Analytics Final Exam
A manager at G'Dawg Records (motto: double declining balances are the fo'zhizzle) wants to
know his company's revenue and profit in its previous quarter. Which of the following business
analytics will help the manager? - ANSDescriptive analytics
Predictive analytics - ANSDetects patterns in historical data and extrapolates them forward in
time
A database is: - ANSA structured collection of related files and data
Which of the following is an example of a measure of continuous metrics? - ANSWeight and
volume of a sheet of steel
Which of the following is a disadvantage of ordinal data? - ANSThey have no fixed units of
measurement
Identify and briefly describe each of the four things that differentiate big data from not so big
data. What are the benefits and drawbacks of each of the four things as they relate to an audit?
- ANSBig Data
Volume - Terabytes, petabytes and zettabytes 10^21*
Variety - Unstructured (text, voice, video)
Velocity - Data in motion (streaming)
Veracity - Untrusted and uncleansed
Not so big data
Volume - Megabytes and gygabites
Variety - Structured and rational
Velocity - Data at rest
Veracity - Trusted and cleansed
Benefits and Drawbacks
Volume - More to sample, but less time to test everything.
Veracity - Bigger sample to rely on, but there could be more fake data
Variety - You have different kinds of data to test but have to organize more.
Velocity - Always have more data to test, but hard to pick which data is always coming for you.
Which of the following charts provides the MOST useful means for displaying data over time? -
ANSLine chart
,Skin E-G local college professor/rapper (motto: all cool cats use accrual accounting) wants to
know to understand the relative proportion of each type of fan (e.g. hipsters) to the total. What
chart should Skin E-G use? - ANSPie chart
Observations consisting of PAIRS of variable data are required to construct what kind of chart? -
ANSScatter
Skin E-G has data consisting of price, price/earning ratio and market capitalization for seven
different stocks on a particular day. He wishes to plot all three variables in two dimensions.
Which chart should Skin E-G use? - ANSBubble chart
Which of the following charts show three-dimensional data? - ANSSurface chart
How to calculate the interquartile range - ANSThe difference between the first and third
quartiles, Q3 - Q1.
A ____ is a description of the approach that is used to obtain samples from a population prior to
any data collection activity. - ANSSampling plan
Which of the following types of samples using random procedures to select a sample? -
ANSProbabilistic sampling
Which of the following sampling methods bases its selection of samples on the ease of data
collection? - ANSConvenience sampling
______ sampling applies to populations that are divided into natural subsets and allocates the
appropriate proportion of samples to each subset. - ANSStratified
A _______ is a single number derived from sample data that is used to estimate the value of a
population parameter. - ANSPoint estimate
A sampling plan consists of five different pieces. To determine if any member of the sales force
is giving illegal kickbacks to customers, develop a sampling plan that includes all five of the
pieces. You should generally just need a single statement per piece. - ANSObjective - Find any
illegal kickbacks to customers
Target Population - Customers
Population frame (the list from which the sample is taken) - Members of the sales force
Operational procedures for collecting data - using excel
Statistical tools for data analysis - Pivot table showing payments to customers
Which of the following propositions describes an existing theory or belief? - ANSNull hypothesis
, Which of the following is the initial step in conducting a hypothesis test? - ANSIdentifying the
population parameter of interest
Skin E-G wishes to determine if average profit from the sale of his crossover album exceeds
$100. Which of the following is appropriate hypothesis test? - ANSH0: Population mean profit
from sale <= 100 vs. H1: population mean profit from sale > $100
? Quiz 6 Q 3
Which of the following is a type 1 error? - ANSThe null hypothesis is actually true and the
hypothesis test fails to reject it
Level of significance is the probability of - ANSIncorrectly rejecting an actually true null
hypothesis
There are three types of tailed tests. Please briefly describe each of the three types and given
an audit-centric example of when you would use each one. - ANSLeft side one-tailed test -
when you want to find out the negative balances of accounts.
Right side one tailed tests - when you want to find out the biggest payments are from sales.
Two-tailed test - when you just want to focus on the center of sales not the extremes.
A regression model that involves a single independent variable is called? - ANSSimple
regression
Which of the following is true of linear functions used in predictive analytical models? - ANSIt is
used when there is a steady decrease or increase over a range of a variable
In regression, the value of the ______ gives the measure of fit of the line to the data. -
ANSR-squared
_________ provide information about the unknown values of the true regression coefficients,
accounting for sampling error. - ANSConfidence Intervals
A (n) ______ is an extreme value that is different from the rest of the data. - ANSOutlier
The delphi method used for forecasting - ANSUses a panel of experts, whose identities are
typically kept confidential from one another, to respond to a sequence of questions.
In forecasting, what is an index? - ANSA single measure that weights multiple indicators and
provides a measure of overall expectation.
What is a stream of historical data known as? - ANSA time series
A manager at G'Dawg Records (motto: double declining balances are the fo'zhizzle) wants to
know his company's revenue and profit in its previous quarter. Which of the following business
analytics will help the manager? - ANSDescriptive analytics
Predictive analytics - ANSDetects patterns in historical data and extrapolates them forward in
time
A database is: - ANSA structured collection of related files and data
Which of the following is an example of a measure of continuous metrics? - ANSWeight and
volume of a sheet of steel
Which of the following is a disadvantage of ordinal data? - ANSThey have no fixed units of
measurement
Identify and briefly describe each of the four things that differentiate big data from not so big
data. What are the benefits and drawbacks of each of the four things as they relate to an audit?
- ANSBig Data
Volume - Terabytes, petabytes and zettabytes 10^21*
Variety - Unstructured (text, voice, video)
Velocity - Data in motion (streaming)
Veracity - Untrusted and uncleansed
Not so big data
Volume - Megabytes and gygabites
Variety - Structured and rational
Velocity - Data at rest
Veracity - Trusted and cleansed
Benefits and Drawbacks
Volume - More to sample, but less time to test everything.
Veracity - Bigger sample to rely on, but there could be more fake data
Variety - You have different kinds of data to test but have to organize more.
Velocity - Always have more data to test, but hard to pick which data is always coming for you.
Which of the following charts provides the MOST useful means for displaying data over time? -
ANSLine chart
,Skin E-G local college professor/rapper (motto: all cool cats use accrual accounting) wants to
know to understand the relative proportion of each type of fan (e.g. hipsters) to the total. What
chart should Skin E-G use? - ANSPie chart
Observations consisting of PAIRS of variable data are required to construct what kind of chart? -
ANSScatter
Skin E-G has data consisting of price, price/earning ratio and market capitalization for seven
different stocks on a particular day. He wishes to plot all three variables in two dimensions.
Which chart should Skin E-G use? - ANSBubble chart
Which of the following charts show three-dimensional data? - ANSSurface chart
How to calculate the interquartile range - ANSThe difference between the first and third
quartiles, Q3 - Q1.
A ____ is a description of the approach that is used to obtain samples from a population prior to
any data collection activity. - ANSSampling plan
Which of the following types of samples using random procedures to select a sample? -
ANSProbabilistic sampling
Which of the following sampling methods bases its selection of samples on the ease of data
collection? - ANSConvenience sampling
______ sampling applies to populations that are divided into natural subsets and allocates the
appropriate proportion of samples to each subset. - ANSStratified
A _______ is a single number derived from sample data that is used to estimate the value of a
population parameter. - ANSPoint estimate
A sampling plan consists of five different pieces. To determine if any member of the sales force
is giving illegal kickbacks to customers, develop a sampling plan that includes all five of the
pieces. You should generally just need a single statement per piece. - ANSObjective - Find any
illegal kickbacks to customers
Target Population - Customers
Population frame (the list from which the sample is taken) - Members of the sales force
Operational procedures for collecting data - using excel
Statistical tools for data analysis - Pivot table showing payments to customers
Which of the following propositions describes an existing theory or belief? - ANSNull hypothesis
, Which of the following is the initial step in conducting a hypothesis test? - ANSIdentifying the
population parameter of interest
Skin E-G wishes to determine if average profit from the sale of his crossover album exceeds
$100. Which of the following is appropriate hypothesis test? - ANSH0: Population mean profit
from sale <= 100 vs. H1: population mean profit from sale > $100
? Quiz 6 Q 3
Which of the following is a type 1 error? - ANSThe null hypothesis is actually true and the
hypothesis test fails to reject it
Level of significance is the probability of - ANSIncorrectly rejecting an actually true null
hypothesis
There are three types of tailed tests. Please briefly describe each of the three types and given
an audit-centric example of when you would use each one. - ANSLeft side one-tailed test -
when you want to find out the negative balances of accounts.
Right side one tailed tests - when you want to find out the biggest payments are from sales.
Two-tailed test - when you just want to focus on the center of sales not the extremes.
A regression model that involves a single independent variable is called? - ANSSimple
regression
Which of the following is true of linear functions used in predictive analytical models? - ANSIt is
used when there is a steady decrease or increase over a range of a variable
In regression, the value of the ______ gives the measure of fit of the line to the data. -
ANSR-squared
_________ provide information about the unknown values of the true regression coefficients,
accounting for sampling error. - ANSConfidence Intervals
A (n) ______ is an extreme value that is different from the rest of the data. - ANSOutlier
The delphi method used for forecasting - ANSUses a panel of experts, whose identities are
typically kept confidential from one another, to respond to a sequence of questions.
In forecasting, what is an index? - ANSA single measure that weights multiple indicators and
provides a measure of overall expectation.
What is a stream of historical data known as? - ANSA time series
