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QMB 3200 – Test 1 Questions and Correct Answers | Business Statistics Fundamentals Study Guide

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This document contains the complete set of QMB 3200 Test 1 questions and verified correct answers, designed for students studying introductory business statistics. It covers key concepts such as data types, descriptive statistics, probability theory, z-scores, sampling, distributions, and Excel functions used for statistical analysis. Each question includes clear and concise answers, making it an excellent resource for exam preparation and review of statistical formulas and applications in business contexts.

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QMB 3200 Test 1 Questions And Correct




Whaticisictheiczicscoreicformula?ic-icCORRECTicANS✔✔(theicobservationic-icmean)ic/icstandardicdeviati

Whaticdoesicaiczicscoreictellicus?ic-icCORRECTicANS✔✔howicmanyicstandardicdeviationsicaicvalueicoficf

Howicdoicyouicfindictheicrange?ic-icCORRECTicANS✔✔biggesticvalueicminusicsmallesticvalue

Whaticisictheicformulaicusedicinicexcelictoicfindictheicrange?ic-icCORRECTicANS✔✔=max(array)ic-icminic(

Ificaicdataicsetichasicanicoddicnumbericoficobservations,ictheicmedian

a.icCannoticbeicdetermined
b.icisictheicvalueicofictheicmiddleicitemicwhenicallicitemsicareicarrangedicinicascendingicorder
c.icisictheicaverageicvalueicofictheictwoicmiddleicitemsicwhenicallicitemsicareicarrangedicinicascendingicord
d.icmusticbeicequalictoictheicmeanic-
icCORRECTicANS✔✔b.icisictheicvalueicofictheicmiddleicitemicwhenicallicitemsicareicarrangedicinicascendi



Whichicofictheicfollowingicrepresentsictheicdataicpointicthaticoccursicmosticfrequentlyicinicaicseticoficobserv

a.icMeanic
b.icModeic
c.icAllicofictheseicchoicesicareiccorrect
d.icMedianic-icCORRECTicANS✔✔b.icMode

Theicmedianicoficaicdataicseticisicrepresentedicbyicthe:

a.ic50thicpercentileic
b.ic75thicpercentileic
c.ic100thicpercentile
d.ic25thicpercentileic-icCORRECTicANS✔✔a.ic50thicpercentile

Whichicofictheicfollowingicisicaicpossibleicreasonicforicanicoutliericinicaicdataicset?

a.icAicmistakeicwasicmadeicwhileictakingicaicmeasurementicoricenteringiciticintoictheiccomputer

, a.icprobabilityicfunctionic
b.icexpectedicvalue
c.icconditionalicprobability
d.icfive-numbericsummaryic-icCORRECTicANS✔✔a.icprobabilityicfunction

Whichicofictheicfollowingicisicaiccharacteristicicoficaicbinomialicexperiment?

a.icTheictrialsicareicdependentic
b.icEachictrialicresultsiciniconeicoficthreeicoutcomes
c.icTheicprobabilityicoficaicfailure,ic1ic-icpicremainsicconstanticfromictrialictoictrial
d.icTheicexperimenticconsistsicoficnicdifferentictrialsic-icCORRECTicANS✔✔c.icTheicprobabilityicoficaicfail
icpicremainsicconstanticfromictrialictoictrial



Aicrandomicvariable:

a.iccanicbeicclassifiedicasicbeingiccontinuousic
b.iccanicbeicclassifiedicasicbeingicdiscreteic
c.icisicaicnumericalicdescriptionicofictheicoutcomeicoficanicexperiment
d.icallicofictheseicchoicesicareiccorrectic-icCORRECTicANS✔✔d.icallicofictheseicchoicesicareiccorrect

Theicnumbericofictreesiconicaicone-acreicparcelicoficpropertyicisicwhatictypeicoficvariable?

a.iccategoricalic
b.icqualitativeic
c.iccontinuousic
d.icdiscreteic-icCORRECTicANS✔✔d.icdiscrete

AnicexperimenticconsistsicoficfouricpossibleicoutcomesicwithicP(E1)ic=.25,icP(E2)ic=.10,icandicP(E3)ic=.2
E4icis:

a.ic.50ic
b.ic1ic
c.ic.55ic
d.ic.45ic-icCORRECTicANS✔✔d.ic.45

Theicmethodicusedictoicassignicprobabilitiesicwhenictheicresultsicoficexperimentationicorichistoricalicdatai
valuesicisicreferredictoicasicthe:

a.icclassicalicmethod
b.icsubjectiveicmethodic
c.icrelativeicfrequencyicmethod
d.icposterioricmethodic-icCORRECTicANS✔✔c.icrelativeicfrequencyicmethod

Anicexperimenticconsistsicoficsurveyingic50iccustomersicaticaiclocaliccaricdealership.icTheicrandomicvaria
umbericoficminutesicaiccustomericspendsicatictheicdealership.icThisicrandomicvariableicisica:

a.iccontinuousicrandomicvariableic
b.icdiscreteicrandomicvariableic
c.iccomplexicrandomicvariable
d.icnoneicofictheseicchoicesic-icCORRECTicANS✔✔a.iccontinuousicrandomicvariable

Aniceventicis:

a.icaiccollectionicoficsampleicpoints

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