Business Statistics
Test Preparation
Course Introduction
Business Statistics introduces students to the fundamental concepts and methods of statistical analysis in the context of business decision-making. The course covers topics such as data collection, descriptive statistics, probability distributions, sampling techniques, statistical inference, hypothesis testing, regression analysis, and quality control. Students learn to interpret data, draw valid conclusions, and apply statistical tools using software to solve real-world business problems. Emphasis is placed on the practical application of statistics to areas such as marketing, finance, operations, and management, enabling students to make informed and data-driven decisions in a dynamic business environment.
Recommended Textbook
Statistics for People Who Think They Hate Statistics Excel 2010 Edition 3rd Edition by Neil J. Salkind
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532 Verified Questions
532 Flashcards
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Chapter 1: Statistics or Sadistics? Its
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Sample Questions
Q1) What symbol is used for representing the mathematical operator "division" when using Excel?
A) =
B) *
C) /
D) -
Answer: C
Q2) What is a sample?
Answer: A sample is a smaller subset of data taken from the larger population such as class of undergraduate students in the University.
Q3) Which of the following is an example of an Excel formula for taking the number 6 to the power of 2?
A) =6+2
B) =6^2
C) 6+2
D) 6^2
Answer: B
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Page 3
Chapter 2: Means to an End: Computing and Understanding Averages
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Sample Questions
Q1) In a ranked list of 25 scores, the median is the score of
A) the 12th case
B) the 13th case
C) the average of the scores of the 12th and 13th cases
D) the average of all of the scores
Answer: B
Q2) Determine the mode of the following set of scores: 10, 15, 12, 18, 19, 16, 12
Answer: The mode is 12
Q3) What is the most common type of average reported?
A) sum
B) mean
C) mode
D) median
Answer: B
Q4) What is the formula for calculating the mean?
Answer: \(\bar { X } = \frac { \sum X } { n }\)
Q5) What are the measures of central tendency discussed in the textbook?
Answer: Mean, median, mode
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Chapter 3: Vive La Différence: Understanding Variability
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Sample Questions
Q1) Which of the following is the correct function for calculating an unbiased estimate of the variance in the population?
A) AVERAGE(A1:A15)
B) STDEV(A1+A2+A3)/3
C) VAR(A1:A12)
D) STDEV(A1:A10)
Answer: D
Q2) When subtracting the largest number in a distribution from the smallest, what type of variability is being calculated?
A) outliers
B) standard deviation
C) variance
D) range
Answer: D
Q3) What is the formula for computing both the exclusive and inclusive ranges?
Answer: Exclusive range: r = h - l; Inclusive range: r = h - l + 1
Q4) What is the range of the following set of scores? 10, 15, 12, 18, 19, 16, 12
Answer: The range is 9
5
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Chapter 4: A Picture Really Is Worth a Thousand Words
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Sample Questions
Q1) What is the term associated with a range of numbers that spans a set number of scores used when creating frequency distributions?
A) Histogram
B) Polygon
C) Class interval
D) Frequency count
Q2) What type of graph displays class intervals along an x-axis?
A) Polygon
B) Line graph
C) Histogram
D) Tally marks
Q3) What do you call a continuous line that represents the frequency of scores within a class interval?
A) Polygon
B) Line graph
C) Histogram
D) Tally marks
Q4) If you have a distribution of 50 scores and you want 10 intervals, what should be the size of your class interval?
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Chapter 5: Ice Cream and Crime: Computing Correlation
Coefficients
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Sample Questions
Q1) Which of the following correlations would be interpreted as a weak relationship?
A) .26
B) .46
C) .66
D) .86
Q2) If you wanted to compute the correlation between two interval-level variables, which type of correlation should you use?
A) Point biserial
B) Phi
C) Spearman rank
D) Pearson
Q3) Which of the following refers to a correlation between two variables?
A) Bicorrelate
B) Bivariate
C) Two-way variance
D) Two-way analysis
Q4) What does a correlation coefficient represent?
Q5) If the correlation between variables is .60, what is the coefficient of alienation?
Q6) Write the formula for the Pearson product-moment correlation coefficient.
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Chapter 6: Just the Truth: An Introduction to Understanding
Reliability and Validity
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Sample Questions
Q1) When we calculate reliability, we know the observed score. What are the two unknown components of the reliability equation?
A) Method and error scores
B) Means and standard deviations
C) Test-retest and interrater scores
D) True and error scores
Q2) What are the four levels of measurement?
A) Rank, ordinal, nominal, ratio
B) Ratio, interval, categorical, nominal
C) Nominal, ordinal, interval, ratio
D) Nominal, rank, interval, ordinal
Q3) Which of the following is the Greek letter associated with Cronbach's alpha, sometimes known as coefficient alpha?
A) \(\lambda\)
B) \(\alpha\)
C) \(\varepsilon\)
D) \(\sigma\)
Q4) What are the scales of measurement?
Page 8
Q5) Name four types of reliability and what each type measures.
Q6) Which level of measurement provides the most information about a variable?
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Page 9
Chapter 7: Hypotheticals and You: Testing Your Questions
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Sample Questions
Q1) What does your research question help to guide?
A) Hypothesis
B) Relationship
C) Sampling error
D) Average score
Q2) Using the symbols from the text, write a directional research hypothesis equation where 9th graders are hypothesized to score better 12th graders.
Q3) What test would you want to use to test a directional research hypothesis?
A) One-tailed test
B) Two-tailed test
C) Nonparametric test
D) Frequency test
Q4) Which of the following represents a nondirectional research hypothesis?
A) \(H _ { 1 } : \bar { X } _ { 1 } > \bar { X } _ { 2 }\)
B) \(H _ { 0 } : \mu _ { 1 } = \mu _ { 2 }\)
C) \(H _ { 1 : } : \bar { X } _ { 2 } \neq \bar { X } _ { 2 }\)
D) \(H _ { 0 } : \mu _ { 1 } > \mu _ { 2 }\)
Q5) What is a hypothesis?
Q6) Explain the difference between the null hypothesis and a research hypothesis.
Q7) What are the basic criteria for judging the quality of hypotheses?
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Chapter 8: Are Your Curves Normal? Probability and Why It
Counts
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Sample Questions
Q1) Which of the following characteristics is associated with the "tails" of the normal curve?
A) Asymptotic
B) Symmetry
C) Probability
D) Bell-shaped
Q2) What is the basis for the normal curve and inferential statistics?
A) Mean
B) Asymptotic
C) Probability
D) Symmetry
Q3) When we want to infer from a sample to the population, what assumption must be met?
A) Sample is normally distributed
B) Sample is large
C) Population is normally distributed
D) Population is large
Q4) If the z score is -.5 in a distribution with a mean of 50 and a standard deviation of 5, what is the raw score?
Q5) How is the T score calculated?
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Chapter
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Sample Questions
Q1) The level of chance you are willing to take is called the?
A) Beta level
B) Power level
C) Significance level
D) Chance level
Q2) If you want to examine the difference between the average scores for students on a pretest/posttest measure, which of the statistical techniques should you select?
A) Regression
B) t test for dependent samples
C) Analysis of variance
D) t test for independent samples
Q3) Under the normal curve, if the obtained value falls to the right of the critical value, under what percent of the normal curve did it fall?
Q4) What Greek letter is associated with Type II error?
A) \(\alpha\)
B) \(\beta\)
C) \(\Sigma\)
D) \(\eta\)
Q5) What is the difference between the obtained value and the critical value?
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Chapter 10: Only the Lonely
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Sample Questions
Q1) If you have designed a 99% confidence interval to estimate the population average (?) with a known standard deviation for the populationstandard deviation for the populationstandard deviation for the population (?), what is supposed to be the correct critical values range for z?
Q2) If the n is less than 30, what should the distribution be?
Q3) The observed sample mean?
A) Array
B) Mean score
C) Sigma
D) Mu
Q4) If the obtained z value is more extreme than the critical value, then?
A) The hypothesis is non-directional
B) The null hypothesis can be accepted
C) The null hypothesis cannot be accepted
D) The hypothesis is directional
Q5) Write the formula used for computing the value for a one sample Z-Z-test and define each of the three components.
Q6) If n > 30, what should the distribution be?
Q7) What can be said about data points and Z Tests?
Page 13
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Chapter 11: t(ea) for Two (Again): Tests Between the Means of Related Groups
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Sample Questions
Q1) What does t critical one-tail represent?
Q2) Examining one group of subjects under two different conditions would require what statistical technique?
A) Regression
B) t test for dependent samples
C) Analysis of variance
D) t test for independent samples
Q3) What is another term that statisticians use when talking of dependent tests? Explain.
Q4) What does t stat represent?
Q5) What is the formula for calculating a t value for a dependent samples test?
Q6) When comparing two groups the term independent explains that:
A) One group is compared to other similar groups
B) One group is compared to dissimilar groups
C) Two groups are related
D) Two groups are not related in any way
Q7) Given the following, what should you conclude? t<sub>(24)</sub> = 2.001 and t<sub>critical</sub> = 1.94
Q9) What does P(T<=t) two-tail represent? Page 14
Q8) Explain the difference between a test of dependent and independent means.
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Chapter 12: t(ea) for Two (Again): Tests Between the Means of Related Groups
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Sample Questions
Q1) To compute the test statistic or t value you must first approximate the sample size through calculating the?
A) Pooled variance
B) Standard deviation
C) Degrees of freedom
D) Mean score
Q2) To determine whether the null hypothesis should be rejected, the test statistic must be compared against which of these?
A) Critical value
B) Significance level
C) Obtained value
D) p value
Q3) If the obtained value is less than the critical value, what should you do?
A) Reject the null hypothesis
B) Accept the null hypothesis
C) Reduce the p value
D) Decrease your sample
Q4) What is the formula for calculating a t value for a dependent samples test?
Page 16
Q5) What does P(T<=t) two-tail represent?
Q6) What does t critical one-tail represent?
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Chapter 13: Two Groups Too Many? Try Analysis of Variance
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Sample Questions
Q1) What is the formula for computing the F statistic?
Q2) When interpreting F??, ??? = 8.80, p < .05, what is the within-groups df?
A) 30
B) 27
C) 3
D) 2
Q3) If the total sample size was 50 and three groups were examined, what is the between-groups degrees of freedom?
Q4) When you compute the sum of the differences between each individual score and the group mean, you have calculated which of the following:
A) MS within
B) SS within C) SS between D) MS between
Q5) When is analysis of variance the appropriate statistical procedure to use?
Q6) What is the sum of squares total?
Q7) If the total sample size was 50 and three groups were examined, what is the within-groups degrees of freedom?
Q8) How are the F statistic and t statistic related?
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Chapter 14: Two Too Many Factors: Factorial Analysis of Variance
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Sample Questions
Q1) Create a 3 × 2 factorial design ANOVA.
Q2) If you wanted to examine whether the attitude toward learning differs based on students' grade in school (i.e., 1st, 2nd, 3rd, etc.) and level of parent involvement, what is the dependent variable of interest?
A) Grade level
B) Students' attitudes
C) Parents' attitudes
D) Level of parent involvement
Q3) What type of design includes an ANOVA where one factor is repeated and the other is not?
A) Repeated design
B) Between-group design
C) Mixed design
D) One-way ANOVA
Q4) What is the difference between ANOVA: Two-Factor with Replication and ANOVA: Two-Factor without Replication?
Q5) Write the null and research hypotheses to test both the main effects and interaction between gender and treatment (treatment = two levels).
Q6) When should factorial ANOVA be used in place of simple ANOVA?
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Chapter 15: Cousins or Just Good Friends? Testing
Relationships Using the Correlation Coefficient
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Sample Questions
Q1) What is another term for a negative correlation?
A) Indirect
B) Nondirectional
C) Direct
D) Unidirectional
Q2) What is the name of the Greek letter p?
A) Phi
B) Rho
C) Chi
D) Alpha
Q3) Which of the following is an example of a research hypothesis for testing a correlation coefficient?
A) \(H _ { 1 : } \rho _ { x v } \neq 0\)
B) \(H _ { 1 : } : \rho _ { x w } = 0\)
C) \(H _ { 0 } : \rho _ { x v } = 0\)
D) \(H _ { 0 } : \rho _ { x w } \neq 0\)
Q4) What are the null and research hypotheses for testing a correlation coefficient?
Q5) If you are examining the relationship between variables (not the difference between groups) and only two variables are being used, what is the appropriate test statistic?
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Chapter 16: Predicting Wholl Win the Super Bowl: Using
Linear Regression
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Sample Questions
Q1) Which of the following symbols is associated with the predicted score in the regression equation?
A) X
B) Y
C) a
D) b
Q2) How would you represent the predicted score of Y based on a known value of X?
A) Y
B) y-intercept
C) Y?
D) Y = Xa
Q3) How would the regression equation change if there were two predictors? Write the equation for two predictor variables.
Q4) What must be done to categorical variables in order to use them in a regression analysis?
A) Nothing
B) Dummy coding
C) Problem coding
D) Categorical coding
21
Q5) What is the standard error of estimate? What does it allow us to examine?
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Chapter
Chi-Square and Some Other Nonparametric Tests
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Q1) Which of the following is the most commonly used nonparametric test?
A) t test
B) ANOVA
C) Mann-Whitney
D) Chi-square
Q2) Which of the following nonparametric tests is used to determine if scores from a sample came from a specified population?
A) Mann-Whitney
B) Fisher's exact
C) Kolmogorov-Smirnov
D) Spearman rank
Q3) If there are three categories for which you are calculating a one-sample chi-square, what are the degrees of freedom?
A) 0
B) 1
C) 2
D) 3
Q4) How are the degrees of freedom associated with the one-sample chi-square calculated?
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Chapter 18: Some Other (Important) Statistical Procedures
You Should Know About
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Sample Questions
Q1) Which of the following examines data to see if a theoretical relationship is sustained?
A) repeated measures
B) covariance
C) path analysis
D) ANOVA
Q2) Which of the following is a path analysis technique used to present results in a graphical representation of the relationship between all the different factors under consideration?
A) data mining
B) structural equation modeling
C) covariance
D) ANOVA
Q3) If you want to equalize initial differences between two groups before examining group differences, what procedure would you use?
A) ANOVA
B) ANCOVA
C) Repeated measures
D) MANOVA
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