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Business Math & Statistics Ivy Software EXAM
COMPLETE Questions and Detailed Answers
Latest Update This Year
QUESTION: A man buys 3 burgers and 2 jumbo deluxe fries for $7.40. A woman buys one burger
and 4 jumbo deluxe fries for $7.80. How much is the burger and how much are the fries?
Select one:
a. Burger = $1.40, Fries = $1.60
b. Burger = $1.50, Fries = $1.80
c. Burger = $2.80, Fries = $2.00
d. Burger = $2.00, Fries = $2.80 - ANSWER-a. Burger = $1.40, Fries = $1.60
QUESTION: True/False: When the following equation holds true, we are not at the breakeven
level in dollars: Sales - Variable Costs = Fixed Costs - ANSWER-False
QUESTION: 2x =32, x is
a. 5
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b. 4
c. 3
d. none of the above - ANSWER-a. 5
QUESTION: Time Series Analysis - ANSWER-A forecasting method that uses historical sales data
to discover patterns in the firm's sales over time and generally involves trend, cycle, seasonal,
and random factor analyses
QUESTION: Simple Average - ANSWER-Found by adding the values of all the data samples and
dividing the sum by the number of samples
QUESTION: Moving Average - ANSWER-similar to simple average except that this method only
incorporates the most recent data samples
QUESTION: Weighted Average - ANSWER-includes as many data samples as desired and assigns
"weights" or measures of importance to each
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QUESTION: Weighed moving average - ANSWER-A method of combining the moving average
and the weighted average
QUESTION: Trend Analysis - ANSWER-uses past actual values to forecast; however, it is used
when there is a noticeable trend over time
QUESTION: True/False: When forecasting data that are arranged in time periods, i.e., a time
series analysis, there are two different approaches: trend analysis and averaging. - ANSWER-
True
x^5 = 32
solve for x - ANSWER-x = 2
x^5=32
x=[(^5)√32]
x=2
QUESTION: 2^x = 16
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solve for x - ANSWER-x = 4
QUESTION: Solve for x and y for these simultaneous equations:
3x = 14-5y
7x+2y = 23 - ANSWER-x = 3
y=1
QUESTION: Equation for Total Cost - ANSWER-Total costs = (variable cost per unit * number of
units produced) + Fixed Costs
QUESTION: Material $75/television
Direct Labor $40/television
New Manufacturing Equipment $1,500,000
Modifications to Factory $3,000,000
If this company is considering building 10,000 units this year (and needs money for the entire
year allotted to it now for this purpose), for how much should the president ask? - ANSWER-$
5,650,000
1 ALL THE BEST CHAMP!!
Business Math & Statistics Ivy Software EXAM
COMPLETE Questions and Detailed Answers
Latest Update This Year
QUESTION: A man buys 3 burgers and 2 jumbo deluxe fries for $7.40. A woman buys one burger
and 4 jumbo deluxe fries for $7.80. How much is the burger and how much are the fries?
Select one:
a. Burger = $1.40, Fries = $1.60
b. Burger = $1.50, Fries = $1.80
c. Burger = $2.80, Fries = $2.00
d. Burger = $2.00, Fries = $2.80 - ANSWER-a. Burger = $1.40, Fries = $1.60
QUESTION: True/False: When the following equation holds true, we are not at the breakeven
level in dollars: Sales - Variable Costs = Fixed Costs - ANSWER-False
QUESTION: 2x =32, x is
a. 5
1 ALL THE BEST CHAMP!!
, Page 2 of 52
b. 4
c. 3
d. none of the above - ANSWER-a. 5
QUESTION: Time Series Analysis - ANSWER-A forecasting method that uses historical sales data
to discover patterns in the firm's sales over time and generally involves trend, cycle, seasonal,
and random factor analyses
QUESTION: Simple Average - ANSWER-Found by adding the values of all the data samples and
dividing the sum by the number of samples
QUESTION: Moving Average - ANSWER-similar to simple average except that this method only
incorporates the most recent data samples
QUESTION: Weighted Average - ANSWER-includes as many data samples as desired and assigns
"weights" or measures of importance to each
1 ALL THE BEST CHAMP!!
, Page 3 of 52
QUESTION: Weighed moving average - ANSWER-A method of combining the moving average
and the weighted average
QUESTION: Trend Analysis - ANSWER-uses past actual values to forecast; however, it is used
when there is a noticeable trend over time
QUESTION: True/False: When forecasting data that are arranged in time periods, i.e., a time
series analysis, there are two different approaches: trend analysis and averaging. - ANSWER-
True
x^5 = 32
solve for x - ANSWER-x = 2
x^5=32
x=[(^5)√32]
x=2
QUESTION: 2^x = 16
1 ALL THE BEST CHAMP!!
, Page 4 of 52
solve for x - ANSWER-x = 4
QUESTION: Solve for x and y for these simultaneous equations:
3x = 14-5y
7x+2y = 23 - ANSWER-x = 3
y=1
QUESTION: Equation for Total Cost - ANSWER-Total costs = (variable cost per unit * number of
units produced) + Fixed Costs
QUESTION: Material $75/television
Direct Labor $40/television
New Manufacturing Equipment $1,500,000
Modifications to Factory $3,000,000
If this company is considering building 10,000 units this year (and needs money for the entire
year allotted to it now for this purpose), for how much should the president ask? - ANSWER-$
5,650,000
1 ALL THE BEST CHAMP!!
