Business Analytics Exam Bank
Course Introduction
Business Analytics is a comprehensive course that equips students with the concepts, tools, and techniques necessary to analyze and interpret data within a business context. The course covers the foundations of data-driven decision-making, including data collection, data visualization, statistical analysis, predictive modeling, and optimization techniques. Students learn how to leverage analytical tools such as Excel, SQL, and various business intelligence platforms to extract meaningful insights from complex data sets, solve real-world business problems, and support strategic planning. Emphasis is placed on translating analytical findings into actionable business recommendations and communicating results effectively to stakeholders.
Recommended Textbook
Business Statistics for Contemporary Decision Making 2nd Canadian Edition by Ken Black
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19 Chapters
1456 Verified Questions
1456 Flashcards
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Chapter 1: Introduction to Statistics
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Sample Questions
Q1) Morningstar Mutual Funds analyzes the risk and performance of mutual funds.Each mutual fund is assigned an overall rating of one to five stars.One star is the lowest rating,and five stars is the highest rating.This level of measurement is ___.
A)ordinal level
B)interval level
C)nominal level
D)ratio level
E)relative level
Answer: A
Q2) The highest level of data measurement is the ratio level.
A)True
B)False
Answer: True
Q3) With interval-level data,the zero point is a matter of convention and does not mean the absence of the phenomenon under observation.
A)True
B)False
Answer: True
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3
Chapter 2: Charts and Graphs
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75 Flashcards
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Sample Questions
Q1) A histogram can be described as a type of vertical bar chart.
A)True
B)False
Answer: True
Q2) The difference between the highest number and the lowest number in a set of data is called the differential frequency.
A)True
B)False
Answer: False
Q3) A cumulative frequency polygon is also called an ogive.
A)True
B)False
Answer: True
Q4) A cumulative frequency distribution provides a running total of the frequencies in the classes.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Descriptive Statistics
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Sample Questions
Q1) According to Chebyshev's Theorem,how many values in a data set will be within two standard deviations of the mean?
A)at least 75%
B)at least 68%
C)at least 95%
D)at least 89%
E)at least 99%
Answer: A
Q2) A commuter travels many kilometres to work each morning.She has timed this trip 5 times during the last month.The time (in minutes)required to make this trip was 34,39,41,35,and 41.The modal time required for this trip was ___.
A)39
B)41
C)37.5
D)38
E)35
Answer: B
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Page 5
Chapter 4: Probability
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Sample Questions
Q1) An event that cannot be broken down into other events is called a certainty outcome.
A)True
B)False
Q2) If the occurrence of one event does not affect the occurrence of another event,then the two events are mutually exclusive.
A)True
B)False
Q3) Which of the following is not a legitimate probability value?
A)0.67
B)15/16
C)0.23
D)4/3
E)0.98
Q4) Given P (A)= 0.40,P (B)= 0.50,P (A \(\cap\) B)= 0.15.Find P (B|A).
A)0.20
B)0.80
C)0.30
D)0.375
E)0.15
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Chapter 5: Discrete Distributions
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Sample Questions
Q1) As in a binomial distribution,successive trials of a hypergeometric distribution are independent.
A)True
B)False
Q2) For the Poisson distribution,the mean and the standard deviation are the same.
A)True
B)False
Q3) The probability of selecting 2 male employees and 3 female employees for promotions in a small company would best be modelled with the ___.
A)binomial distribution
B)hypergeometric distribution
C)Poisson distribution
D)hyperbinomial distribution
E)exponential distribution
Q4) To compute the variance of a discrete distribution,it is not necessary to know the mean of the distribution.
A)True
B)False
Q5) Determine the mean,variance,and standard deviation of a discrete distribution.
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Chapter 6: Continuous Distributions
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78 Flashcards
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Sample Questions
Q1) A uniform continuous distribution is also referred to as a rectangular distribution.
A)True
B)False
Q2) Let x be a binomial random variable with n=20 and p=.8.If we use the normal distribution to approximate probabilities for this,we would use a mean of ___.
A)20
B)16
C)3.2
D)8
E)5
Q3) Let z be a normal random variable with mean 0 and standard deviation 1.What is P(1.3 < z < 2.3)?
A)0.4032
B)0.9032
C)0.4893
D)0.0861
E)0.0086
Q4) Solve for probabilities in a continuous uniform distribution.
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) With cluster sampling,there is homogeneity within a subgroup or stratum.
A)True
B)False
Q2) Suppose 30% of a population possess a given characteristic.If a random sample of size 1200 is drawn from the population,then the probability that less than 348 possess that characteristic is ___.
A)0.2236
B)0.2764
C)0.2900
D)0.7764
E)0.3336
Q3) Systematic sampling is a type of nonrandom sampling technique.
A)True
B)False
Q4) A population list,map,directory,or other source used to represent the population from which a sample is taken is called the census.
A)True
B)False
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9
Chapter 8: Statistical Inference: Estimation for Single Populations
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) When a statistic calculated from sample data is used to estimate a population parameter,it is called a point estimate.
A)True
B)False
Q2) The table t value associated with the upper 5% of the t distribution and 14 degrees of freedom is ___.
A)2.977
B)2.624
C)2.145
D)1.761
Q3) Suppose a random sample of size 64 is selected from a population yielding a sample mean of 26.The population standard deviation is 4.From this information,the 90% confidence interval to estimate the population mean can be computed to be ___.
A)25.36 to 26.64
B)25.92 to 26.08
C)25.18 to 26.82
D)25.90 to 26.10
E)26.00 to 27.80
Q4) Estimate a population proportion using the z statistic.
Page 10
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Chapter 9: Statistical Inference: Hypothesis Testing for
Single Populations
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Sample Questions
Q1) Consider the following null and alternative hypotheses: H<sub>o</sub>: µ \(\le\) 67
H<sub>a</sub>: µ > 67
These hypotheses ___.
A)indicate a one-tailed test with a rejection area in the right tail
B)indicate a one-tailed test with a rejection area in the left tail
C)indicate a two-tailed test
D)are established incorrectly
E)are not mutually exclusive
Q2) Ophelia O'Brien,VP of Consumer Credit of Credit First Banks (CFB),monitors the default rate on personal loans at the CFB member banks.One of her standards is "no more than 5% of personal loans should be in default." On each Friday,the default rate is calculated for a sample of 500 personal loans.Last Friday's sample contained 30 defaulted loans.Ophelia's null hypothesis is ___.
A)p > 0.05
B)p = 0.05
C)n = 30
D)n = 500
E)n = 0.05
Q3) Solve for possible Type II errors when failing to reject the null hypothesis.
Page 11
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Chapter 10: Statistical Inferences About Two Populations
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Sample Questions
Q1) Lucy Baker is analyzing demographic characteristics of two television programs,Lost (population 1)and Heroes (population 2).Previous studies indicate no difference in the ages of the two audiences.(The mean age of each audience is the same. )Lucy plans to test this hypothesis using a random sample of 100 from each audience.Her null hypothesis is ___.
A)\(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> \(\neq\) 0
B)\(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> > 0
C)\(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> = 0
D)\(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> < 0
E)\(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> < 1
Q2) Test hypotheses and develop confidence intervals about the difference in two dependent populations.
Q3) Test hypotheses about the difference in two population variances using the F distribution.
Q4) If the variances of the two populations are not equal,it is appropriate to use the "pooled" formula to determine the t statistic for the hypothesis test of the difference in the two population means.
A)True
B)False
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Chapter 11: Analysis of Variance and Design of Experiments
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Sample Questions
Q1) Cindy Ho,VP of Finance at Discrete Components,Inc.(DCI),theorizes that the discount level offered to credit customers affects the average collection period on credit sales.Accordingly,she has designed an experiment to test her theory using four sales discount rates (0%,2%,4%,and 6%)by randomly assigning five customers to each sales discount rate.In Cindy's experiment,"average collection period" is ___.
A)the dependent variable
B)a treatment variable
C)a blocking variable
D)a concomitant variable
E)a constant
Q2) In experimental design,a variable that the experimenter controls or modifies in the experiment is called a treatment variable.
A)True
B)False
Q3) Use multiple comparison techniques,including Tukey's honestly significant difference test and the Tukey-Kramer procedure,to test the difference in two treatment means when there is overall significant difference between treatments.
Q4) Test a completely randomized design using a one-way analysis of variance.
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Page 13
Chapter 12: Simple Regression Analysis and Correlation
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Sample Questions
Q1) The proportion of variability of the dependent variable accounted for or explained by the independent variable is called the ___.
A)sum of squares error
B)coefficient of correlation
C)coefficient of determination
D)covariance
E)regression sum of squares
Q2) Calculate confidence intervals to estimate the conditional mean of the dependent variable and prediction intervals to estimate a single value of the dependent variable.
Q3) The assumptions underlying simple regression analysis include ___.
A)the error terms are exponentially distributed
B)the error terms have unequal variances
C)the model is nonlinear
D)the error terms are dependent
E)the error terms are independent
Q4) The slope of the regression line,y = 21 5x,is 5.
A)True
B)False
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14
Chapter 13: Multiple Regression Analysis
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80 Flashcards
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Sample Questions
Q1) A cost accountant is developing a regression model to predict the total cost of producing a batch of printed circuit boards as a linear function of batch size (the number of boards produced in one lot or batch),production plant (Kingsland and Yorktown),and production shift (day and evening).In this model,"shift" is ___.
A)a response variable
B)an independent variable
C)a quantitative variable
D)a dependent variable
E)a constant
Q2) Explain how,by extending the simple regression model to a multiple regression model with two independent variables,it is possible to determine the multiple regression equation for any number of unknowns.
Q3) The F value that is used to test for the overall significance a multiple regression model is calculated by dividing the mean square regression (MS<sub>reg</sub>)by the mean square error (MS<sub>err</sub>).
A)True
B)False
Q4) Use a computer to find and interpret multiple regression outputs.
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Page 15
Chapter 14: Building Multiple Regression Models
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Sample Questions
Q1) Yvonne Yang,VP of Finance at Discrete Components,Inc.(DCI),wants a regression model which predicts the average collection period on credit sales.Her data set includes two qualitative variables: sales discount rates (0%,2%,4%,and 6%),and total assets of credit customers (small,medium,and large).The number of dummy variables needed for "total assets of credit customer" in Yvonne's regression model is ___.
A)1
B)2
C)3
D)4
E)7
Q2) If a qualitative variable has "c" categories,how many dummy variables must be created and used in the regression analysis?
A)c - 1
B)c
C)c + 1
D)c - 2
E)4 + c
Q3) Explain when to use logistic regression,and interpret its results.
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16
Chapter 15: Time-Series Forecasting and Index Numbers
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Sample Questions
Q1) Differentiate among various measurements of forecasting error,including mean absolute deviation and mean square error,in order to assess which forecasting method to use.
Q2) Two popular general categories of smoothing techniques are averaging models and exponential models.
A)True
B)False
Q3) One of the main techniques for isolating the effects of seasonality is decomposition.
A)True
B)False
Q4) In exponential smoothing models,the value of the smoothing constant may be any number between ___.
A)-1 and 1
B)-5 and 5
C)0 and 1
D)0 and 10
E)0 and 100
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Chapter 16: Analysis of Categorical Data
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Sample Questions
Q1) A variable contains five categories.It is expected that data are uniformly distributed across these five categories.To test this,a sample of observed data is gathered on this variable resulting in frequencies of 26,10,17,21,and 26.Using \(\alpha\) = .10,the appropriate decision is ___.
A)do not reject the null hypothesis that the observed distribution is uniform
B)do not reject the null hypothesis that the observed distribution is not uniform
C)reject the null hypothesis that the observed distribution is uniform
D)reject the null hypothesis that the observed distribution is not uniform
E)do nothing
Q2) The executives of CareFree Insurance,Inc.feel that "a minority of our employees perceive an authoritarian management style at CareFree." A random sample of 200 CareFree employees is selected to test this hypothesis.Eighty employees rate the management as authoritarian.Using \(\alpha\) = 0.05,the null hypothesis is ___.
A)\(\mu\) > 80
B)\(\mu\) \(\le\) 80
C)p > 0.50
D)p = 0.50
E)s 0.80
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Page 18
Chapter 17: Nonparametric Statistics
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Sample Questions
Q1) Statistical techniques based on fewer assumptions about the population and the parameters are called ___.
A)population statistics
B)parametric statistics
C)nonparametric statistics
D)chi-square statistics
E)correlation statistics
Q2) Use both the small-sample and large-sample cases of the Mann-Whitney U test to determine if there is a difference in two independent populations.
Q3) Statistical techniques based on assumptions about the population from which the sample data are selected are called ___.
A)population statistics
B)parametric statistics
C)nonparametric statistics
D)chi-square statistics
E)correlation statistics
Q4) Use Spearman's rank correlation to analyze the degree of association of two variables.
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Chapter 18: Statistical Quality Control
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Sample Questions
Q1) Jack Joyner,Director of Quality Control at Covington Castings (CC),is designing a c chart to monitor the number of nonconformances per aluminum casting produced at CC.The total number of nonconformances for 26 castings is 91.The centerline for Jack's c chart is ___.
A)117.00
B)0.2857
C)3.50
D)65.00
E)26.00
Q2) Two general types of control charts are (1)control charts for measurements and (2)control charts for compliance items.
A)True
B)False
Q3) A quality circle is a round-table of top-level quality managers.
A)True
B)False
Q4) Measure variation among manufactured items using various control charts,including x charts,R charts,p charts,and c charts.
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Chapter 19: Decision Analysis
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Sample Questions
Q1) In a decision-making under risk scenario,the expected monetary value of a decision alternative is the weighted average (using the probability of each state of nature as the weight)of the payoffs to the decision alternative in each state of the nature.
A)True
B)False
Q2) In a decision analysis problem,variables (such as general macroeconomic conditions)which are not under the decision maker's control are called prior probabilities.
A)True
B)False
Q3) In a decision-making under uncertainty scenario,the best decision alternative based on the strategy of minmax regret will always have zero regret.
A)True
B)False
Q4) The value of sample information is the ratio of the expected monetary value with information to the expected monetary value without information.
A)True
B)False
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