-hour courses, Statistics
a 4 credit-hour course, and Spanish a 3 credit-hour course. If 4 grade points are
assigned for an A, 3 for a B, and 2 for a C, what is the weighted mean grade for the
semester? - Correct Answers -2.76
The monthly amounts spent for food by families of four receiving food stamps
approximates a symmetrical, normal distribution. The sample mean is $150 and the
standard deviation is $20. Using the Empirical Rule, about 95% of the monthly food
expenditures are between what two amounts? - Correct Answers -$110 and $190
What is the relationship between the variance and the standard deviation? - Correct
Answers -Variance is the square of the standard deviation.
Which measure of dispersion disregards the algebraic signs (plus and minus) of each
difference between X and the mean? - Correct Answers -mean deviation
