E370 (1-3) QUESTIONS AND ANSWERS
2024 WITH CORRECT ANSWERS
The ssGraduate ssManagement ssAdmission ssTest ss(GMAT) ssis ssa ssstandardized sstest
ssused ssby ssschools ssto ssdetermine ssthe ssaptitude ssof ssindividuals sswho ssare
ssapplying ssfor ssMBA ssprograms. ssThe ssrange ssof ssthe ssGMAT ssscore ssis ss200-800.
ssRyan sshas ssrecently sstaken ssthe ssexam ssand ssscored ss780. ssThis ssis ssan ssexample
ssof ssinterval ssdata. ss- ssAnswer ssinterval
A sspopulation ssconsists ssof ss- ssAnswer ssall ssitems ssof ssinterest ssin ssa ssstudy
What ssis ssthe ssscale ssof ssmeasurement ssof ssthe ssdistance ssbetween ssany sstwo
sslocations? ss- ssAnswer ssRatio
The ssfollowing ssdistribution ssshows ssthe ssfrequency ssof ssdaily ssrevenue ssfor ssan
ssItalian ssrestaurant ssin ssBloomington.
Revenue ssFrequency
Under ss$2,000 ss10
$2,000 ssto ssunder ss$4,000 ss18
$4,000 ssto ssunder ss$6,000 ss26
$6,000 ssto ssunder ss$8,000 ss8
$8,000 ssto ssunder ss$10,000 ss14
Over ss$10,000 ss4 ss- ssAnswer ss
How ssmany ssbusiness ssdays ssdoes ssthis ssfrequency ssdistribution ssrepresent? ss-
ssAnswer ss80
What ssis ssthe ssprobability ssthat ssa ssrandomly ssselected ssday sswill ssgenerate ssunder
ss$4,000 ssin ssrevenue? ss- ssAnswer ss.35
The ssfollowing sschart ssshows ssthe sspercentage ssof ssadults ssfrom ssvarious sscountries
sswho ssadmitted ssto sstexting sswhile ssdriving ssin ssa ssrecent sssurvey. ss- ssAnswer ssBar
ssgraph
The sssum ssof sssquared ssdeviation ssof ssa sssample ssof ss5 sselements ssis ssdetermined
ssto ssbe ss400. ssThe ssvariance ssof ssthe sspopulation ss- ssAnswer sscan ssbe ssany ssvalue
ssgreater ssthan sszero
, The ssfollowing sstable ssshows ssa ssfrequency ssdistribution ssof ssthe ssnumber ssof
ssMacBook ssAir sslaptops sssold ssper ssday ssat ssa ssparticular ssBest ssBuy.
Number ssof ssLaptops ssFrequency
0 ss7 ss
1 ss5
2 ss3
3 ss2
4 ss4
5 ss3
What ssis ssthe ssmean ssnumber ssof ssMacBook ssAir sslaptops sssold ssper ssday? ss-
ssAnswer ss4
Which ssone ssof ssthe ssfollowing ssstatements ssis sstrue ssfor ssa ssright-skewed
ssdistribution? ss- ssAnswer ssThe ssmean ssis ssgreater ssthan ssthe ssmedian.
In ssthe sslast ssweek, ssTesla ssstock ssprice ssdived ssand ssits ssdaily ssreturns sswere
ssbelow sszero ss(ranging ssfrom ss-10% ssto ss-5%). ssThe ssstandard ssdeviation ssof ssthe
ssNikola ssstock ssdaily ssreturns sslast ssweek ss- ssAnswer ssmust ssbe sspositive
According ssto ssthe ssInsurance ssResearch ssCouncil ssin ss2020, ss20% ssof ssU.S.
ssdrivers ssare ssuninsured. ssA ssrandom sssample ssof ssseven ssdrivers sswas ssselected.
ss- ssAnswer ssExhibit
What ssis ssthe ssprobability ssthat ssfour ssor ssmore ssof ssthese ssdrivers ssare ssinsured? ss-
ssAnswer ss0.9667
Let ssXbar ssbe ssthe ssnumber ssof ssdrivers sswho ssare ssuninsured ssin ssthe sssample ssof
ss7 ssdrivers. ssWhat ssis ssthe ssprobability ssthat ssthree ssor ssmore ssof ssthese ssdrivers
ssare ssuninsured? ss- ssAnswer ssP(X≤7)−P(X≤3)
Assume ssnow ssthe ssInsurance ssCouncil ssResearch ssfinds ssthat ss15% ssof ssU.S.
ssdrivers ssare ssuninsured. ssDespite ssof ssthis ssfinding, ssn, sstotal ssnumber ssof sstrials
sswill ssnot ssbe sschanged. ss- ssAnswer ssn, sstotal ssnumber ssof sstrials
The ssdiscrete ssrandom ssvariable ssxx sstakes ssvalue ss-1, ss0 ssor ss1, ssand ssits
ssprobability ssfunction ssis ssgiven ssas ssp(x)=|x|/c. ssWhich ssc ssmakes ssp(x) ssas ssvalid
ssprobability ssfunction? ss
(Note ssthat ss|x| ssindicates ssthe ssabsolute ssvalue ssof ssx ss. ssFor ssexample ss|−3|=|3|=3
ss) ss- ssAnswer ss1 ss????
The sstime ssfor ssMr. ssLee ssto ssgrade ssan ssexam ssis ssnormally ssdistributed sswith ssa
ssmean ssof ss15 ssminutes ssand ssa ssstandard ssdeviation ssof ss5 ssminutes. ss- ssAnswer ss
2024 WITH CORRECT ANSWERS
The ssGraduate ssManagement ssAdmission ssTest ss(GMAT) ssis ssa ssstandardized sstest
ssused ssby ssschools ssto ssdetermine ssthe ssaptitude ssof ssindividuals sswho ssare
ssapplying ssfor ssMBA ssprograms. ssThe ssrange ssof ssthe ssGMAT ssscore ssis ss200-800.
ssRyan sshas ssrecently sstaken ssthe ssexam ssand ssscored ss780. ssThis ssis ssan ssexample
ssof ssinterval ssdata. ss- ssAnswer ssinterval
A sspopulation ssconsists ssof ss- ssAnswer ssall ssitems ssof ssinterest ssin ssa ssstudy
What ssis ssthe ssscale ssof ssmeasurement ssof ssthe ssdistance ssbetween ssany sstwo
sslocations? ss- ssAnswer ssRatio
The ssfollowing ssdistribution ssshows ssthe ssfrequency ssof ssdaily ssrevenue ssfor ssan
ssItalian ssrestaurant ssin ssBloomington.
Revenue ssFrequency
Under ss$2,000 ss10
$2,000 ssto ssunder ss$4,000 ss18
$4,000 ssto ssunder ss$6,000 ss26
$6,000 ssto ssunder ss$8,000 ss8
$8,000 ssto ssunder ss$10,000 ss14
Over ss$10,000 ss4 ss- ssAnswer ss
How ssmany ssbusiness ssdays ssdoes ssthis ssfrequency ssdistribution ssrepresent? ss-
ssAnswer ss80
What ssis ssthe ssprobability ssthat ssa ssrandomly ssselected ssday sswill ssgenerate ssunder
ss$4,000 ssin ssrevenue? ss- ssAnswer ss.35
The ssfollowing sschart ssshows ssthe sspercentage ssof ssadults ssfrom ssvarious sscountries
sswho ssadmitted ssto sstexting sswhile ssdriving ssin ssa ssrecent sssurvey. ss- ssAnswer ssBar
ssgraph
The sssum ssof sssquared ssdeviation ssof ssa sssample ssof ss5 sselements ssis ssdetermined
ssto ssbe ss400. ssThe ssvariance ssof ssthe sspopulation ss- ssAnswer sscan ssbe ssany ssvalue
ssgreater ssthan sszero
, The ssfollowing sstable ssshows ssa ssfrequency ssdistribution ssof ssthe ssnumber ssof
ssMacBook ssAir sslaptops sssold ssper ssday ssat ssa ssparticular ssBest ssBuy.
Number ssof ssLaptops ssFrequency
0 ss7 ss
1 ss5
2 ss3
3 ss2
4 ss4
5 ss3
What ssis ssthe ssmean ssnumber ssof ssMacBook ssAir sslaptops sssold ssper ssday? ss-
ssAnswer ss4
Which ssone ssof ssthe ssfollowing ssstatements ssis sstrue ssfor ssa ssright-skewed
ssdistribution? ss- ssAnswer ssThe ssmean ssis ssgreater ssthan ssthe ssmedian.
In ssthe sslast ssweek, ssTesla ssstock ssprice ssdived ssand ssits ssdaily ssreturns sswere
ssbelow sszero ss(ranging ssfrom ss-10% ssto ss-5%). ssThe ssstandard ssdeviation ssof ssthe
ssNikola ssstock ssdaily ssreturns sslast ssweek ss- ssAnswer ssmust ssbe sspositive
According ssto ssthe ssInsurance ssResearch ssCouncil ssin ss2020, ss20% ssof ssU.S.
ssdrivers ssare ssuninsured. ssA ssrandom sssample ssof ssseven ssdrivers sswas ssselected.
ss- ssAnswer ssExhibit
What ssis ssthe ssprobability ssthat ssfour ssor ssmore ssof ssthese ssdrivers ssare ssinsured? ss-
ssAnswer ss0.9667
Let ssXbar ssbe ssthe ssnumber ssof ssdrivers sswho ssare ssuninsured ssin ssthe sssample ssof
ss7 ssdrivers. ssWhat ssis ssthe ssprobability ssthat ssthree ssor ssmore ssof ssthese ssdrivers
ssare ssuninsured? ss- ssAnswer ssP(X≤7)−P(X≤3)
Assume ssnow ssthe ssInsurance ssCouncil ssResearch ssfinds ssthat ss15% ssof ssU.S.
ssdrivers ssare ssuninsured. ssDespite ssof ssthis ssfinding, ssn, sstotal ssnumber ssof sstrials
sswill ssnot ssbe sschanged. ss- ssAnswer ssn, sstotal ssnumber ssof sstrials
The ssdiscrete ssrandom ssvariable ssxx sstakes ssvalue ss-1, ss0 ssor ss1, ssand ssits
ssprobability ssfunction ssis ssgiven ssas ssp(x)=|x|/c. ssWhich ssc ssmakes ssp(x) ssas ssvalid
ssprobability ssfunction? ss
(Note ssthat ss|x| ssindicates ssthe ssabsolute ssvalue ssof ssx ss. ssFor ssexample ss|−3|=|3|=3
ss) ss- ssAnswer ss1 ss????
The sstime ssfor ssMr. ssLee ssto ssgrade ssan ssexam ssis ssnormally ssdistributed sswith ssa
ssmean ssof ss15 ssminutes ssand ssa ssstandard ssdeviation ssof ss5 ssminutes. ss- ssAnswer ss
