Straighterline Business Stats Questions and Answers 100% Pass

Straighterline Business Stats Questions and Answers 100% Pass 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. Most students rated the instructor as poor or average. The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called ____________. Statistics The main purpose of descriptive statistics is to: Summarize data in a useful and informative manner. An example of a qualitative variable is _________________. Color of ink in a pen The reported unemployment is 5.5% of the population. What measurement scale is used to measure unemployment? interval or ratio What level of measurement is the Centigrade temperature scale? interval A group of women tried five brands of fingernail polish and ranked them according to preference. What level of measurement is this? ordinal The incomes of 50 loan applicants are obtained. Which level of measurement is income? ratio The members of each basketball team wear numbers on their jerseys. What scale of measurement are these numbers considered? nominal Respondents were asked, "Do you now earn more than or less than you did five years ago?" What is this level of measurement? ordinal What type of variable is the number of gallons of gasoline pumped by a filling station during a day? Continuous A portion or part of a population is called a sample The mean, as a measure of central location, would be inappropriate for which one of the following? 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? $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? 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? 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? 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? (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? 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? $110 and $190 What is the relationship between the variance and the standard deviation? 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? mean deviation Which of the following measures of dispersion are based on deviations from the mean? Correct - All Apply a. Variance b. Standard deviation c. Mean deviation d. All apply Based on the Empirical Rule, what percent of the observations will lie between plus or minus two standard deviations from the mean? 95% For a sample of similar sized all-electric homes, the March electric bills were (to the nearest dollar): $212, $191, $176, $129, $106, $92, $108, $109, $103, $121, $175, and $194. What is the range? $120 In a distribution, the second quartile corresponds with the __________. Median A dot plot is best applied when _____________________.