Essentials of Modern Business
Statistics with Microsoft Excel
Complete Exam Questions with
Correct Verified Solutions
Updated 2025/2026
1. Chebyshev's theorem - ANSWER ✓ A theorem that can be used to
make statements about the proportion of data values that must be
within a specified number of standard deviations of the mean.
2. empirical rule - ANSWER ✓ A rule that can be used to compute
the percentage of data values that must be within one, two, and
three standard deviations of the mean for data that exhibit a bell-
shaped distribution.
3. outliers - ANSWER ✓ An unusually small or unusually large data
value.
4. five-number summary - ANSWER ✓ A technique that uses five
numbers to summarize the data: smallest value, first quartile,
median, third quartile, and largest value.
5. boxplot - ANSWER ✓ A graphical summary of data based on a
five-number summary.
6. covariance - ANSWER ✓ A measure of linear association between
two variables.
, 7. correlation coefficient - ANSWER ✓ A measure of linear
association between two variables that takes on values between -1
and +1.
8. Pearson product moment correlation coefficient - ANSWER ✓ A
measure of the linear relationship between two variables.
9. random variable - ANSWER ✓ A numerical description of the
outcome of an experiment.
10. discrete random variable - ANSWER ✓ A random variable
that may assume either a finite number of values or an infinite
sequence of values.
11. continuous random variable - ANSWER ✓ A random
variable that may assume any numerical value in an interval or
collection of intervals.
12. probability distribution - ANSWER ✓ A description of how
the probabilities are distributed over the values of the random
variable.
13. probability function - ANSWER ✓ A function that provides
the probability that a random variable assumes a particular value
for a discrete random variable.
14. empirical discrete distribution - ANSWER ✓ A discrete
probability distribution for which the relative frequency method is
used to assign the probabilities.
15. discrete uniform probability distribution - ANSWER ✓ A
probability distribution for which each possible value of the
random variable has the same probability.
Statistics with Microsoft Excel
Complete Exam Questions with
Correct Verified Solutions
Updated 2025/2026
1. Chebyshev's theorem - ANSWER ✓ A theorem that can be used to
make statements about the proportion of data values that must be
within a specified number of standard deviations of the mean.
2. empirical rule - ANSWER ✓ A rule that can be used to compute
the percentage of data values that must be within one, two, and
three standard deviations of the mean for data that exhibit a bell-
shaped distribution.
3. outliers - ANSWER ✓ An unusually small or unusually large data
value.
4. five-number summary - ANSWER ✓ A technique that uses five
numbers to summarize the data: smallest value, first quartile,
median, third quartile, and largest value.
5. boxplot - ANSWER ✓ A graphical summary of data based on a
five-number summary.
6. covariance - ANSWER ✓ A measure of linear association between
two variables.
, 7. correlation coefficient - ANSWER ✓ A measure of linear
association between two variables that takes on values between -1
and +1.
8. Pearson product moment correlation coefficient - ANSWER ✓ A
measure of the linear relationship between two variables.
9. random variable - ANSWER ✓ A numerical description of the
outcome of an experiment.
10. discrete random variable - ANSWER ✓ A random variable
that may assume either a finite number of values or an infinite
sequence of values.
11. continuous random variable - ANSWER ✓ A random
variable that may assume any numerical value in an interval or
collection of intervals.
12. probability distribution - ANSWER ✓ A description of how
the probabilities are distributed over the values of the random
variable.
13. probability function - ANSWER ✓ A function that provides
the probability that a random variable assumes a particular value
for a discrete random variable.
14. empirical discrete distribution - ANSWER ✓ A discrete
probability distribution for which the relative frequency method is
used to assign the probabilities.
15. discrete uniform probability distribution - ANSWER ✓ A
probability distribution for which each possible value of the
random variable has the same probability.
