BANA 2372 Chapter 5 Exam Questions with Correct Answers

BANA 2372 Chapter 5 Exam Questions with Correct Answers Which of the following is NOT one of the three methods for finding binomial probabilities that is found in the chapter on discrete probability distributions? - Answer-using a simulation In the binomial probability formula, the variable x represents the - Answer-In the binomial probability formula, the variable x represents the number of successes. If calculations are time-consuming and if a sample size is no more than 5% of the size of the population, the states to treat the selections as being independent (even if the selections are technically dependent). - Answer-5% Guideline for Cumbersome Calculations Which of the following is not a requirement of the binomial probability distribution? - Answer-The trials must be dependent. Identify the expression for calculating the mean of a binomial distribution. - Answer-np A main goal in statistics is to interpret and understand the meaning of statistical values. The can be very helpful in understanding the meaning of the mean and standard deviation. - Answer-range rule of thumb For the binomial distribution, which formula finds the standard deviation? - Answer- Square root of npq Indicate a similarity between a Poisson distribution and a binomial distribution. - Answer-Both distributions have an independence requirement. The standard deviation of the Poisson distribution is calculated using . - Answer-Square root of u Which of the following is NOT a requirement of the Poisson Distribution? - Answer-The occurrences must be dependent. The distribution is a discrete probability distribution that applies to the number of occurrences of some event over a specified interval. - Answer-poisson What requirements are necessary for a normal probability distribution to be a standard normal probability distribution? - Answer-The mean and standard deviation have the values of 0 and 1 Which of the following would be information in a question asking you to find the area of a region under the standard normal curve as a solution? - Answer-A distance on the horizontal axis is given The notation P(za) denotes . - Answer-the probability that Z score is less than A Finding probabilities associated with distributions that are standard normal distributions is equivalent to . - Answer-finding the area of the shaded region representing that probability Which of the following does NOT describe the standard normal distribution? - Answer- The graph is uniform. Which of the following is NOT a requirement for a density curve? - Answer-the graph is centered around 0 A continuous random variable has a distribution if its values are spread evenly over the range of possibilities. - Answer-uniform Which of the following groups of terms can be used interchangeably when working with normal distributions? - Answer-areas, probability, and relative frequencies Which of the following is NOT a descriptor of a normal distribution of a random variable? - Answer-The graph is centered around 0. Which of the following is a characteristic of an experiment where the binomial probability distribution is applicable? - Answer-exactly two outcomes are possible on each trial A numerical description of the outcome of an experiment is called a - Answer-random variable A random variable that can assume only a finite number of values is referred to as a(n) - Answer-discrete random variable A probability distribution showing the probability of x successes in n trials, where the probability of success does not change from trial to trial, is termed a - Answer-binomial probability distribution Variance is - Answer-a measure of the dispersion of a random variable A continuous random variable may assume - Answer-any value in an interval or collection of intervals A description of the distribution of the values of a random variable and their associated probabilities is called a - Answer-probability distribution Which of the following is a required condition for a discrete probability function? - Answer-f(x) = 1 for all values of x A measure of the average value of a random variable is called a(n) - Answer-expected value Which of the following is not a required condition for a discrete probability function? - Answer-f(x) = 0 for all values of x The standard deviation is the - Answer-positive square root of the variance The variance is a measure of dispersion or variability of a random variable. It is a weighted average of the - Answer-squared deviations from the mean A weighted average of the value of a random variable, where the probability function provides weights is known as - Answer-the expected value An experiment consists of making 80 telephone calls in order to sell a particular insurance policy. The random variable in this experiment is a - Answer-discrete random variable An experiment consists of determining the speed of automobiles on a highway by the use of radar equipment. The random variable in this experiment is a - Answer- continuous random variable The number of electrical outages in a city varies from day to day. Assume that the number of electrical outages (x) in the city has the following probability distribution. x f(x) 0 0.80 1 0.15 2 0.04 3 0.01 The mean and the standard deviation for the number of electrical outages (respectively) are - Answer-0.26 and 0.577 The number of customers that enter a store during one day is an example of - Answer-a discrete random variable The weight of an object is an example of - Answer-a continuous random variable Four percent of the customers of a mortgage company default on their payments. A sample of five customers is selected. What is the probability that exactly two customers in the sample will default on their payments? - Answer-0.0142 When sampling without replacement, the probability of obtaining a certain sample is best given by a - Answer-hypergeometric distribution Twenty percent of the students in a class of 100 are planning to go to graduate school. The standard deviation of this binomial distribution is - Answer-4 If you are conducting an experiment where the probability of a success is .02 and you are interested in the probability of 4 successes in 15 trials, the correct probability function to use is the - Answer-binomial probability function