BUSINESS STATISTICS UPDATED FINAL EXAM QUESTIONS
AND ANSWERS SURE A+
✔✔2.369 - ✔✔Men:
Sample Size: 25
Sample Mean: 23
Population St. Dev: 5
Women
Sample Size: 30
Sample Mean: 28
Population St. Dev: 10
A recent study focused on the amount of money single men and women save monthly.
The information is summarized next. Assume that the population standard deviations
are equal. The question is, at the .01 significance level, do women save more money
than men? What is the critical value for this hypothesis test?
✔✔1.711 - ✔✔For a hypothesis comparing two population means, H0: μ1 ≤ μ2, what is
the critical value for a one-tailed hypothesis test, using a 5% significance level, with both
sample sizes equal to 13? Assume the population standard deviations are equal.
✔✔3.747 - ✔✔User Old Website Design New Website Design
A ; 30 ; 25
B ; 45 ; 30
C ; 25 ; 20
D ; 32 ; 30
E ; 28 ; 27
A company is researching the effectiveness of a new website design to decrease the
time to access a website. Five website users were randomly selected, and their times
(in seconds) to access the website with the old and new designs were recorded. To
compare the times, they computed (new website design time - old website design time).
The results follow. For a 0.01 significance level, what is the critical value?
✔✔Fail to reject null hypothesis - ✔✔Accounting procedures allow a business to
evaluate its inventory costs based on two methods: LIFO (Last In First Out) or FIFO
(First In First Out). A manufacturer evaluated its finished goods inventory (in $000s) for
five products with the LIFO and FIFO methods. To analyze the difference, they
computed (FIFO - LIFO) for each product. Based on the following results, and testing if
the LIFO method result in a lower cost of inventory than the FIFO method. What is the
decision at the 5% level of significance?
✔✔A two-sample test of means - ✔✔A national manufacturer of ball bearings is
experimenting with two different processes for producing precision ball bearings. It is
important that the diameters be as close as possible to an industry standard. The output
,from each process is sampled and the average error from the industry standard is
measured in millimeters. The results are shown on the table The researcher is
interested in determining whether there is evidence that the two processes yield
different average errors. The population standard deviations are unknown but are
assumed equal. This example is what type of test?
✔✔A paired t-test - ✔✔An investigation of the effectiveness of a training program to
improve customer relationships included a pre-training and post-training customer
survey. To compare the differences, they computed (post-training survey score - pre-
training survey score). Seven customers were randomly selected and completed both
surveys. The results follow. This analysis is an example of _____________.
✔✔0.8 - ✔✔Use the following table to determine whether or not there is a significant
difference between the average hourly wages at two manufacturing companies. What is
the point estimate of the difference between the means?
✔✔H1: µA ≠ µB - ✔✔A national manufacturer of ball bearings is experimenting with two
different processes for producing precision ball bearings. It is important that the
diameters be as close as possible to an industry standard. The output from each
process is sampled and the average error from the industry standard is measured in
millimeters. The results are shown on the table. The researcher is interested in
determining whether there is evidence that the two processes yield different average
errors. The population standard deviations are unknown but assumed equal. What is
the alternate hypothesis?
✔✔The sum of two population variances - ✔✔Assuming the population variances are
known, the population variance of the difference between two means is
_____________.
✔✔H0: µd ≤ 0 - ✔✔Accounting procedures allow a business to evaluate their inventory
costs based on two methods: LIFO (Last In First Out) or FIFO (First In First Out). A
manufacturer evaluated its finished goods inventory (in $000s) for five products with the
LIFO and FIFO methods. To analyze the difference, they computed (FIFO - LIFO) for
each product. Based on the following results, testing if the LIFO method result in a lower
cost of inventory than the FIFO method. What is the null hypothesis?
✔✔A paired t-test. - ✔✔Accounting procedures allow a business to evaluate its
inventory costs based on two methods: LIFO (Last In First Out) or FIFO (First In First
Out). A manufacturer evaluated its finished goods inventory (in $000s) for five products
with the LIFO and FIFO methods. To analyze the difference, they computed (FIFO -
LIFO) for each product. Based on the following results, and testing if he LIFO method
result in a lower cost of inventory than the FIFO method. This example is what type of
test?
, ✔✔Reject the null hypothesis and conclude that the training was effective. - ✔✔An
investigation of the effectiveness of a training program to improve customer
relationships included a pre-training and post-training customer survey. To compare the
differences they computed (post-training survey score - pre-training survey score).
Seven customers were randomly selected and completed both surveys. The results
follow. For a 0.05 significance level, what is the decision regarding the hypothesis that
the training was effective in improving customer relationships?
✔✔Standard deviation of the differences - ✔✔When testing the difference between two
dependent population means, the test statistic is based on a ______________.
✔✔24 - ✔✔A national manufacturer of ball bearings is experimenting with two different
processes for producing precision ball bearings. It is important that the diameters be as
close as possible to an industry standard. The output from each process is sampled and
the average error from the industry standard is measured in millimeters. The results are
shown on the table. The researcher is interested in determining whether there is
evidence that the two processes yield different average errors. The population standard
deviations are unknown but are assumed equal. What are the degrees of freedom?
✔✔0 - ✔✔The results of a mathematics placement exam at two different campuses of
Mercy College follow: Given that the two population standard deviations are known,
what is the p-value?
✔✔1.318 - ✔✔A recent study focused on the amount of money single men and women
save monthly. The information is summarized next. Assume that the population
standard deviations are equal. The researcher want to know if, at the .01 significance
level, do women save more money than men. What is the value of the test statistic for
this hypothesis test?
✔✔H0: µd ≥ 0 - ✔✔A company is researching the effectiveness of a new website design
to decrease the time to access a website. Five website users were randomly selected,
and their times (in seconds) to access the website with the old and new designs were
recorded. To compare the times, they computed (new website design time - old website
design time). The results follow. What is the null hypothesis?
✔✔H0: µA = µB - ✔✔A national manufacturer of ball bearings is experimenting with two
different processes for producing precision ball bearings. It is important that the
diameters be as close as possible to an industry standard. The output from each
process is sampled and the average error from the industry standard is measured in
millimeters. The results are presented on the table shown. The researcher is interested
in determining whether there is evidence that the two processes yield different average
errors. The population standard deviations are unknown but are assumed equal. What
is the null hypothesis?
AND ANSWERS SURE A+
✔✔2.369 - ✔✔Men:
Sample Size: 25
Sample Mean: 23
Population St. Dev: 5
Women
Sample Size: 30
Sample Mean: 28
Population St. Dev: 10
A recent study focused on the amount of money single men and women save monthly.
The information is summarized next. Assume that the population standard deviations
are equal. The question is, at the .01 significance level, do women save more money
than men? What is the critical value for this hypothesis test?
✔✔1.711 - ✔✔For a hypothesis comparing two population means, H0: μ1 ≤ μ2, what is
the critical value for a one-tailed hypothesis test, using a 5% significance level, with both
sample sizes equal to 13? Assume the population standard deviations are equal.
✔✔3.747 - ✔✔User Old Website Design New Website Design
A ; 30 ; 25
B ; 45 ; 30
C ; 25 ; 20
D ; 32 ; 30
E ; 28 ; 27
A company is researching the effectiveness of a new website design to decrease the
time to access a website. Five website users were randomly selected, and their times
(in seconds) to access the website with the old and new designs were recorded. To
compare the times, they computed (new website design time - old website design time).
The results follow. For a 0.01 significance level, what is the critical value?
✔✔Fail to reject null hypothesis - ✔✔Accounting procedures allow a business to
evaluate its inventory costs based on two methods: LIFO (Last In First Out) or FIFO
(First In First Out). A manufacturer evaluated its finished goods inventory (in $000s) for
five products with the LIFO and FIFO methods. To analyze the difference, they
computed (FIFO - LIFO) for each product. Based on the following results, and testing if
the LIFO method result in a lower cost of inventory than the FIFO method. What is the
decision at the 5% level of significance?
✔✔A two-sample test of means - ✔✔A national manufacturer of ball bearings is
experimenting with two different processes for producing precision ball bearings. It is
important that the diameters be as close as possible to an industry standard. The output
,from each process is sampled and the average error from the industry standard is
measured in millimeters. The results are shown on the table The researcher is
interested in determining whether there is evidence that the two processes yield
different average errors. The population standard deviations are unknown but are
assumed equal. This example is what type of test?
✔✔A paired t-test - ✔✔An investigation of the effectiveness of a training program to
improve customer relationships included a pre-training and post-training customer
survey. To compare the differences, they computed (post-training survey score - pre-
training survey score). Seven customers were randomly selected and completed both
surveys. The results follow. This analysis is an example of _____________.
✔✔0.8 - ✔✔Use the following table to determine whether or not there is a significant
difference between the average hourly wages at two manufacturing companies. What is
the point estimate of the difference between the means?
✔✔H1: µA ≠ µB - ✔✔A national manufacturer of ball bearings is experimenting with two
different processes for producing precision ball bearings. It is important that the
diameters be as close as possible to an industry standard. The output from each
process is sampled and the average error from the industry standard is measured in
millimeters. The results are shown on the table. The researcher is interested in
determining whether there is evidence that the two processes yield different average
errors. The population standard deviations are unknown but assumed equal. What is
the alternate hypothesis?
✔✔The sum of two population variances - ✔✔Assuming the population variances are
known, the population variance of the difference between two means is
_____________.
✔✔H0: µd ≤ 0 - ✔✔Accounting procedures allow a business to evaluate their inventory
costs based on two methods: LIFO (Last In First Out) or FIFO (First In First Out). A
manufacturer evaluated its finished goods inventory (in $000s) for five products with the
LIFO and FIFO methods. To analyze the difference, they computed (FIFO - LIFO) for
each product. Based on the following results, testing if the LIFO method result in a lower
cost of inventory than the FIFO method. What is the null hypothesis?
✔✔A paired t-test. - ✔✔Accounting procedures allow a business to evaluate its
inventory costs based on two methods: LIFO (Last In First Out) or FIFO (First In First
Out). A manufacturer evaluated its finished goods inventory (in $000s) for five products
with the LIFO and FIFO methods. To analyze the difference, they computed (FIFO -
LIFO) for each product. Based on the following results, and testing if he LIFO method
result in a lower cost of inventory than the FIFO method. This example is what type of
test?
, ✔✔Reject the null hypothesis and conclude that the training was effective. - ✔✔An
investigation of the effectiveness of a training program to improve customer
relationships included a pre-training and post-training customer survey. To compare the
differences they computed (post-training survey score - pre-training survey score).
Seven customers were randomly selected and completed both surveys. The results
follow. For a 0.05 significance level, what is the decision regarding the hypothesis that
the training was effective in improving customer relationships?
✔✔Standard deviation of the differences - ✔✔When testing the difference between two
dependent population means, the test statistic is based on a ______________.
✔✔24 - ✔✔A national manufacturer of ball bearings is experimenting with two different
processes for producing precision ball bearings. It is important that the diameters be as
close as possible to an industry standard. The output from each process is sampled and
the average error from the industry standard is measured in millimeters. The results are
shown on the table. The researcher is interested in determining whether there is
evidence that the two processes yield different average errors. The population standard
deviations are unknown but are assumed equal. What are the degrees of freedom?
✔✔0 - ✔✔The results of a mathematics placement exam at two different campuses of
Mercy College follow: Given that the two population standard deviations are known,
what is the p-value?
✔✔1.318 - ✔✔A recent study focused on the amount of money single men and women
save monthly. The information is summarized next. Assume that the population
standard deviations are equal. The researcher want to know if, at the .01 significance
level, do women save more money than men. What is the value of the test statistic for
this hypothesis test?
✔✔H0: µd ≥ 0 - ✔✔A company is researching the effectiveness of a new website design
to decrease the time to access a website. Five website users were randomly selected,
and their times (in seconds) to access the website with the old and new designs were
recorded. To compare the times, they computed (new website design time - old website
design time). The results follow. What is the null hypothesis?
✔✔H0: µA = µB - ✔✔A national manufacturer of ball bearings is experimenting with two
different processes for producing precision ball bearings. It is important that the
diameters be as close as possible to an industry standard. The output from each
process is sampled and the average error from the industry standard is measured in
millimeters. The results are presented on the table shown. The researcher is interested
in determining whether there is evidence that the two processes yield different average
errors. The population standard deviations are unknown but are assumed equal. What
is the null hypothesis?
