Applied Quantitative Analysis
Exam Questions
Course Introduction
Applied Quantitative Analysis introduces students to the essential quantitative methods and statistical tools used in research and decision-making across various academic and professional fields. The course emphasizes practical applications of probability, hypothesis testing, regression analysis, and data interpretation through real-world case studies and datasets. By integrating statistical software and hands-on projects, students will develop the analytical skills necessary to collect, process, and evaluate data, enabling them to make informed and evidence-based decisions in complex environments.
Recommended Textbook
Modern Business Statistics with Microsoft Excel 5th Edition by David R. Anderson
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2226 Verified Questions
2226 Flashcards
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Page 2
Chapter 1: Data and Statistics
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Sample Questions
Q1) In a sample of 800 students in a university, 360, or 45%, live in the dormitories. The 45% is an example of
A)a sample
B)a population
C)statistical inference
D)descriptive statistics
Answer: D
Q2) The process of analyzing sample data in order to draw conclusions about the characteristics of a population is called
A)descriptive statistics
B)statistical inference
C)data analysis
D)data summarization
Answer: B
Q3) Ordinary arithmetic operations are meaningful
A)only with categorical data
B)only with quantitative data
C)either with quantitative or categorical data
D)with rank data
Answer: B
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Chapter 2: Descriptive Statistics: Tabular and Graphical Displays
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Sample Questions
Q1) Refer to Exhibit 2-4. Of those students who are majoring in business, what percentage plans to go to graduate school?
A)27.78
B)8.75
C)70
D)72.22
Answer: A
Q2) Excel's __________ can be used to construct a frequency distribution for quantitative data.
A)COUNTIF function
B)SUM function
C)PivotTable Report
D)AVERAGE function
Answer: C
Q3) The relative frequency of a class is computed by
A)dividing the midpoint of the class by the sample size.
B)dividing the frequency of the class by the midpoint.
C)dividing the sample size by the frequency of the class.
D)dividing the frequency of the class by the sample size.
Answer: D
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Chapter 3: Descriptive Statistics: Numerical Measures
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Sample Questions
Q1) In computing the p<sup>th</sup> percentile, if the index i is an integer the p<sup>th</sup> percentile is the
A)data value in position i
B)data value in position i + 1
C)average of data values in position i and i + 1
D)average of data values in position i - 1 and i + 1
Answer: A
Q2) The numerical value of the standard deviation can never be A)larger than the variance
B)zero
C)negative
D)all of these statements are correct
Answer: C
Q3) Since the mode is the most frequently occurring data value, it
A)can never be larger than the mean
B)is always larger than the median
C)is always larger than the mean
D)None of the other answers are correct.
Answer: D
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Chapter 4: Introduction to Probability
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Sample Questions
Q1) The probability of at least one head in two flips of a coin is
A)0.33
B)0.50
C)0.75
D)1.00
Q2) A graphical device used for enumerating sample points in a multiple-step experiment is a
A)bar chart
B)pie chart
C)histogram
D)None of the other answers is correct.
Q3) The addition law is potentially helpful when we are interested in computing the probability of
A)independent events
B)the intersection of two events
C)the union of two events
D)conditional events
Q4) Super Cola sales breakdown as 80% regular soda and 20% diet soda. Men purchase 60% of the regular soda, but only 30% of the diet soda. If a woman purchases Super Cola, what is the probability that it is a diet soda?
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) The weight of an object, measured in grams, is an example of A)a continuous random variable
B)a discrete random variable
C)either a continuous or a discrete random variable, depending on the weight of the object
D)either a continuous or a discrete random variable depending on the units of measurement
Q2) In a binomial experiment consisting of five trials, the number of different values that x (the number of successes) can assume is
A)2
B)5
C)6
D)10
Q3) The expected value for a binomial probability distribution is
A)E(x) = pn(1 - n)
B)E(x) = p(1 - p)
C)E(x) = np
D)E(x) = np(1 - p)
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) The weights of items produced by a company are normally distributed with a mean of 4.5 ounces and a standard deviation of 0.3 ounces.
a.What is the probability that a randomly selected item from the production will weigh at least 4.14 ounces?
b.What percentage of the items weighs between 4.8 and 5.04 ounces?
c.Determine the minimum weight of the heaviest 5% of all items produced.
d.If 27,875 of the items of the entire production weigh at least 5.01 ounces, how many items have been produced?
Q2) The mean, median, and mode have the same value for which of the following probability distributions?
A)uniform
B)normal
C)exponential
D)Poisson
Q3) The skewness measure for the exponential distributions is
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) A population has a mean of 180 and a standard deviation of 24. A sample of 64 observations will be taken. The probability that the mean from that sample will be between 183 and 186 is
A)0.1359
B)0.8185
C)0.3413
D)0.4772
Q2) A bank has kept records of the checking balances of its customers and determined that the average daily balance of its customers is $300 with a standard deviation of $48. A random sample of 144 checking accounts is selected.
a.What is the probability that the sample mean will be more than $306.60?
b.What is the probability that the sample mean will be less than $308?
c.What is the probability that the sample mean will be between $302 and $308?
d.What is the probability that the sample mean will be at least $296?
Q3) The purpose of statistical inference is to provide information about the A)sample based upon information contained in the population
B)population based upon information contained in the sample C)population based upon information contained in the population D)mean of the sample based upon the mean of the population
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Page 9
Chapter 8: Interval Estimation
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Sample Questions
Q1) In a random sample of 200 registered voters, 120 indicated they are Democrats. Develop a 95% confidence interval for the proportion of registered voters in the population who are Democrats.
Q2) A health club annually surveys its members. Last year, 33% of the members said they use the treadmill at least 4 times a week. How large of sample should be taken this year to estimate the percentage of members who use the treadmill at least 4 times a week? The estimate is desired to have a margin of error of 5% with a 95% level of confidence.
Q3) It is known that the variance of a population equals 484. A random sample of 81 observations is going to be taken from the population.
a.With a .80 probability, what statement can be made about the size of the margin of error?
b.With a .80 probability, how large of a sample would have to be taken to provide a margin of error of 3 or less?
Q4) In a random sample of 500 college students, 23% say that they read or watch the news every day. Develop a 90% confidence interval for the population proportion. Interpret your results.
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Page 10
Chapter 9: Hypothesis Tests
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Sample Questions
Q1) "D" size batteries produced by MNM Corporation have had a life expectancy of 87 hours. Because of an improved production process, the company believes that there has been an increase in the life expectancy of its "D" size batteries. A sample of 36 batteries showed an average life of 88.5 hours. Assume from past information that it is known that the standard deviation of the population is 9 hours.
a.Use a 0.01 level of significance, and test to determine if there has been an increase in the life expectancy of the "D" size batteries.
b.What is the p-value associated with the sample results? What is your conclusion, based on the p-value?
Q2) The school's newspaper reported that the proportion of students majoring in business is at least 30%. You plan on taking a sample to test the newspaper's claim. The correct set of hypotheses is
A)H<sub>0</sub>: p < 0.30 H<sub>a</sub>: p \(\ge\) 0.30
B)H<sub>0</sub>: p \(\le\) 0.30 H<sub>a</sub>: p > 0.30
C)H<sub>0</sub>: p > 0.30 H<sub>a</sub>: p < 0.30
D)H<sub>0</sub>: p > 0.30 H<sub>a</sub>: p \(\le\) 0.30
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11
Chapter 10: Inference About Means and Proportions With
Two Populations
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Sample Questions
Q1) Refer to Exhibit 10-5. The 95% confidence interval for the difference between the two population means is
A)-3.776 to 1.776
B)-2.776 to 2.776
C)-1.776 to 2.776
D)0 to 3.776
Q2) Refer to Exhibit 10-12. The point estimate for the difference between the proportions is
A)-0.02
B)0.048
C)100
D)66
Q3) Refer to Exhibit 10-2. Based on the results of question 18, the
A)null hypothesis should be rejected
B)null hypothesis should not be rejected
C)alternative hypothesis should be accepted
D)None of these alternatives is correct.
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12
Chapter 11: Inferences About Population Variances
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Sample Questions
Q1) The bottler of a certain soft drink claims their equipment to be accurate and that the variance of all filled bottles is 0.05 or less. The null hypothesis in a test to confirm the claim would be written as
A)H<sub>o</sub>:<sup>2</sup> \(\ge\) 0.05
B)H<sub>o</sub>:<sup>2</sup> > 0.05
C)H<sub>o</sub>:<sup>2</sup> < 0.05
D)H<sub>o</sub>:<sup>2</sup> \(\le\) 0.05
Q2) Refer to Exhibit 11-4. The test statistic for this problem equals A)23.2
B)24
C)36.25
D)37.5
Q3) Refer to Exhibit 11-8. The test statistic has a value of A)20.91
B)24.20
C)24.00
D)20.00
Q4) A sample of 15 items provides a sample mean of 18 and a sample variance of 16. Compute a 95% confidence interval estimate for the standard deviation of the population.
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Chapter 12: Tests of Goodness of Fit, Independence and Multiple Proportions
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Sample Questions
Q1) Refer to Exhibit 12-2. The expected frequency of seniors is
A)60
B)20%
C)68
D)64
Q2) Refer to Exhibit 12-4. This problem is an example of a
A)normally distributed variable
B)test for independence
C)Poisson distributed variable
D)multinomial population
Q3) Refer to Exhibit 12-3. The null hypothesis
A)should not be rejected
B)should be rejected
C)should be revised
D)None of these alternatives is correct.
Q4) The test for goodness of fit
A)is always a lower-tail test
B)is always an upper-tail test
C)is always a two-tailed test
D)can be a lower- or upper-tail test
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Chapter 13: Experimental Design and Analysis of Variance
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Sample Questions
Q1) An experimental design where the experimental units are randomly assigned to the treatments is known as
A)factor block design
B)random factor design
C)completely randomized design
D)None of these alternatives is correct.
Q2) Refer to Exhibit 13-3. The mean square within treatments (MSE) equals
A)1.872
B)5.86
C)34
D)36
Q3) In an analysis of variance where the total sample size for the experiment is n<sub>T</sub> and the number of populations is k, the mean square within treatments is
A)SSE/(n<sub>T</sub> - k)
B)SSTR/(n<sub>T</sub> - k)
C)SSE/(k - 1)
D)SSE/k
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Chapter 14: Simple Linear Regression
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Sample Questions
Q1) SSE can never be
A)larger than SST
B)smaller than SST
C)equal to 1
D)equal to zero
Q2) Refer to Exhibit 14-6. The coefficient of determination equals
A)-0.4364
B)0.4364
C)-0.1905
D)0.1905
Q3) In a regression analysis if r<sup>2</sup> = 1, then
A)SSE must also be equal to one
B)SSE must be equal to zero
C)SSE can be any positive value
D)SSE must be negative
Q4) Refer to Exhibit 14-1. The coefficient of determination equals A)0
B)-1
C)+1
D)-0.5
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Chapter 15: Multiple Regression
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Sample Questions
Q1) Refer to Exhibit 15-1. The computed F statistics for testing the significance of the above model is
A)1.500
B)20.00
C)0.600
D)0.6667
Q2) In a multiple regression analysis involving 10 independent variables and 81 observations, SST = 120 and SSE = 42. The coefficient of determination is
A)0.81
B)0.11
C)0.35
D)0.65
Q3) As the goodness of fit for the estimated multiple regression equation increases,
A)the value of the adjusted multiple coefficient of determination decreases
B)the value of the regression equation's constant b<sub>0</sub> decreases
C)the value of the multiple coefficient of determination increases
D)the value of the correlation coefficient increases
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Chapter 16: Regression Analysis: Model Building
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Sample Questions
Q1) Refer to Exhibit 16-2. The coefficient of determination for this model is
A)0.6923
B)0.1494
C)0.1300
D)0.8700
Q2) A test to determine whether or not first-order autocorrelation is present is
A)a t test
B)the Durbin-Watson test
C)an F test
D)a chi-square test
Q3) A variable such as z, whose value is z = x<sub>1</sub>x<sub>2</sub> is added to a general linear model in order to account for potential effects of two variables
x<sub>1</sub> and x<sub>2</sub> acting together. This type of effect is
A)impossible to occur
B)called interaction
C)called multicollinearity effect
D)called transformation effect
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Chapter 17: Time Series Analysis and Forecasting
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Sample Questions
Q1) Refer to Exhibit 17-3. In which time period does the value of Y<sub>i</sub> reach zero?
A)0.000
B)0.181
C)5.53
D)4.21
Q2) Refer to Exhibit 17-2. The forecast for period 10 is A)10.0
Q3) All of the following are true about a stationary time series except A)its statistical properties are independent of time B)a plot of the time series will always exhibit a horizontal pattern C)the process generating the data has a constant mean D)there is no variability in the time series over time
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Chapter 18: Nonparametric Methods
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Sample Questions
Q1) It is believed that the median age of college students is 21 years. A sample of 80 college students is taken. Thirty of the students were under 21, 45 of the students were over 21, and 10 were 21 years old.
a.State the null and alternative hypotheses.
b.Test the null hypothesis at the 1% level of significance.
Q2) In a sample of 300 shoppers, 160 indicated they prefer fluoride toothpaste, 120 favored nonfluoride, and 20 were indifferent. At a 0.05 level of significance, test for a difference in the preference for the two kinds of toothpaste.
Q3) Refer to Exhibit 18-3. The hypothesis is to be tested at the 5% level of significance. The decision rule is not to reject the null hypothesis if
A)-1.96 < z < 1.96
B)-1.645 < z < 1.645
C)z > 1.96 or z < -1.96
D)the number of "+" signs is greater than or equal to 2 but less than or equal to 8
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Chapter 19: Statistical Methods for Quality Control
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Sample Questions
Q1) The sample result plotted on a p chart is the
A)proportion non-defective
B)passing (inspection) percentage
C)proportion defective
D)number of defectives
Q2) The upper and lower control limits of a process are 66 and 54. Samples of size 16 are used for the inspection process. Determine the mean and the standard deviation for this process.
Q3) Variation in the quality of production output that is due to factors such as machine tools wearing out is called
A)common-cause variation
B)assignable-cause variation
C)acceptable-cause variation
D)natural-cause variation
Q4) In practice, it is common to use the sample _____ to estimate the process
A)variances, range
B)means, variance
C)standard deviations, mean
D)ranges, standard deviation
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Chapter 20: Decision Analysis
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Sample Questions
Q1) Refer to Exhibit 20-1. The expected value of perfect information is
A)6.2
B)2.0
C)13.6
D)4.8
Q2) For a decision alternative, the weighted average of the payoffs is known as
A)the expected value of perfect information
B)the expected value
C)the expected probability
D)perfect information
Q3) The probability of one event given the known outcome of a (possibly) related event is known as
A)unconditional probability
B)joint probability
C)marginal probability
D)conditional probability
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22
Chapter 21: Sample Survey
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Sample Questions
Q1) A list of the sampling units for a study is
A)the sampled population
B)called the frame
C)the same as the sample
D)the sample space
Q2) With nonprobabilistic sampling
A)it is possible to make estimates about the precision of the population parameters
B)it is not possible to make statements about the precision of estimates made concerning the population parameters
C)the precision can be estimated if the sample is larger than 30
D)None of these alternatives is correct.
Q3) Refer to Exhibit 21-4. The estimate of the standard error of proportion is
A)0.210
B)0.700
C)0.300
D)0.062
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