BUSINESS STATISTICS ACTUAL EXAM
NEWEST + QUESTIONS WITH
DETAILED, VERIFIED ANSWERS (100%
CORRECT)
Which of the following is NOT a use of descriptive statistics? - ANS-predicting
Education was measured as Freshman, Sophomore, Junior or Senior. What is the level of measurement
for the variable? - ANS-ordinal
What type of of variable is the amount of time spent sleeping per day? - ANS-continuous - there are
endless amounts of values that could fall under this variable... 1 hour, 1.1 hours, 1.2 hours, etc.
What type of of variable is the number of accidents reported in a given month? - ANS-discrete
Age is what level of measurement? - ANS-ratio - the data can be categorized and ranked; the difference
between the values is meaningful; there is a meaningful value of 0
For a data set with some variation in the data and an even number of observations, half are greater than
the... - ANS-median
For data that have been ordered from smallest to largest values, where is the median located? - ANS-(n
+ 1) / 2
The hours worked for a sample of employees are 6, 0, 10, 14, 8, and 0. What is the median hours
worked? - ANS-7
A disadvantage of using the mean to summarize a set of data is that - ANS-it can be easily influenced by
outliers (extreme values)
The mean, a measure of central location would be inappropriate for what? - ANS-marital status of
college students at a particular university (not quantitative)
What level of measurement is needed in order to calculate the variance of a set of data? - ANS-Interval
The sum of deviations from the mean is - ANS-0
What is the relationship between the variance and the standard deviation? - ANS-Variance is the square
of the standard deviation
, The number of hours per semester worked for a sample of students follows: 139, 136, 131, 147, 130,
135, 138, 139, 142. What is the range? - ANS-17
The number of hours per semester worked for a sample of students follows: 139, 136, 131, 136, 147,
130, 135, 138, 139, and 142. What is the mode? - ANS-136 and 139
If the variance for a sample of hourly wage was computed to be $25, what is the standard deviation? -
ANS-$5
A listing of all possible outcomes of a random variable along with the corresponding probabilities is
called a - ANS-probability distribution
The weight of people is - ANS-a continuous random variable
For a normal distribution, the mean plus and minus 2 standard deviations will include about what
percentage of observations? - ANS-95%
Which is the area under the normal curve between z = 1.00 and z =1.79 - ANS-0.1220
Both the mean and standard deviation are needed to find... - ANS-the relative position of the variable in
a set of data
Why do we use the z-score? - ANS-to find the relative position of a sample value within the data set
If we choose a random starting point and then select every fifth invoice in a file, what type of sampling is
employed? - ANS-systematic sampling
systematic sampling - ANS-select some starting point and then select every kth element in the
population
When dividing a population into groups so that a random sample of the groups can be collected, what
type of sampling is used? - ANS-stratified random sampling
stratified random sampling - ANS-population divided into exclusive and mutually exhaustive groups
called strata
advantage of stratified random sampling - ANS-guarantees subdivisions of interest are represented in
sample and parameters are more precise
The difference between a population parameter and a sample statistic is - ANS-usually very sma;;
Why is range not a satisfactory measure of dispersion? - ANS-It doesn't account for outliers
Briefly explain how variance measures dispersion in a set of data - ANS-It calculates the distance of each
value from the mean
NEWEST + QUESTIONS WITH
DETAILED, VERIFIED ANSWERS (100%
CORRECT)
Which of the following is NOT a use of descriptive statistics? - ANS-predicting
Education was measured as Freshman, Sophomore, Junior or Senior. What is the level of measurement
for the variable? - ANS-ordinal
What type of of variable is the amount of time spent sleeping per day? - ANS-continuous - there are
endless amounts of values that could fall under this variable... 1 hour, 1.1 hours, 1.2 hours, etc.
What type of of variable is the number of accidents reported in a given month? - ANS-discrete
Age is what level of measurement? - ANS-ratio - the data can be categorized and ranked; the difference
between the values is meaningful; there is a meaningful value of 0
For a data set with some variation in the data and an even number of observations, half are greater than
the... - ANS-median
For data that have been ordered from smallest to largest values, where is the median located? - ANS-(n
+ 1) / 2
The hours worked for a sample of employees are 6, 0, 10, 14, 8, and 0. What is the median hours
worked? - ANS-7
A disadvantage of using the mean to summarize a set of data is that - ANS-it can be easily influenced by
outliers (extreme values)
The mean, a measure of central location would be inappropriate for what? - ANS-marital status of
college students at a particular university (not quantitative)
What level of measurement is needed in order to calculate the variance of a set of data? - ANS-Interval
The sum of deviations from the mean is - ANS-0
What is the relationship between the variance and the standard deviation? - ANS-Variance is the square
of the standard deviation
, The number of hours per semester worked for a sample of students follows: 139, 136, 131, 147, 130,
135, 138, 139, 142. What is the range? - ANS-17
The number of hours per semester worked for a sample of students follows: 139, 136, 131, 136, 147,
130, 135, 138, 139, and 142. What is the mode? - ANS-136 and 139
If the variance for a sample of hourly wage was computed to be $25, what is the standard deviation? -
ANS-$5
A listing of all possible outcomes of a random variable along with the corresponding probabilities is
called a - ANS-probability distribution
The weight of people is - ANS-a continuous random variable
For a normal distribution, the mean plus and minus 2 standard deviations will include about what
percentage of observations? - ANS-95%
Which is the area under the normal curve between z = 1.00 and z =1.79 - ANS-0.1220
Both the mean and standard deviation are needed to find... - ANS-the relative position of the variable in
a set of data
Why do we use the z-score? - ANS-to find the relative position of a sample value within the data set
If we choose a random starting point and then select every fifth invoice in a file, what type of sampling is
employed? - ANS-systematic sampling
systematic sampling - ANS-select some starting point and then select every kth element in the
population
When dividing a population into groups so that a random sample of the groups can be collected, what
type of sampling is used? - ANS-stratified random sampling
stratified random sampling - ANS-population divided into exclusive and mutually exhaustive groups
called strata
advantage of stratified random sampling - ANS-guarantees subdivisions of interest are represented in
sample and parameters are more precise
The difference between a population parameter and a sample statistic is - ANS-usually very sma;;
Why is range not a satisfactory measure of dispersion? - ANS-It doesn't account for outliers
Briefly explain how variance measures dispersion in a set of data - ANS-It calculates the distance of each
value from the mean
