Course Introduction
Business Analytics
Final Exam Questions
Business Analytics is an interdisciplinary course that focuses on the use of data analysis, statistical methods, and quantitative modeling to inform business decisions and strategies. Students learn to gather, process, and interpret large datasets, apply analytic tools such as predictive modeling and data visualization, and communicate actionable insights to stakeholders. The course covers essential topics such as data management, exploratory data analysis, regression techniques, and the use of analytics software, preparing students to leverage data-driven decision-making in various business functions and industries.
Recommended Textbook
Statistics for Business and Economics 8th Edition by Betty Newbold
Available Study Resources on Quizplus
17 Chapters
3406 Verified Questions
3406 Flashcards
Source URL: https://quizplus.com/study-set/2018
Page 2
Chapter 1: Describing Data: Graphical
Available Study Resources on Quizplus for this Chatper
247 Verified Questions
247 Flashcards
Source URL: https://quizplus.com/quiz/40148
Sample Questions
Q1) Determine the percentage of time it takes an employee at most 12.5 hours to process an order at the plumbing wholesaler.
Answer: 13/20 = 65%
Q2) A table used to organize data where the left column includes classes or groups and the right column includes the frequencies or observation for each class is called a: A)crosstab.
B)frequency distribution.
C)relative frequency distribution.
D)class chart.
Answer: B
Q3) Association of Tennis Professionals (ATP)singles rankings for tennis players is an example of an interval scale.
A)True
B)False
Answer: False
Q4) What percentage of the students in the sample spent the weekend studying and did well in the final exam?
Answer: 60 out of 150,or 40%
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Describing Data: Numerical
Available Study Resources on Quizplus for this Chatper
326 Verified Questions
326 Flashcards
Source URL: https://quizplus.com/quiz/40149
Sample Questions
Q1) The measures used to describe sales data,survey data,or weights of newborn babies are called:
A)mode and geometric mean.
B)mean and median.
C)percentiles and quartiles.
D)both A and B
Answer: B
Q2) What would you conclude if a sample correlation coefficient is equal to -1.00?
A)All the data points must fall exactly on a straight line with a positive slope.
B)All the data points must fall exactly on a straight line with a negative slope.
C)Most of the data points must fall exactly on a straight line with a positive slope
D)Most of the data points must fall exactly on a horizontal straight line
Answer: B
Q3) The mean,median,the second quartile,and the 50th percentile are all the same.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
4
Chapter 3: Probability
Available Study Resources on Quizplus for this Chatper
345 Verified Questions
345 Flashcards
Source URL: https://quizplus.com/quiz/40150
Sample Questions
Q1) What proportion of respondents who had at least some college education also had high confidence?
A)0.239
B)0.210
C)0.364
D)0.636
Answer: A
Q2) What is P(B |A)?
Answer: P(B | A)= P(B A)/ P(A)= 0.12 / 0.40 = 0.30
Q3) Classical probability is the proportion of times that an event will occur assuming all outcomes in a sample space have an equal chance to occur.
A)True
B)False
Answer: True
Q4) What is the probability of the intersection of events A and B?
Answer: P(A B)= P(3)+ P(4)= 0.27 + 0.13 = 0.40
Q5) What proportion of all houses took 30 days or more to sell?
Answer: (128 - 13 - 15 - 7)/128 = 93/128 = 0.727
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Discrete Random Variables and Probability
Distributions
Available Study Resources on Quizplus for this Chatper
257 Verified Questions
257 Flashcards
Source URL: https://quizplus.com/quiz/40151
Sample Questions
Q1) If X and Y are random variables,the sum of all the conditional probabilities of X given a specific value of Y will always be:
A)the average of the possible values of X.
B)the average of the possible values of Y.
C)1.
D)0.
Q2) Find the probability at least 3 children do not recognize their mother's voice.
Q3) Find the probability distribution of the random variable X + Y.
Q4) The binomial probability distribution is used extensively in many applied business and economic problems.
A)True
B)False
Q5) If X and Y are two random variables with <sub>x</sub> = 3.8, <sub>y</sub> = 4.2,and Cov(X,Y)= -0.25,then Var(X + Y)= 31.58.
A)True
B)False
Q6) Find the probability the next inspected disk will have no missing pulse.
Page 6
Q7) The binomial distribution is widely used in business applications.Why do you think this is the case?
To view all questions and flashcards with answers, click on the resource link above.
Chapter 5: Continuous Random Variables and Probability
Distributions
Available Study Resources on Quizplus for this Chatper
239 Verified Questions
239 Flashcards
Source URL: https://quizplus.com/quiz/40152
Sample Questions
Q1) The owner of a fish market determined that the average weight for a catfish is 3.4 pounds with a standard deviation of 0.8 of a pound.A citation catfish should be one of the top 2% in weight.Assuming the weights of catfish are normally distributed,at what weight (in pounds)should the citation designation be established?
A)1.65 pounds
B)5.04 pounds
C)5.42 pounds
D)6.76 pounds
Q2) The normal distribution is used to approximate the binomial under certain conditions.What is the best way to approximate the binomial using the normal?
Q3) If X is a normal random variable with mean of 1228 and a standard deviation of 120,the number of standard deviations from 1228 to 1380 is:
A)10.233
B)3.1989
C)11.50
D)1.267
Q4) What fraction of the IQ scores would be between 97 and 126?
Q5) Find the mean and standard deviation of the proportion of successes.
Page 7
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Sampling and Sampling Distributions
Available Study Resources on Quizplus for this Chatper
147 Verified Questions
147 Flashcards
Source URL: https://quizplus.com/quiz/40153
Sample Questions
Q1) Find the probability that the sample standard deviation is less than 2.6.
Q2) What is the mean and standard error of the sample proportion of invoices with amounts in excess of $800?
A)mean = 10,standard error = 0.4472
B)mean = 0.20,standard error = 0.0566
C)mean = 0.20,standard error = 0.0032
D)mean = 10,standard error = 0.0598
Q3) The probability is 0.01 that the sample standard deviation is larger than what value?
Q4) What is the probability that for a sample of 30 bottles,the sample variance is greater than 0.5?
Q5) The number of students using the ATM on campus daily is normally distributed with a mean of 237.6 and a standard deviation of 26.3.For a random sample of 55 days,what is the probability that the ATM usage averaged more than 230 students per day?
A)0.9756
B)0.9483
C)0.9838
D)0.9524
Q6) What is the probability that the sample mean score is more than 230?
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Estimation: Single Population
Available Study Resources on Quizplus for this Chatper
151 Verified Questions
151 Flashcards
Source URL: https://quizplus.com/quiz/40154
Sample Questions
Q1) Develop a 90% confidence interval estimate for the population mean.
Q2) If the shopping times for a random sample of 25 shoppers in a supermarket are normally distributed with a known population standard deviation of 15 minutes,the standard error is equal to 0.6.
A)True
B)False
Q3) There is concern about the speed of automobiles traveling over US 131.For a random sample of seven automobiles radar indicated the following speeds,in miles per hour: 80,74,69,78,87,72,and 70.Assuming a normal population distribution,find the margin of error of a 95% confidence interval for the mean speed of all automobiles traveling over this stretch of highway.
Q4) In a recent survey of 600 adults,16.4% indicated that they had fallen asleep in front of the television in the past month.Develop a 95% confidence interval for the population proportion.
Q5) Calculate the width of the 99% confidence interval estimate.
A)12.81
B)3.21
C)6.41
D)7.20
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Estimation: Additional Topics
Available Study Resources on Quizplus for this Chatper
109 Verified Questions
109 Flashcards
Source URL: https://quizplus.com/quiz/40155
Sample Questions
Q1) Find the 90% confidence interval for the difference between the two population proportions.
A)0.23 ± 0.0482
B)0.23 ± 0.0854
C)1.23 ± 0.0482
D)1.23 ± 0.0854
Q2) The confidence interval for the difference between two population means that are normally distributed where the population variances are unknown and are not assumed to be equal rely on the use of:
A)the average sample variance.
B)the estimated sample variance.
C)Satterthwaite's approximation.
D)the pooled variance.
Q3) Find a 90% confidence interval for the difference in average functioning time before recharging the two models.
Q4) What is the upper confidence limit of the 95% confidence interval?
A)16.879
B)12.987
C)15.233
D)14.767
10
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Hypothesis Testing: Single Population
Available Study Resources on Quizplus for this Chatper
164 Verified Questions
164 Flashcards
Source URL: https://quizplus.com/quiz/40156
Sample Questions
Q1) In the context of this problem,explain why a one-sided alternative hypothesis is more appropriate than a two-sided alternative.
Q2) Using a 5% significance level,which of the following statements is true?
A)Reject H<sub>0</sub> if t statistic < 1.771
B)Reject H<sub>0</sub> if t statistic > 2.16
C)Reject H<sub>0</sub> if t statistic < -1.761
D)Reject H<sub>0</sub> if t statistic < -2.16
Q3) If a null hypothesis is rejected against an alternative at the 5% level,then using the same data,it must be rejected against that alternative at the 1% level.
A)True B)False
Q4) The significance level and the probability of a Type I error are equivalent. A)True B)False
Q5) Find the p-value of this test,and interpret the results.
Q6) Find and interpret the p-value of the test.
Q7) Test at the 5% level of significance the null hypothesis that one-half of all high school students would agree with this statement against a two-sided alternative.
Page 11
To view all questions and flashcards with answers, click on the resource link above.
Chapter 10: Hypothesis Testing: Additional Topics
Available Study Resources on Quizplus for this Chatper
103 Verified Questions
103 Flashcards
Source URL: https://quizplus.com/quiz/40157
Sample Questions
Q1) Use Excel or Minitab to summarize this data using descriptive statistics.
Q2) In testing for differences between the means of two independent populations if the test statistic is very large,then the p-value of the test should be very small.
A)True
B)False
Q3) The procedure that utilizes the normal distribution to test the difference between two population proportions is valid for all sample sizes.
A)True
B)False
Q4) When testing H<sub>0</sub> : <sub>1</sub> - <sub>2</sub> = 0 against H<sub>1</sub> : <sub>1</sub> - <sub>2</sub> 0,the observed value of the Z-score was found to be -2.13.The p-value for this test would be 0.4668.
A)True
B)False
Q5) Find the p-value associated with the test of hypothesis to determine whether there is a significant difference in time to completion of medical school between women and men and explain how to use it for testing the hypothesis using = 0.05.
To view all questions and flashcards with answers, click on the resource link above.
Page 12
Chapter 11: Simple Regression
Available Study Resources on Quizplus for this Chatper
217 Verified Questions
217 Flashcards
Source URL: https://quizplus.com/quiz/40158
Sample Questions
Q1) Which of the following statements must be true,if the regression sum of squares (SSR)is 83.6?
A)The correlation coefficient is 0.95
B)The slope of the regression line is positive.
C)The error sum of squares (SSE)is larger than or equal to 83.6
D)The total sum of squares (SST)is larger than or equal to 83.6
Q2) The vertical spread of the data points about the regression line is measured by the: A)regression coefficient.
B)y-intercept.
C)standard error of estimate.
D)F-ratio.
Q3) Test H<sub>0</sub> : <sub>1</sub> = 0 vs.H<sub>1</sub> : <sub>1</sub> 0 using the t-test.
Q4) Test the hypothesis at = 0.05
Q5) What is the sample mean of y?
Q6) Construct a scatter diagram of the data points.
Q7) Calculate the coefficient of determination.
Q8) Compute the regression sum of squares,SSR.
Q9) What is the value of the test statistic F?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Multiple Regression
Available Study Resources on Quizplus for this Chatper
252 Verified Questions
252 Flashcards
Source URL: https://quizplus.com/quiz/40159
Sample Questions
Q1) The test on all parameters of a regression model has the following null and alternative hypotheses:
H<sub>0</sub> : <sub>1</sub><sub> </sub>= <sub>2</sub> = <sub>3</sub> = = <sub>k</sub><sub> </sub>= 0 and H<sub>1</sub> : <sub>1 </sub> <sub>2</sub> <sub>3</sub> <sub>k</sub><sub> </sub> 0.
A)True
B)False
Q2) If an additional variable,however irrelevant,is added to a multiple regression model,what is the most likely result?
A)a smaller sum of squared errors
B)a larger sum of squared errors
C)a constant sum of squared errors
D)a smaller regression sum of squares
Q3) Is there enough evidence at the 1% significance level to infer that the average number of hours of exercise per week and the age at death are linearly related?
Q4) Does the data provide enough evidence to conclude that,at the 5% significance level,the final mark and the number of late assignments are negatively linearly related?
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Additional Topics in Regression Analysis
Available Study Resources on Quizplus for this Chatper
168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/40160
Sample Questions
Q1) What is the expected increase in the dependent variable in time period (t + 2)?
A) <sub>1</sub> <sup>3</sup>
B) <sub>1</sub> <sup>2</sup>
C) <sub>1</sub>
D) <sub>1</sub> + <sub>0</sub>
Q2) Explain what is meant by heteroscedasticity.What effects does heteroscedasticity have on the results of a regression?
Q3) Which of the following tests can be used to test autocorrelation?
A)t-test
B)z-test
C)F-test
D)Durbin-Watson test
Q4) When is a dummy variable used as an independent variable in a regression model?
A)when the variable involved is numerical
B)when the variable involved is categorical
C)when the variable involved is continuous
D)when two independent variables interact
Q5) What strategies can be employed to detect multicollinearity?
Q6) Interpret the coefficient b<sub>1</sub>.
Q7) Briefly discuss what is meant by the "dummy variable trap".
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Analysis of Categorical Data
Available Study Resources on Quizplus for this Chatper
241 Verified Questions
241 Flashcards
Source URL: https://quizplus.com/quiz/40161
Sample Questions
Q1) A chi-square goodness-of-fit-test is being used to determine if the observed frequencies and the expected frequencies from six categories are significantly different.If no parameters are estimated from the data,what is the number of degrees of freedom for this test?
A)5
B)6
C)4
D)2
Q2) Test the null hypothesis that in the aggregate the two genders are equally ranked against a two-sided alternative.
Q3) A campus administrator has found that 64% of all students view courses as very useful,20% as somewhat useful,and 16% as worthless.Of a random sample of 150 students taking business courses,105 found the course in question very useful,25 somewhat useful,and 20 worthless.Test at the 10% level the null hypothesis that the population distribution for business courses is the same as that for all courses.Carry out the calculations manually,and verify your answers using statistical software.
Q4) At 5% level of significance,what is the proper conclusion?
Q5) Calculate the appropriate test statistics.
Q6) What are the appropriate degrees of freedom?
Page 16
To view all questions and flashcards with answers, click on the resource link above.
Chapter 15: Analysis of Variance
Available Study Resources on Quizplus for this Chatper
192 Verified Questions
192 Flashcards
Source URL: https://quizplus.com/quiz/40162
Sample Questions
Q1) Is there sufficient evidence to reject the null hypothesis that there is no interaction between brokerage houses and stocks' earning forecasts? Use = 0.05.
Q2) What is the value that represents the within-group variation?
Q3) Apply the appropriate statistical technique to determine if there is enough evidence at the 5% significance level to infer that at least one of the population means differs from the others.
Q4) The F distribution cannot be used with a two-way ANOVA.
A)True
B)False
Q5) What are the appropriate null and alternative hypotheses?
Q6) Complete the ANOVA table.
Q7) Test the null hypothesis at the 5% level of significance.
Q8) In a two-way ANOVA,with one observation per cell,if there are 4 groups and 3 blocks,then there are a total of 7 observations.
A)True
B)False
Q9) Test at the 10% level of significance the null hypothesis that the population mean sales are the same for the four regions.
Page 17
To view all questions and flashcards with answers, click on the resource link above.
Chapter 16: Time-Series Analysis and Forecasting
Available Study Resources on Quizplus for this Chatper
138 Verified Questions
138 Flashcards
Source URL: https://quizplus.com/quiz/40163
Sample Questions
Q1) Compute the sales forecast for the 1<sup>st</sup> quarter of year 4.
A)approximately 113 units
B)approximately 269 units
C)approximately 164 units
D)approximately 369 units
Q2) The year ________ has the forecast value 104.95.
A)1885
B)1899
C)1895
D)1991
Q3) Discuss why exponential smoothing is not recommended as a forecasting method in this case.
Q4) Compute the three-day and five-day moving averages.
Q5) What is the value of mean absolute deviation?
A)17.28
B)30.55
C)1534.28
D)3451.28
Q6) Show the table with the forecast for each reading.
Q7) Construct a time plot of this series,and discuss its features.
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Additional Topics in Sampling
Available Study Resources on Quizplus for this Chatper
110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/40164
Sample Questions
Q1) Proportional allocation occurs when the proportion of sample members from any stratum is the same as the proportion of population members in that stratum.
A)True
B)False
Q2) Since sample members are geographically close to one another within clusters,their contact by interviewers is relatively expensive.
A)True
B)False
Q3) An apartment complex manager randomly selects 10 buildings from the complex's 30 buildings,and then interviews one household member from each apartment in the 10 buildings.This is an example of cluster sampling.
A)True
B)False
Q4) Explain cluster sampling and state its advantages.
Q5) Find a 95% confidence interval for the total sales.
Q6) Find a 95% confidence interval for the mean monthly expenditures.
Q7) If a total sample of 120 students is taken,determine the number of juniors and seniors under the proportional allocation scheme.
To view all questions and flashcards with answers, click on the resource link above. Page 19