Business Data Analysis
Exam Answer Key
Course Introduction
Business Data Analysis introduces students to the fundamental concepts and techniques used to analyze data in a business context. The course emphasizes the application of descriptive and inferential statistical methods, data visualization, and the use of software tools such as Excel or statistical packages to interpret real-world business problems. Students will learn how to collect, summarize, and analyze data, draw meaningful conclusions, and present actionable insights to support decision-making in various business functions such as marketing, finance, and operations. Through practical exercises and case studies, the course develops critical analytical skills necessary for data-driven management in today's competitive environment.
Recommended Textbook
Modern Business Statistics with Microsoft Excel 5th Edition by David R. Anderson
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Page 2
Chapter 1: Data and Statistics
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Sample Questions
Q1) In a data set, the number of observations will always be the same as the number of A)variables
B)elements
C)data sets
D)data
Answer: B
Q2) Dr. Kurt Thearling, a leading practitioner in the field, defines data mining as "the _________ extraction of _________ information from databases".
A)thorough, insightful
B)timely, accurate
C)automated, predictive
D)intentional, useful
Answer: C
Q3) Quantitative data
A)are always nonnumeric
B)may be either numeric or nonnumeric
C)are always numeric
D)are always labels
Answer: C
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Page 3
Chapter 2: Descriptive Statistics: Tabular and Graphical Displays
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Sample Questions
Q1) The sum of the frequencies in any frequency distribution always equals
A)the number of observations
B)1.00
C)100
D)the number of variables
Answer: A
Q2) Refer to Exhibit 2-3. The cumulative frequency for the class of 11 - 15
A)is 200
B)is 14
C)is 199
D)is 1
Answer: C
Q3) The sum of frequencies for all classes will always equal
A)1
B)the number of elements in a data set
C)the number of classes
D)a value between 0 and 1
Answer: B
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Chapter 3: Descriptive Statistics: Numerical Measures
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Sample Questions
Q1) Refer to Exhibit 3-1. The mode is A)5
B)6
C)7
D)8
Answer: A
Q2) The measure of location often used in analyzing growth rates in financial data is the A)arithmetic mean
B)weighted mean
C)geometric mean
D)hyperbolic mean
Answer: C
Q3) The measure of location that is the most likely to be influenced by extreme values in the data set is the
A)range
B)median
C)mode
D)mean
Answer: D
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Page 5
Chapter 4: Introduction to Probability
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Sample Questions
Q1) A(n) __________ is a graphical representation in which the sample space is represented by a rectangle and events are represented as circles.
A)frequency polygon
B)histogram
C)Venn diagram
D)tree diagram
Q2) Assume two events A and B are mutually exclusive and, furthermore, P(A) = 0.2 and P(B) = 0.4.
a.Find P(A \(\cap\) B).
b.Find P(A \(\cup\) B).
c.Find P(A|B).
Q3) If two events are mutually exclusive, then the probability of their intersection
A)will be equal to zero
B)can have any value larger than zero
C)must be larger than zero, but less than one
D)will be one
Q4) A student has to take 7 more courses before she can graduate. If none of the courses are prerequisites to others, how many groups of three courses can she select for the next semester?
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) Twenty percent of the applications received for a particular position are rejected. What is the probability that among the next fourteen applications, a.none will be rejected?
b.all will be rejected?
c.less than 2 will be rejected?
d.more than four will be rejected?
e.Determine the expected number of rejected applications and its variance.
Q2) The expected value of a random variable is the A)most probable value
B)simple average of all the possible values
C)median value
D)mean value
Q3) The function used to compute the probability of x successes in n trials, when the trials are dependent, is the
A)binomial probability function
B)Poisson probability function
C)hypergeometric probability function
D)exponential probability function
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) The assembly time for a product is uniformly distributed between 6 to 10 minutes. The probability of assembling the product between 7 to 9 minutes is A)zero
B)0.50
C)0.20
D)1
Q2) Refer to Exhibit 6-2. The probability that she will finish her trip in 80 minutes or less is
A)0.02
B)0.8
C)0.2
D)1.00
Q3) Refer to Exhibit 6-6. What is the probability that a randomly selected tire will have a life of at least 30,000 miles?
A)0.4772
B)0.9772
C)0.0228
D)None of the alternative answers is correct.
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) Random samples of size 81 are taken from a process (an infinite population) whose mean and standard deviation are 200 and 18, respectively. The distribution of the population is unknown. The mean and the standard error of the distribution of sample means are
A)200 and 18
B)81 and 18
C)9 and 2
D)200 and 2
Q2) As the sample size becomes larger, the sampling distribution of the sample mean approaches a
A)binomial distribution
B)Poisson distribution
C)hypergeometric distribution
D)None of the alternative answers is correct.
Q3) The standard deviation of a point estimator is the
A)standard error
B)sample statistic
C)point estimate
D)sampling error
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Page 9
Chapter 8: Interval Estimation
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Sample Questions
Q1) 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.
Q2) An estimate of a population parameter that provides an interval believed to contain the value of the parameter is known as the
A)confidence level
B)interval estimate
C)parameter value
D)population estimate
Q3) A sample of 25 patients in a doctor's office showed that they had to wait an average of 35 minutes with a standard deviation of 10 minutes before they could see the doctor. Provide a 98% confidence interval estimate for the average waiting time of all the patients who visit this doctor. Assume the population of waiting times is normally distributed.
Q4) If the standard deviation for the lifetimes of washing machines is estimated to be 800 hours, how large a sample must be taken in order to be 97% confident that the margin of error will not exceed 50 hours?
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Chapter 9: Hypothesis Tests
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Sample Questions
Q1) Refer to Exhibit 9-4. At a .05 level of significance, it can be concluded that the mean age is
A)not significantly different from 24
B)significantly different from 24
C)significantly less than 24
D)significantly less than 25
Q2) The level of significance in hypothesis testing is the probability of
A)accepting a true null hypothesis
B)accepting a false null hypothesis
C)rejecting a true null hypothesis
D)could be any of the above, depending on the situation
Q3) For a two-tailed hypothesis test about a population mean, the null hypothesis can be rejected if the confidence interval
A)is symmetric
B)is non-symmetric
C)includes \(\mu\)<sub>0</sub>
D)does not include \(\mu\)<sub>0</sub>
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Chapter 10: Inference About Means and Proportions With
Two Populations
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Sample Questions
Q1) A movie based on a best-selling novel was recently released. Six hundred viewers of the movie, 235 of whom had previously read the novel, were asked to rate the quality of the movie. The survey showed that 141 of the novel readers gave the movie a rating of excellent, while 248 of the non-readers gave the movie an excellent rating.
a. Develop an interval estimate of the difference between the proportions of the two populations, using a .05 level of significance, as the basis for your decision.
b. Can we conclude, on the basis of a hypothesis test about p<sub>1</sub>p<sub>2</sub>, that the proportion of the non-readers of the novel who thought the movie was excellent is greater than the proportion of readers of the novel who thought the movie was excellent? Use a .05 level of significance. (Hint: this is a one-tailed test.)
Q2) Refer to Exhibit 10-4. The 95% confidence interval for the difference between the two population means is
A)-5.372 to 11.372
B)-5 to 3
C)-4.86 to 10.86
D)-2.65 to 8.65
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Chapter 11: Inferences About Population Variances
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Sample Questions
Q1) Refer to Exhibit 11-8. The p-value is
A)less than 0.025
B)less than 0.05
C)less than 0.10
D)greater than 0.10
Q2) To avoid the problem of having access to tables of the F distribution with values for the lower tail when a one-tail test is required, let
A)the smaller sample variance be the numerator of the test statistic
B)the larger sample variance be the numerator of the test statistic
C)the sample variance from the population with the smaller hypothesized variance be the numerator of the test statistic
D)the sample variance from the population with the larger hypothesized variance be the numerator of the test statistic
Q3) Refer to Exhibit 11-3. The p-value for this test is
A)0.05
B)greater than 0.10
C)less than 0.10
D)1.96
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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 12-4. The expected frequency for the Business College is
A)0.3
B)0.35
C)90
D)105
Q2) In order not to violate the requirements necessary to use the chi-square distribution, each expected frequency in a goodness of fit test must be
A)at least 5
B)at least 10
C)no more than 5
D)less than 2
Q3) Refer to Exhibit 12-3. The test statistic is A)10.08
B)54.02
C)1.96
D)1.645
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Chapter 13: Experimental Design and Analysis of Variance
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Sample Questions
Q1) Refer to Exhibit 13-4. The mean square within treatments (MSE) is A)50
B)10
C)200
D)600
Q2) Refer to Exhibit 13-2. The null hypothesis is to be tested at the 5% level of significance. The critical value from the table is
A)2.71
B)2.87
C)5.19
D)5.8
Q3) An ANOVA procedure is applied to data obtained from 6 samples where each sample contains 20 observations. The degrees of freedom for the critical value of F are
A)6 numerator and 20 denominator degrees of freedom
B)5 numerator and 20 denominator degrees of freedom
C)5 numerator and 114 denominator degrees of freedom
D)6 numerator and 20 denominator degrees of freedom.
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Chapter 14: Simple Linear Regression
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Sample Questions
Q1) If the coefficient of correlation is 0.4, the percentage of variation in the dependent variable explained by the estimated regression equation
A)is 40%
B)is 16%
C)is 4%
D)can be any positive value
Q2) It is possible for the coefficient of determination to be
A)larger than 1
B)less than one
C)less than zero
D)All of these answers are correct, depending on the situation under consideration.
Q3) If the coefficient of determination is a positive value, then the regression equation
A)must have a positive slope
B)must have a negative slope
C)could have either a positive or a negative slope
D)must have a positive y intercept
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Chapter 15: Multiple Regression
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Sample Questions
Q1) In a multiple regression model, the variance of the error term \(\varepsilon\) is assumed to be
A)the same for all values of the dependent variable
B)zero
C)the same for all values of the independent variable
D)-1
Q2) A regression model in which more than one independent variable is used to predict the dependent variable is called
A)a simple linear regression model
B)a multiple regression model
C)an independent model
D)None of these alternatives is correct.
Q3) A measure of goodness of fit for the estimated regression equation is the
A)multiple coefficient of determination
B)mean square due to error
C)mean square due to regression
D)sample size
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Chapter 16: Regression Analysis: Model Building
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Sample Questions
Q1) What value of Durbin-Watson statistic indicates no autocorrelation is present?
A)1
B)2
C)-2
D)0
Q2) Serial correlation is
A)the correlation between serial numbers of products
B)the same as autocorrelation
C)the same as leverage
D)None of these alternatives is correct.
Q3) A regression model with one independent variable, x<sub>1</sub>, resulted in an SSE of 50. When a second independent variable, x<sub>2</sub>, was added to the model, the SSE was reduced to 40. At \(\alpha\) = 0.05, determine if x<sub>2</sub> contributes significantly to the model. The sample size for both models was 30.
Q4) The parameters of nonlinear models have exponents
A)larger than zero
B)other than 1
C)only equal to 2
D)larger than 3
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Chapter 17: Time Series Analysis and Forecasting
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Sample Questions
Q1) Gradual shifting or movement of a time series to relatively higher or lower values over a longer period of time is called A)periodicity. B)cycle.
C)regression. D)trend.
Q2) All of the following are true about a cyclical pattern except A)it is often due to multi-year business cycles
B)it is often combined with long-term trend patterns and called trend-cycle patterns
C)it is an alternating sequence of data points above and below the trend line D)it is usually easier to forecast than a seasonal pattern due to less variability
Q3) Given an actual demand of 61, forecast of 58, and an \(\alpha\) of .3, what would the forecast for the next period be using simple exponential smoothing?
A)57.1
B)58.9
C)61.0
D)65.5
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Chapter 18: Nonparametric Methods
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Sample Questions
Q1) Refer to Exhibit 18-5. The test statistics is
A)3.87
B)2.84
C)60
D)0.5
Q2) The level of measurement that allows for the rank ordering of data items is
A)nominal measurement
B)ratio measurement
C)interval measurement
D)ordinal measurement
Q3) Refer to Exhibit 18-3. The null hypothesis should be
A)rejected
B)not rejected
C)revised
D)None of these alternatives is correct.
Q4) Which of the following tests would not be an example of nonparametric method?
A)Mann-Whitney-Wilcoxon test
B)Wilcoxon signed-rank test
C)sign test
D)t test
20
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Chapter 19: Statistical Methods for Quality Control
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Sample Questions
Q1) A graphical tool used to help determine whether a process is in control or out of control is a
A)scatter diagram
B)histogram
C)control chart
D)None of the other answers is correct.
Q2) Which of the following observed on a control chart suggests a process that is not in control?
A)Points follow a smooth pattern from the lower control limit to the upper control limit
B)The number of points above and below the center line is about the same
C)Points fall randomly above and below the center line
D)No points are outside the control limits
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
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21
Chapter 20: Decision Analysis
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Sample Questions
Q1) A graphic presentation of the expected gain from the various options open to the decision maker is called
A)a payoff table
B)a decision tree
C)the expected opportunity loss
D)the expected value of perfect information
Q2) Refer to Exhibit 20-2. The expected value of the best alternative equals A)29
B)105
C)12
D)38.5
Q3) Refer to Exhibit 20-4. The recommended decision alternative based on the expected value is
A)A
B)B
C)C
D)All alternatives are the same.
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Chapter 21: Sample Survey
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Sample Questions
Q1) Not sampling from the intended target population is an example of A)stratified sampling
B)sampling error
C)cluster sampling
D)nonsampling error
Q2) Refer to Exhibit 21-2. An approximate 95% confidence interval for the population total is
A)482 to 517
B)385,759 to 414,241
C)400,000 to 500,000
D)350,000 to 450,000
Q3) Simple random sampling has been used to obtain a sample of size 60 from a population of size 700. The sample mean was 500 with a standard deviation of 60.
a.Estimate the standard error of the mean.
b.Develop an approximate 95% confidence interval for the population mean.
Q4) A simple random sample of size 36 is selected from a population of size 750. The sample mean is 318, and the sample standard deviation is found to be 30.
a.Estimate the standard error of the mean.
b.Develop an approximate 95% confidence interval for the population mean.
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