Business Data Analysis
Exam Questions
Course Introduction
Business Data Analysis introduces students to the fundamental concepts and tools used to collect, analyze, and interpret data in a business context. The course covers topics such as descriptive statistics, probability distributions, hypothesis testing, regression analysis, and data visualization techniques. Emphasis is placed on transforming raw data into meaningful insights to support informed decision-making. Students will learn to use statistical software and spreadsheet tools commonly employed in business analytics, applying their skills to real-world business problems and case studies. Through hands-on exercises and projects, students gain practical experience in analyzing data, drawing conclusions, and communicating their results effectively.
Recommended Textbook
Modern Business Statistics with Microsoft Excel 5th Edition by David R. Anderson
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Chapter 1: Data and Statistics
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Sample Questions
Q1) A sample of five Fortune 500 companies showed the following revenues ($ millions): 7505.0, 2904.7, 7208.4, 6819.0, and 19500.0. Based on this information, which of the following statements is correct?
A)An estimate of the average revenue for all Fortune 500 companies is 8787.42 ($ millions).
B)The average revenue for all Fortune 500 companies is 8787.42 ($ millions).
C)Over half of all Fortune 500 companies earn at least 7208.4 ($ millions) in revenues.
D)If five other Fortune 500 companies were chosen, the average revenue would be 8787.42 ($ millions).
Answer: A
Q2) Flight time from Cincinnati to Atlanta is an example of a _______ variable and _______ measurement.
A)discrete, interval
B)discrete, ratio
C)continuous, interval
D)continuous, ratio
Answer: D
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Chapter 2: Descriptive Statistics: Tabular and Graphical Displays
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Sample Questions
Q1) Data that indicate how much or how many are known as A)categorical data
B)quantitative data
C)label data
D)category data
Answer: B
Q2) Refer to Exhibit 2-4. What percentage of the students' undergraduate major is engineering?
A)292
B)520
C)65
D)36.5
Answer: D
Q3) Refer to Exhibit 2-1. The cumulative frequency for the class of 20 - 29
A)is 200
B)is 300
C)is 0.75
D)is 0.50
Answer: B
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Chapter 3: Descriptive Statistics: Numerical Measures
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Sample Questions
Q1) Which of the following is not a measure of variability of a single variable?
A)range
B)covariance
C)standard deviation
D)coefficient of variation
Answer: B
Q2) Excel's __________ function can be used to compute the mean.
A)MAX
B)AVERAGE
C)MEDIAN
D)MODE
Answer: B
Q3) Refer to Exhibit 3-1. The median is A)5
B)6
C)7
D)8
Answer: B
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Chapter 4: Introduction to Probability
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Sample Questions
Q1) Sixty percent of the student body at UTC is from the state of Tennessee (T), 30% percent are from other states (O), and the remainder is international students (I). Twenty percent of students from Tennessee live in the dormitories, whereas 50% of students from other states live in the dormitories. Finally, 80% of the international students live in the dormitories.
a.What percentage of UTC students live in the dormitories?
b.Given that a student lives in the dormitory, what is the probability that she/he is an international student?
c.Given that a student does not live in the dormitory, what is the probability that she/he is an international student?
Q2) A graphical method of representing the sample points of a multiple-step experiment is
A)a frequency polygon
B)a histogram
C)an ogive
D)a tree diagram
Q3) A company plans to interview 10 recent graduates for possible employment. The company has three positions open. How many groups of three can the company select?
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) The standard deviation of a binomial distribution is
A)E(x) = np(1 - n)
B)E(x) = np(1 - p)
C)E(x) = np
D)None of the alternative answers is correct.
Q2) The _____ probability function is based in part on the counting rule for combinations.
A)binomial
B)Poisson
C)hypergeometric
D)exponential
Q3) In the textile industry, a manufacturer is interested in the number of blemishes or flaws occurring in each 100 feet of material. The probability distribution that has the greatest chance of applying to this situation is the
A)normal distribution
B)binomial distribution
C)Poisson distribution
D)uniform distribution
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) Z is a standard normal random variable. Compute the following probabilities.
a.P(-1.33 \(\le\) z \(\le\) 1.67)
b.P(1.23 \(\le\) z \(\le\) 1.55)
c.P(z \(\ge\) 2.32)
d.P(z \(\ge\) -2.08)
e.P(z \(\ge\) -1.08)
Q2) Excel's NORM.INV function can be used to compute
A)cumulative probabilities for a standard normal z value
B)the standard normal z value given a cumulative probability
C)cumulative probabilities for a normally distributed x value
D)the normally distributed x value given a cumulative probability
Q3) Refer to Exhibit 6-6. What percentage of tires will have a life of 34,000 to 46,000 miles?
A)38.49%
B)76.98%
C)50%
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) A sample of 66 observations will be taken from a process (an infinite population). The population proportion equals 0.12. The probability that the sample proportion will be less than 0.1768 is
A)0.0568
B)0.0778
C)0.4222
D)0.9222
Q2) A population has a mean of 80 and a standard deviation of 7. A sample of 49 observations will be taken. The probability that the mean from that sample will be larger than 82 is
A)0.5228
B)0.9772
C)0.4772
D)0.0228
Q3) The sampling distribution of the sample mean
A)is the probability distribution showing all possible values of the sample mean
B)is used as a point estimator of the population mean \(\mu\)
C)is an unbiased estimator
D)shows the distribution of all possible values of \(\mu\)
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Chapter 8: Interval Estimation
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Sample Questions
Q1) The Highway Safety Department wants to study the driving habits of individuals. A sample of 41 cars traveling on the highway revealed an average speed of 60 miles per hour and a standard deviation of 7 miles per hour. The population of car speeds is approximately normally distributed. Determine a 90% confidence interval estimate for the speed of all cars.
Q2) A coal company wants to determine a 95% confidence interval estimate for the average daily tonnage of coal that they mine. Assuming that the company reports that the standard deviation of daily output is 200 tons, how many days should they sample so that the margin of error will be 39.2 tons or less?
Q3) The t value with a 95% confidence and 24 degrees of freedom is
A)1.711
B)2.064
C)2.492
D)2.069
Q4) The monthly starting salaries of students who receive an MBA degree have a standard deviation of $110. What size sample should be selected to obtain a 0.95 probability of estimating the mean monthly income within $20 or less?
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Chapter 9: Hypothesis Tests
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Sample Questions
Q1) Two approaches to drawing a conclusion in a hypothesis test are
A)p-value and critical value
B)one-tailed and two-tailed
C)Type I and Type II
D)null and alternative
Q2) The smaller the p-value,
A)the greater the evidence against H<sub>0</sub>
B)the greater the chance of committing a Type II error
C)the greater the chance of committing a Type I error
D)the less likely you are to reject H<sub>0</sub>
Q3) When using Excel to calculate a p-value for an upper-tail hypothesis test, the following must be used
A)RAND
B)1 - NORM.S.DIST
C)NORM.S.DIST
D)Not enough information is given to answer this question.
Q4) A sample of 81 account balances of a credit company showed an average balance of $1,200. The population standard deviation is $126. You want to determine if the mean of all account balances is significantly different from $1,150. Use a .05 level of significance.
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Chapter 10: Inference About Means and Proportions With
Two Populations
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Sample Questions
Q1) Refer to Exhibit 10-3. What is the conclusion that can be reached about the difference in the average final examination scores between the two classes? (Use a .05 level of significance.)
A)There is a statistically significant difference in the average final examination scores between the two classes.
B)There is no statistically significant difference in the average final examination scores between the two classes.
C)It is impossible to make a decision on the basis of the information given.
D)There is a difference, but it is not significant.
Q2) A company wants to identify which of two production methods has the smaller completion time. One sample of workers is selected and each worker first uses one method and then uses the other method. The sampling procedure being used to collect completion time data is based on
A)cross samples
B)pooled samples
C)independent samples
D)matched samples
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Chapter 11: Inferences About Population Variances
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Sample Questions
Q1) 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
Q2) Refer to Exhibit 11-1. The test statistic is
A)14.2
B)12.1
C)3.28
D)2.1
Q3) The chi-square values (for interval estimation) for a sample size of 10 at 95% confidence are
A)3.32511 and 16.9190
B)2.70039 and 19.0228
C)4.16816 and 14.6837
D)3.24697 and 20.4831
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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 12-1. The calculated value for the test statistic equals A)2
B)-2
C)20
D)4
Q2) 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.
Q3) An important application of the chi-square distribution is A)making inferences about a single population variance
B)testing for goodness of fit
C)testing for the independence of two variables
D)All of these alternatives are correct.
Q4) Refer to Exhibit 12-4. The expected frequency for the Business College is A)0.3
B)0.35
C)90
D)105
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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 between treatments (MSTR) is
A)3.34
B)10.00
C)50.00
D)12.00
Q2) Refer to Exhibit 13-4. The conclusion of the test is that the five means
A)are equal
B)may be equal
C)are not equal
D)None of these alternatives is correct.
Q3) Refer to Exhibit 13-5. The mean square between treatments (MSTR) is A)20
B)60
C)300
D)15
Q4) Refer to Exhibit 13-3. The mean square within treatments (MSE) equals A)1.872
B)5.86
C)34
D)36
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Chapter 14: Simple Linear Regression
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Sample Questions
Q1) In regression analysis, the variable that is being predicted is the A)dependent variable B)independent variable C)intervening variable D)None of these answers is correct.
Q2) In a regression analysis, the variable that is being predicted A)must have the same units as the variable doing the predicting B)is the independent variable C)is the dependent variable D)usually is denoted by x
Q3) Refer to Exhibit 14-1. The least squares estimate of b<sub>1</sub> equals A)1
B)-1
C)5.5 D)11
Q4) Refer to Exhibit 14-2. The sample correlation coefficient equals A)-86.667
B)-0.99705
C)0.9941
D)0.99705
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Chapter 15: Multiple Regression
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Sample Questions
Q1) Refer to Exhibit 15-8. If we want to test for the significance of the model, the critical value of F at a 5% significance level is
A)3.33
B)3.35
C)3.34
D)2.96
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) 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
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Chapter 16: Regression Analysis: Model Building
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Sample Questions
Q1) The forward selection procedure starts with how many independent variable(s) in the multiple regression model?
A)none
B)one
C)two
D)all of them
Q2) Refer to Exhibit 16-4. The model
A)is significant
B)is not significant
C)Not enough information is provided to answer this question.
D)None of these alternatives is correct.
Q3) The following model y = \(\beta\)<sub>0</sub> + \(\beta\)<sub>1</sub>x<sub>1</sub> + \(\varepsilon\) Is referred to as a
A)curvilinear model
B)curvilinear model with one predictor variable
C)simple second-order model with one predictor variable
D)simple first-order model with one predictor variable
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Chapter 17: Time Series Analysis and Forecasting
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Sample Questions
Q1) The forecasting model that makes use of the "least squares" method is
A) weighted moving average
B) exponential smoothing
C) moving average
D) regression
Q2) The model that assumes that the actual time series value is the product of its components is the
A)linear trend regression model
B)multiplicative decomposition model
C)additive time series model
D)weighted moving average model
Q3) If data for a time series analysis is collected on an annual basis only, which pattern can be ignored?
A)trend
B)seasonal
C)cyclical
D)horizontal
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Chapter 18: Nonparametric Methods
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Sample Questions
Q1) Refer to Exhibit 18-1. The null hypothesis that is being tested is
A)H<sub>0</sub>: \(\mu\) = 5
B)H<sub>0</sub>: \(\mu\) = 0.5
C)H<sub>0</sub>: p = 5
D)H<sub>0</sub>: p = 0.5
Q2) In a sample of 120 people, 50 indicated that they prefer domestic automobiles, 60 said they prefer foreign-made cars, and 10 indicated no difference in their preference. At a 0.05 level of significance, determine if there is evidence of a significant difference in the preferences for the two makes of automobiles.
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) If the value of c in a single-stage acceptance sampling plan is increased, with n remaining constant, the probability of accepting the lot A)increases
B)decreases
C)remains the same
D)might increase or decrease, depending on the percent defective in the lot
Q2) If the value of c in a single-stage sampling plan is increased, with n remaining constant, the probability of accepting the lot A)increases
B)decreases
C)is unchanged
D)might increase or decrease, depending on the lot percent defective
Q3) A U.S. manufacturer of digital video recorders purchases a circuit board from a Taiwanese firm. The circuit boards are shipped in lots of 2000. The acceptance sampling procedure uses 12 randomly selected circuit boards. The acceptance number is 1. If p<sub>0</sub> is .03 and p<sub>1</sub> is .20, what are the producer's and consumer's risks for this plan?
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Chapter 20: Decision Analysis
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Sample Questions
Q1) Refer to Exhibit 20-5. The recommended decision alternative based on the expected value is
A)A
B)B
C)C
D)All of the answers are correct.
Q2) Refer to Exhibit 20-2. The expected value of perfect information equals A)12
B)4
C)37
D)29
Q3) New information obtained through research or experimentation that enables an updating or revision of the state-of-nature probabilities is
A)population information
B)sampling without replacement
C)sample information
D)conditional information
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Chapter 21: Sample Survey
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Sample Questions
Q1) Any method of sampling for which the probability of selecting a sample cannot be computed is termed
A)probability sampling
B)nonprobabilistic sampling
C)unknown population sampling
D)None of these alternatives is correct.
Q2) Refer to Exhibit 21-3. The population total is
A)3,944
B)16,000
C)240,000
D)24,000
Q3) Cluster sampling is
A)a nonprobability sampling method
B)the same as convenience sampling
C)a probability sampling method
D)None of these alternatives is correct.
Q4) A community has 2,000 registered voters. A pilot study revealed that 70% of the individuals are planning to vote for the incumbent mayor. We are interested in selecting a sample. So that the sampling error will not exceed 4%, what size sample should be taken?
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