QBA Final Exam Study Guide LATEST WITH 110 REAL EXAM QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE

QBA Final Exam Study Guide LATEST WITH 110 REAL EXAM QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE Why should we take the time to format spreadsheets? - ANSWER- -It helps communicate the data more clearly -It makes the work look more professional What is used to draw attention to headings and distinguish them from the data in tables? - ANSWER- Contrast What is the difference between a formula and a function? - ANSWER- A function is a built-in formula How do you know how to format a spreadsheet in the "real world"? - ANSWER- You'll need to create or conform to the specific standards for an individual company or industry What is syntax? - ANSWER- The prompts Excel gives you regarding what inputs to use in a function If you create a formula in this tab that refers to a cell in the 1 Formatting tab, how would that tab name appear in the formula? - ANSWER- ''1 Formatting!' The syntax for the SUM function looks like this: SUM(number1, [number2],...) What is this syntax telling you to do? - ANSWER- Select all cells you want to add together, separate each with a comma, and close with a parenthesis How is the ROUND function different from using the decrease decimal button? - ANSWER- The round function actually removes extra digits; the decrease button only hides extra decimal places from view What type of data are the Sales amounts in the Paste Special tab, and why are they considered that type? - ANSWER- Quantitative, because they are measurable, numeric values What portion of this formula should be calculated first? Y = (X + CD) + D^2 * X + C - ANSWER- X + CD Which of the following is an example of qualitative data? - ANSWER- Major What is the purpose of creating an absolute reference to a cell in a formula? - ANSWER- To ensure when your formula is copied that the value in the same exact cell is used for each copied formula In the syntax =(AVERAGEIFS(average_range, criteria_range1, criteria1,...), what is the average_range? - ANSWER- The selected range of cells that will have its values averaged What is the standard deviation of a data set? - ANSWER- The average difference from the data points to the mean In a standard normal distribution, what is 1 equal to? - ANSWER- The standard deviation When you want to fairly compare two values from different distributions, what should you use? - ANSWER- Their z-scores What does a Z-score of 2.02 mean? - ANSWER- The value is above the mean In the scenario above, what is the population mean of 60? - ANSWER- Population Parameter What tells you the average difference between the predicted Y value and the actual Y value? - ANSWER- Standard Error What does the value of the slope in the regression equation tell you? - ANSWER- The change in Y if X changes by 1 unit In the Regression Equation, what is the Y-intercept? - ANSWER- The value of Y when X is 0 What is the purpose of the Regression Equation? - ANSWER- Allows you to predict Y values based on known X values What P (probability) value tells us the relationship is significant? - ANSWER- <= .05 Linear relationships can be... - ANSWER- Either positive or negative What is the purpose of simple linear regression? - ANSWER- To predict one variable based on a known variable and correlation If the correlation coefficient between 2 variables is -0.89, what is the strength of the correlation? - ANSWER- Very strong negative correlation Pearson's Correlation is used to analyze the relationship between what kind of variables? - ANSWER- Quantitative What is correlation? - ANSWER- How much the change in 1 variable is related to a change in another variable What does it mean when we say that the tails of the normal curve are asymptotic to the x axis? - ANSWER- The tails get closer and closer to the x axis but never touch it. What are the parameters of the standard normal distribution? - ANSWER- Mean = 0, Standard Deviation = 1 What does the symbol µ represent? - ANSWER- Population mean What does the symbol s2 represent? - ANSWER- Sample Variance What is the correct interpretation of the variance? - ANSWER- On average, what a consumer is willing to pay differs from the mean of $15 by 25 squared dollars. What is the correct interpretation of the standard deviation? - ANSWER- On average, what a consumer is willing to pay differs from the mean of $15 by $5. The mean of $15 is a __________________. - ANSWER- Sample statistic What is the population? - ANSWER- All consumers What is the sample? - ANSWER- 100 consumers The United States government conducts a census every 10 years. They collect information from every single household in America to determine the population of the country. During the last census, they found that 14.5% of the country is 65 years or older. - ANSWER- population parameter. The 28.56% - ANSWER- sample statistic. What is the population? - ANSWER- All Ohio customer