ANALYTICS FINAL EXAM QUESTIONS
AND ANSWERS 100% VERIFIED
s A manager at G'Dawg Records (motto: double declining balances are the fo'zhizzle) wants to know his
company's revenue and profit in its previous quarter. Which of the following business analytics will help
the manager? - Descriptive analytics
Predictive analytics - Detects patterns in historical data and extrapolates them forward in time
A database is: - A structured collection of related files and data
Which of the following is an example of a measure of continuous metrics? - Weight and volume of a
sheet of steel
Which of the following is a disadvantage of ordinal data? - They have no fixed units of measurement
Identify and briefly describe each of the four things that differentiate big data from not so big data. What
are the benefits and drawbacks of each of the four things as they relate to an audit? - Big Data
Volume - Terabytes, petabytes and zettabytes 10^21*
Variety - Unstructured (text, voice, video)
Velocity - Data in motion (streaming)
Veracity - Untrusted and uncleansed
Not so big data
Volume - Megabytes and gygabites
Variety - Structured and rational
Velocity - Data at rest
Veracity - Trusted and cleansed
Benefits and Drawbacks
Volume - More to sample, but less time to test everything.
,Veracity - Bigger sample to rely on, but there could be more fake data
Variety - You have different kinds of data to test but have to organize more.
Velocity - Always have more data to test, but hard to pick which data is always coming for you.
Which of the following charts provides the MOST useful means for displaying data over time? - Line chart
Skin E-G local college professor/rapper (motto: all cool cats use accrual accounting) wants to know to
understand the relative proportion of each type of fan (e.g. hipsters) to the total. What chart should Skin
E-G use? - Pie chart
Observations consisting of PAIRS of variable data are required to construct what kind of chart? - Scatter
Skin E-G has data consisting of price, price/earning ratio and market capitalization for seven different
stocks on a particular day. He wishes to plot all three variables in two dimensions. Which chart should
Skin E-G use? - Bubble chart
Which of the following charts show three-dimensional data? - Surface chart
How to calculate the interquartile range - The difference between the first and third quartiles, Q3 - Q1.
A ____ is a description of the approach that is used to obtain samples from a population prior to any
data collection activity. - Sampling plan
Which of the following types of samples using random procedures to select a sample? - Probabilistic
sampling
Which of the following sampling methods bases its selection of samples on the ease of data collection? -
Convenience sampling
______ sampling applies to populations that are divided into natural subsets and allocates the
appropriate proportion of samples to each subset. - Stratified
A _______ is a single number derived from sample data that is used to estimate the value of a
population parameter. - Point estimate
A sampling plan consists of five different pieces. To determine if any member of the sales force is giving
illegal kickbacks to customers, develop a sampling plan that includes all five of the pieces. You should
generally just need a single statement per piece. - Objective - Find any illegal kickbacks to customers
Target Population - Customers
Population frame (the list from which the sample is taken) - Members of the sales force
Operational procedures for collecting data - using excel
Statistical tools for data analysis - Pivot table showing payments to customers
Which of the following propositions describes an existing theory or belief? - Null hypothesis
Which of the following is the initial step in conducting a hypothesis test? - Identifying the population
parameter of interest
, Skin E-G wishes to determine if average profit from the sale of his crossover album exceeds $100. Which
of the following is appropriate hypothesis test? - H0: Population mean profit from sale <= 100 vs. H1:
population mean profit from sale > $100
? Quiz 6 Q 3
Which sof sthe sfollowing sis sa stype s1 serror? s- sThe snull shypothesis sis sactually strue sand sthe shypothesis
stest sfails sto sreject sit
Level sof ssignificance sis sthe sprobability sof s- sIncorrectly srejecting san sactually strue snull shypothesis
There sare sthree stypes sof stailed stests. sPlease sbriefly sdescribe seach sof sthe sthree stypes sand sgiven san
saudit-centric sexample sof swhen syou swould suse seach sone. s- sLeft sside sone-tailed stest s- swhen syou
swant sto sfind sout sthe snegative sbalances sof saccounts.
Right sside sone stailed stests s- swhen syou swant sto sfind sout sthe sbiggest spayments sare sfrom ssales.
Two-tailed stest s- swhen syou sjust swant sto sfocus son sthe scenter sof ssales snot sthe sextremes.
A sregression smodel sthat sinvolves sa ssingle sindependent svariable sis scalled? s- sSimple sregression
Which sof sthe sfollowing sis strue sof slinear sfunctions sused sin spredictive sanalytical smodels? s- sIt sis sused
swhen sthere sis sa ssteady sdecrease sor sincrease sover sa srange sof sa svariable
In sregression, sthe svalue sof sthe s______ sgives sthe smeasure sof sfit sof sthe sline sto sthe sdata. s- sR-squared
_________ sprovide sinformation sabout sthe sunknown svalues sof sthe strue sregression scoefficients,
saccounting sfor ssampling serror. s- sConfidence sIntervals
A s(n) s______ sis san sextreme svalue sthat sis sdifferent sfrom sthe srest sof sthe sdata. s- sOutlier
The sdelphi smethod sused sfor sforecasting s- sUses sa spanel sof sexperts, swhose sidentities sare stypically
skept sconfidential sfrom sone sanother, sto srespond sto sa ssequence sof squestions.
In sforecasting, swhat sis san sindex? s- sA ssingle smeasure sthat sweights smultiple sindicators sand sprovides sa
smeasure sof soverall sexpectation.
What sis sa sstream sof shistorical sdata sknown sas? s- sA stime sseries
The sdata sfor sthe snumber sSkin sE-G srecords ssold sfor sthe spast sfive sweeks sare: s15, s20, s25, s30, sand s17
srespectively. sUsing sa smoving saverage smodel, sand ssetting sk=3, sthe sthree speriod smoving saverage
sforecast sfor sweek s6 sis? s- s24
If sa sgiven stime sseries shas sno strend sof sseasonality, sthe smost sappropriate sforecasting smodel sto
sdetermine sthe sforecast sof sthe stime sseries sis sthe s______ s- sSingle smoving saverage
AND ANSWERS 100% VERIFIED
s A manager at G'Dawg Records (motto: double declining balances are the fo'zhizzle) wants to know his
company's revenue and profit in its previous quarter. Which of the following business analytics will help
the manager? - Descriptive analytics
Predictive analytics - Detects patterns in historical data and extrapolates them forward in time
A database is: - A structured collection of related files and data
Which of the following is an example of a measure of continuous metrics? - Weight and volume of a
sheet of steel
Which of the following is a disadvantage of ordinal data? - They have no fixed units of measurement
Identify and briefly describe each of the four things that differentiate big data from not so big data. What
are the benefits and drawbacks of each of the four things as they relate to an audit? - Big Data
Volume - Terabytes, petabytes and zettabytes 10^21*
Variety - Unstructured (text, voice, video)
Velocity - Data in motion (streaming)
Veracity - Untrusted and uncleansed
Not so big data
Volume - Megabytes and gygabites
Variety - Structured and rational
Velocity - Data at rest
Veracity - Trusted and cleansed
Benefits and Drawbacks
Volume - More to sample, but less time to test everything.
,Veracity - Bigger sample to rely on, but there could be more fake data
Variety - You have different kinds of data to test but have to organize more.
Velocity - Always have more data to test, but hard to pick which data is always coming for you.
Which of the following charts provides the MOST useful means for displaying data over time? - Line chart
Skin E-G local college professor/rapper (motto: all cool cats use accrual accounting) wants to know to
understand the relative proportion of each type of fan (e.g. hipsters) to the total. What chart should Skin
E-G use? - Pie chart
Observations consisting of PAIRS of variable data are required to construct what kind of chart? - Scatter
Skin E-G has data consisting of price, price/earning ratio and market capitalization for seven different
stocks on a particular day. He wishes to plot all three variables in two dimensions. Which chart should
Skin E-G use? - Bubble chart
Which of the following charts show three-dimensional data? - Surface chart
How to calculate the interquartile range - The difference between the first and third quartiles, Q3 - Q1.
A ____ is a description of the approach that is used to obtain samples from a population prior to any
data collection activity. - Sampling plan
Which of the following types of samples using random procedures to select a sample? - Probabilistic
sampling
Which of the following sampling methods bases its selection of samples on the ease of data collection? -
Convenience sampling
______ sampling applies to populations that are divided into natural subsets and allocates the
appropriate proportion of samples to each subset. - Stratified
A _______ is a single number derived from sample data that is used to estimate the value of a
population parameter. - Point estimate
A sampling plan consists of five different pieces. To determine if any member of the sales force is giving
illegal kickbacks to customers, develop a sampling plan that includes all five of the pieces. You should
generally just need a single statement per piece. - Objective - Find any illegal kickbacks to customers
Target Population - Customers
Population frame (the list from which the sample is taken) - Members of the sales force
Operational procedures for collecting data - using excel
Statistical tools for data analysis - Pivot table showing payments to customers
Which of the following propositions describes an existing theory or belief? - Null hypothesis
Which of the following is the initial step in conducting a hypothesis test? - Identifying the population
parameter of interest
, Skin E-G wishes to determine if average profit from the sale of his crossover album exceeds $100. Which
of the following is appropriate hypothesis test? - H0: Population mean profit from sale <= 100 vs. H1:
population mean profit from sale > $100
? Quiz 6 Q 3
Which sof sthe sfollowing sis sa stype s1 serror? s- sThe snull shypothesis sis sactually strue sand sthe shypothesis
stest sfails sto sreject sit
Level sof ssignificance sis sthe sprobability sof s- sIncorrectly srejecting san sactually strue snull shypothesis
There sare sthree stypes sof stailed stests. sPlease sbriefly sdescribe seach sof sthe sthree stypes sand sgiven san
saudit-centric sexample sof swhen syou swould suse seach sone. s- sLeft sside sone-tailed stest s- swhen syou
swant sto sfind sout sthe snegative sbalances sof saccounts.
Right sside sone stailed stests s- swhen syou swant sto sfind sout sthe sbiggest spayments sare sfrom ssales.
Two-tailed stest s- swhen syou sjust swant sto sfocus son sthe scenter sof ssales snot sthe sextremes.
A sregression smodel sthat sinvolves sa ssingle sindependent svariable sis scalled? s- sSimple sregression
Which sof sthe sfollowing sis strue sof slinear sfunctions sused sin spredictive sanalytical smodels? s- sIt sis sused
swhen sthere sis sa ssteady sdecrease sor sincrease sover sa srange sof sa svariable
In sregression, sthe svalue sof sthe s______ sgives sthe smeasure sof sfit sof sthe sline sto sthe sdata. s- sR-squared
_________ sprovide sinformation sabout sthe sunknown svalues sof sthe strue sregression scoefficients,
saccounting sfor ssampling serror. s- sConfidence sIntervals
A s(n) s______ sis san sextreme svalue sthat sis sdifferent sfrom sthe srest sof sthe sdata. s- sOutlier
The sdelphi smethod sused sfor sforecasting s- sUses sa spanel sof sexperts, swhose sidentities sare stypically
skept sconfidential sfrom sone sanother, sto srespond sto sa ssequence sof squestions.
In sforecasting, swhat sis san sindex? s- sA ssingle smeasure sthat sweights smultiple sindicators sand sprovides sa
smeasure sof soverall sexpectation.
What sis sa sstream sof shistorical sdata sknown sas? s- sA stime sseries
The sdata sfor sthe snumber sSkin sE-G srecords ssold sfor sthe spast sfive sweeks sare: s15, s20, s25, s30, sand s17
srespectively. sUsing sa smoving saverage smodel, sand ssetting sk=3, sthe sthree speriod smoving saverage
sforecast sfor sweek s6 sis? s- s24
If sa sgiven stime sseries shas sno strend sof sseasonality, sthe smost sappropriate sforecasting smodel sto
sdetermine sthe sforecast sof sthe stime sseries sis sthe s______ s- sSingle smoving saverage
