Business Statistics
Exam Preparation Guide
Course Introduction
Business Statistics is a foundational course that introduces students to the principles and methods of collecting, analyzing, interpreting, and presenting data relevant to business decision-making. Covering topics such as descriptive statistics, probability theory, inferential statistics, regression analysis, and hypothesis testing, this course equips students with practical tools to solve real-world business problems. Emphasis is placed on applying statistical techniques to areas such as market research, quality control, and forecasting, thereby enabling students to make informed and data-driven decisions in various business contexts.
Recommended Textbook
Business Statistics in Practice 7th Edition by Bruce Bowerman
Available Study Resources on Quizplus
10 Chapters
1299 Verified Questions
1299 Flashcards
Source URL: https://quizplus.com/study-set/2975
Page 2
Chapter 1: An Introduction to Business Statistics
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/59165
Sample Questions
Q1) A ratio variable has the following characteristic:
A)Meaningful order
B)Inherently defined zero value
C)Categorical in nature
D)Predictable
Answer: B
Q2) The weight of a chemical compound used in an experiment that is obtained using a well-adjusted scale represents a(n)_____________ level of measurement.
A)Nominative
B)Ordinal
C)Interval
D)Ratio
Answer: D
Q3) If we examine some of the population measurements,we are conducting a census of the population.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above.
3
Chapter 2: Descriptive Statistics: Tabular and Graphical Methods
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/59164
Sample Questions
Q1) Recently an advertising company called 200 people and asked them to identify the company that was in an ad running nationwide.The following results were obtained.
\(\begin{array} { | l | c | c | c | }
\hline & \text { Female } & \text { Male } & \text { Total } \\
\hline \text { Correctly recalled the company } & 66 & 50 & 116 \\
\hline \text { Incorrectly recalled the company } & 44 & 40 & 84 \\
\hline \text { Total } & 110 & 90 & 200 \\
\hline
\end{array}\)
What percentage of those surveyed could not correctly recall the company?
A)58.00
B)56.89
C)55.00
D)43.10
E)42.00
Answer: E
Q2) A bar chart is a graphic that can be used to depict qualitative data.
A)True
B)False
Answer: True
Page 4
To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Descriptive Statistics: Numerical Methods
Available Study Resources on Quizplus for this Chatper
142 Verified Questions
142 Flashcards
Source URL: https://quizplus.com/quiz/59163
Sample Questions
Q1) The local amusement park was interested in the average wait time at their most popular roller coaster at the peak park time (2 p.m. ).They selected 13 patrons and had them get in line between 2 and 3 p.m.Each was given a stopwatch to record the time they spent in line.The times recorded were as follows (in minutes)(mean = 114.15): 118,124,108,116,99,120,148,118,119,121,45,130,118
What is the range?
A)103
B)23.62
C)557.97
D)128.8
E)115
Answer: A
Q2) If b<sub>0</sub> = 32 and b<sub>1</sub> = -4 and the predicted value of y is 14,what is the value of x?
A)-24.0
B)18.0
C)4.5
D)0.56
Answer: C
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Probability
Available Study Resources on Quizplus for this Chatper
144 Verified Questions
144 Flashcards
Source URL: https://quizplus.com/quiz/59162
Sample Questions
Q1) The _____________ of an event is a number that measures the likelihood that an event will occur when an experiment is carried out.
A)Outcome
B)Probability
C)Intersection
D)Observation
Q2) Container 1 has 8 items,3 of which are defective.Container 2 has 5 items,2 of which are defective.If one item is drawn from each container: What is the probability that the item from Container 1 is defective and the item from Container 2 is not defective?
A)0.3846
B)0.2250
C)0.3750
D)0.6154
E)0.1500
Q3) Determine whether the two events are mutually exclusive. Someone born in the United States and a US citizen
A)Mutually exclusive
B)Not mutually exclusive
To view all questions and flashcards with answers, click on the resource link above.
Page 6
Chapter 5: Discrete Random Variables
Available Study Resources on Quizplus for this Chatper
155 Verified Questions
155 Flashcards
Source URL: https://quizplus.com/quiz/59161
Sample Questions
Q1) The hypergeometric probability distribution can be approximated by the Poisson distribution.
A)True
B)False
Q2) If x is a Poisson random variable with a mean of 10,what is the probability that x is greater than or equal to 2?
A).9972
B).0028
C).9995
D).0005
Q3) A lawyer believes that the probability is .3 that she can win a discrimination suit.If she wins the case,she will make $40,000;but if she loses,she gets nothing.Assume that she has to spend $5000 preparing the case.What is her expected gain?
A)$35,000
B)$7,000
C)$10,500
D)$9,000
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Continuous Random Variables
Available Study Resources on Quizplus for this Chatper
150 Verified Questions
150 Flashcards
Source URL: https://quizplus.com/quiz/59160
Sample Questions
Q1) An aptitude test has a mean score of 80 and a standard deviation of 5.The population of scores is normally distributed.What proportion of tests has scores over 90?
A).9772
B).0228
C).9544
D).0456
Q2) If x is a binomial random variable where n = 100 and p = .1,find the probability that x is less than or equal to 10,using the normal approximation to the binomial.
A).9544
B).0446
C).5675
D).4325
Q3) The ___________ is a graphic that is used to check visually whether data come from a normal population.
A)Exponential plot
B)Normal probability plot
C)Box and whiskers plot
D)Normal distribution graph
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Sampling and Sampling Distributions
Available Study Resources on Quizplus for this Chatper
132 Verified Questions
132 Flashcards
Source URL: https://quizplus.com/quiz/59159
Sample Questions
Q1) The reason sample variance has a divisor of n - 1 rather than n is that it makes the variance an unbiased estimate of the population variance.
A)True
B)False
Q2) Consider a sampling distribution formed based on n = 3.The standard deviation of the population of all sample means \(\sigma _ { \bar { X } }\)
Is ______________ less than the standard deviation of the population of individual measurements ?.
A)Always
B)Sometimes
C)Never
Q3) For any sampled population,the population of all sample means is approximately normally distributed.
A)True
B)False
Q4) A low response rate has no effect on the validity of a survey's findings.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Confidence Intervals
Available Study Resources on Quizplus for this Chatper
149 Verified Questions
149 Flashcards
Source URL: https://quizplus.com/quiz/59158
Sample Questions
Q1) An environmental group at a local college is conducting independent tests to determine the distance a particular make of automobile will travel while consuming only 1 gallon of gas.They test a sample of five cars and obtain a mean of 28.2 miles.Assuming that the standard deviation is 2.7 miles,find the 95 percent confidence interval for the mean distance traveled by all such cars using 1 gallon of gas.
A) \(\left[ \begin{array} { l l }
26.16 & 30.24
\end{array} \right]\)
B) \([ 20.70\)\( \quad\)\( \quad\)\(35.70 ]\)
C) \(\left[ \begin{array} { l l }
24.85 & 31.55
\end{array} \right]\)
D) \([ 26.70\)\( \quad\)\( \quad\)\(29.70 ]\)
E) \(\left[ \begin{array} { l l }
25.83 & 30.57
\end{array} \right.\)
Q2) When sample size is 16,find t<sub>.001</sub>.
Q3) When sample size is 11,find t<sub>.025</sub>.
Q4) When sample size is 20,find t<sub>.001</sub>.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Hypothesis Testing
Available Study Resources on Quizplus for this Chatper
148 Verified Questions
148 Flashcards
Source URL: https://quizplus.com/quiz/59157
Sample Questions
Q1) A mail-order business prides itself in its ability to fill customers' orders in less than six calendar days,on average.Periodically,the operations manager selects a random sample of customer orders and determines the number of days required to fill the orders.On one occasion when a sample of 39 orders was selected,the average number of days was 6.65 with a population standard deviation of 1.5 days.Calculate the appropriate test statistic to test the hypotheses.
Q2) The ____________ hypothesis is not rejected unless there is sufficient sample evidence to do so.
A)Research
B)Alternative
C)Null
D)True
Q3) In a bottling process,a manufacturer will lose money if the bottles contain either more or less than is claimed on the label.Suppose a quality manager for a steak sauce company is interested in testing whether the mean number of ounces of steak sauce per restaurant-size bottle differs from the labeled amount of 20 ounces.The manager samples nine bottles,measures their contents,and finds the sample mean is 19.7 ounces and the sample standard deviation is 0.3 ounces.Calculate the appropriate test statistic to test the hypotheses.
To view all questions and flashcards with answers, click on the resource link above.
Page 11
Chapter 10: Comparing Two Means and Two Proportions
Available Study Resources on Quizplus for this Chatper
118 Verified Questions
118 Flashcards
Source URL: https://quizplus.com/quiz/59156
Sample Questions
Q1) A fast-food company uses two management-training methods.Method 1 is a traditional method of training,and Method 2 is a new and innovative method.The company has just hired 31 new management trainees.15 of the trainees are randomly selected and assigned to Method 1,and the remaining 16 trainees are assigned to Method 1 .After three months of training,the management trainees take a standardized test.The test is designed to evaluate their performance and learning from the training.The sample mean score and sample standard deviation of the two methods are given below.Company management wants to determine whether the company should implement the new training method.
\(\begin{array}{lcc}
& \text { Mean } & \text { Standard Deviation } \\
\text { Method 1 } & 69 & 3.4 \\
\text { Method 2 } & 72 & 3.8
\end{array}\)
What is the absolute value of the rejection point (critical value of the test statistic)at = .05?
Q2) Determine the 95 percent confidence interval for the difference between two population means,where sample 1 has data: 16,14,19,18,19,20,15,18,17,18;and sample 2 has data: 13,19,14,17,21,14,15,10,13,15.(Assume equal population variances. )
To view all questions and flashcards with answers, click on the resource link above.
Page 12