STAT 2002
Business Statistics
Final Exam (Qns & Ans)
2025
General Instructions
1. Read All Questions Carefully: Make sure you understand each question.
2. Time Management: You have a specific amount of time to complete the exam.
Keep an eye on the clock and pace yourself.
3. Allowed Materials: Only use materials that are explicitly allowed. Unauthorized
materials can lead to disqualification.
4. ANS Format: Follow the required format for your ANS. For example, multiple-
choice questions might need you to select the best ANS, while essay questions
require detailed responses.
5. Academic Integrity: Adhere to the university's honor code. Any form of cheating or
plagiarism is strictly prohibited.
6. Technical Requirements: Ensure your computer and internet connection are
stable. For online exams, you might need a webcam and microphone for proctoring
purposes.
7. Submission: Submit your ANS before the time expires. Late submissions might
not be accepted.
©2024/2025
,1. Which of the following methods is used to measure the
strength of relationship between two quantitative variables?
- A) ANOVA
- B) Correlation
- C) Regression
- D) Chi-square
- Correct ANS: B) Correlation
Rationale: Correlation assesses the strength and direction of a
linear relationship between two quantitative variables.
2. What does the p-value in hypothesis testing signify?
- A) Probability of a type I error
- B) The effect size
- C) The probability of observing the data, assuming the null
hypothesis is true
- D) The power of the test
- Correct ANS: C) The probability of observing the data,
assuming the null hypothesis is true
Rationale: The p-value measures the evidence against the
null hypothesis; a lower p-value indicates stronger evidence.
©2024/2025
, 3. In a regression analysis, which of the following assumptions
must be met?
- A) The relationship between the independent and dependent
variable is nonlinear
- B) The residuals are normally distributed
- C) The independent variables are correlated with each other
- D) All of the above
- Correct ANS: B) The residuals are normally distributed
Rationale: One of the key assumptions in regression is that
the residuals (errors) must be normally distributed.
4. What is the purpose of using a control chart in quality
management?
- A) To determine customer preferences
- B) To identify trends in sales data
- C) To monitor process variation over time
- D) To evaluate employee performance
- Correct ANS: C) To monitor process variation over time
Rationale: Control charts are tools used to track processes to
ensure they remain stable and within predetermined control limits.
©2024/2025
Business Statistics
Final Exam (Qns & Ans)
2025
General Instructions
1. Read All Questions Carefully: Make sure you understand each question.
2. Time Management: You have a specific amount of time to complete the exam.
Keep an eye on the clock and pace yourself.
3. Allowed Materials: Only use materials that are explicitly allowed. Unauthorized
materials can lead to disqualification.
4. ANS Format: Follow the required format for your ANS. For example, multiple-
choice questions might need you to select the best ANS, while essay questions
require detailed responses.
5. Academic Integrity: Adhere to the university's honor code. Any form of cheating or
plagiarism is strictly prohibited.
6. Technical Requirements: Ensure your computer and internet connection are
stable. For online exams, you might need a webcam and microphone for proctoring
purposes.
7. Submission: Submit your ANS before the time expires. Late submissions might
not be accepted.
©2024/2025
,1. Which of the following methods is used to measure the
strength of relationship between two quantitative variables?
- A) ANOVA
- B) Correlation
- C) Regression
- D) Chi-square
- Correct ANS: B) Correlation
Rationale: Correlation assesses the strength and direction of a
linear relationship between two quantitative variables.
2. What does the p-value in hypothesis testing signify?
- A) Probability of a type I error
- B) The effect size
- C) The probability of observing the data, assuming the null
hypothesis is true
- D) The power of the test
- Correct ANS: C) The probability of observing the data,
assuming the null hypothesis is true
Rationale: The p-value measures the evidence against the
null hypothesis; a lower p-value indicates stronger evidence.
©2024/2025
, 3. In a regression analysis, which of the following assumptions
must be met?
- A) The relationship between the independent and dependent
variable is nonlinear
- B) The residuals are normally distributed
- C) The independent variables are correlated with each other
- D) All of the above
- Correct ANS: B) The residuals are normally distributed
Rationale: One of the key assumptions in regression is that
the residuals (errors) must be normally distributed.
4. What is the purpose of using a control chart in quality
management?
- A) To determine customer preferences
- B) To identify trends in sales data
- C) To monitor process variation over time
- D) To evaluate employee performance
- Correct ANS: C) To monitor process variation over time
Rationale: Control charts are tools used to track processes to
ensure they remain stable and within predetermined control limits.
©2024/2025
