Business Statistics Final Exam Questions
With Correct Answers
Alpha /- /verified /answer(s)-✔✔The /probability /of /committing /a /Type /I /Error.
Alternate /Hypothesis /- /verified /answer(s)-✔✔A /statement /that /is /accepted /if /the /sample /data
/provide /sufficient /evidence /that /the /Ho /is /false.
Bar /Chart /- /verified /answer(s)-✔✔A /graph /in /which /the /classes /are /reported /on /the
/horizontal /axis /and /the /class /frequencies /on /the /vertical /axis. /The /class /frequencies /are
/proportional /to /the /heights /of /the /bars.
Beta /- /verified /answer(s)-✔✔The /probability /of /committing /a /Type /II /Error.
Central /Limit /Theorem /- /verified /answer(s)-✔✔If /all /samples /of /a /particular /size /are /selected
/from /any /population, /the /sampling /distribution /of /the /sample /mean /is /approximately /a
/normal /distribution. /This /approximation /improves /with /larger /samples.
Chebyshev's /Theorem /- /verified /answer(s)-✔✔For /any /set /of /observations /(sample /or
/population), /the /proportion /of /the /values /that /lie /within /k /standard /deviations /of /the /mean
/is /at /least /1-1/k /squared /where /k /is /any /constant /greater /than /1.
Cluster /Sample /- /verified /answer(s)-✔✔A /population /is /divided /into /clusters /using /naturally
/occurring /geographic /or /other /boundaries. /Then, /clusters /are /randomly /selected /and /a
/sample /is /collected /by /randomly /selecting /from /each /cluster.
, Coefficient /of /Correlation /- /verified /answer(s)-✔✔A /measure /of /the /strength /of /the /linear
/relationship /between /two /variables.
Coefficient /of /Determination /- /verified /answer(s)-✔✔The /proportion /of /the /total /variation /in
/the /dependent /variable /Y /that /is /explained, /or /accounted /for, /by /the /variation /in /the
/independent /variable /X.
Collectively /Exhaustive /- /verified /answer(s)-✔✔At /least /one /of /the /events /must /occur /when
/an /experiment /is /conducted.
Conditional /Probability /- /verified /answer(s)-✔✔The /probability /of /a /particular /event
/occurring, /given /that /another /event /has /occurred.
Confidence /Interval /- /verified /answer(s)-✔✔A /range /of /values /constructed /from /a /sample
/data /so /that /the /population /parameter /is /likely /to /occur /within /that /range /at /a /specified
/probability. /The /specified /probability /is /called /the /level /of /confidence.
Contingency /Table /- /verified /answer(s)-✔✔A /table /used /to /classify /sample /observations
/according /to /two /or /more /identifiable /characteristics.
Correlation /Analysis /- /verified /answer(s)-✔✔A /group /of /techniques /to /measure /the
/association /between /two /variables.
Critical /Value /- /verified /answer(s)-✔✔The /dividing /point /between /the /region /where /the /null
/hypothesis /is /rejected /and /the /region /where /it /is /not /rejected.
Dependent /Variable /- /verified /answer(s)-✔✔The /variable /that /is /being /predicted /or
/estimated.
With Correct Answers
Alpha /- /verified /answer(s)-✔✔The /probability /of /committing /a /Type /I /Error.
Alternate /Hypothesis /- /verified /answer(s)-✔✔A /statement /that /is /accepted /if /the /sample /data
/provide /sufficient /evidence /that /the /Ho /is /false.
Bar /Chart /- /verified /answer(s)-✔✔A /graph /in /which /the /classes /are /reported /on /the
/horizontal /axis /and /the /class /frequencies /on /the /vertical /axis. /The /class /frequencies /are
/proportional /to /the /heights /of /the /bars.
Beta /- /verified /answer(s)-✔✔The /probability /of /committing /a /Type /II /Error.
Central /Limit /Theorem /- /verified /answer(s)-✔✔If /all /samples /of /a /particular /size /are /selected
/from /any /population, /the /sampling /distribution /of /the /sample /mean /is /approximately /a
/normal /distribution. /This /approximation /improves /with /larger /samples.
Chebyshev's /Theorem /- /verified /answer(s)-✔✔For /any /set /of /observations /(sample /or
/population), /the /proportion /of /the /values /that /lie /within /k /standard /deviations /of /the /mean
/is /at /least /1-1/k /squared /where /k /is /any /constant /greater /than /1.
Cluster /Sample /- /verified /answer(s)-✔✔A /population /is /divided /into /clusters /using /naturally
/occurring /geographic /or /other /boundaries. /Then, /clusters /are /randomly /selected /and /a
/sample /is /collected /by /randomly /selecting /from /each /cluster.
, Coefficient /of /Correlation /- /verified /answer(s)-✔✔A /measure /of /the /strength /of /the /linear
/relationship /between /two /variables.
Coefficient /of /Determination /- /verified /answer(s)-✔✔The /proportion /of /the /total /variation /in
/the /dependent /variable /Y /that /is /explained, /or /accounted /for, /by /the /variation /in /the
/independent /variable /X.
Collectively /Exhaustive /- /verified /answer(s)-✔✔At /least /one /of /the /events /must /occur /when
/an /experiment /is /conducted.
Conditional /Probability /- /verified /answer(s)-✔✔The /probability /of /a /particular /event
/occurring, /given /that /another /event /has /occurred.
Confidence /Interval /- /verified /answer(s)-✔✔A /range /of /values /constructed /from /a /sample
/data /so /that /the /population /parameter /is /likely /to /occur /within /that /range /at /a /specified
/probability. /The /specified /probability /is /called /the /level /of /confidence.
Contingency /Table /- /verified /answer(s)-✔✔A /table /used /to /classify /sample /observations
/according /to /two /or /more /identifiable /characteristics.
Correlation /Analysis /- /verified /answer(s)-✔✔A /group /of /techniques /to /measure /the
/association /between /two /variables.
Critical /Value /- /verified /answer(s)-✔✔The /dividing /point /between /the /region /where /the /null
/hypothesis /is /rejected /and /the /region /where /it /is /not /rejected.
Dependent /Variable /- /verified /answer(s)-✔✔The /variable /that /is /being /predicted /or
/estimated.
