Data Analysis for Business Exam Bank
Course Introduction
Data Analysis for Business introduces students to the fundamentals of collecting, analyzing, and interpreting data to make informed business decisions. The course covers essential concepts in descriptive and inferential statistics, data visualization, probability, and hypothesis testing within a business context. Students learn to use software tools for data analysis, explore real-world business datasets, and apply analytical techniques to solve practical problems in areas such as marketing, finance, and operations. Emphasis is placed on critical thinking, effective communication of insights, and the ethical use of data in decision-making processes.
Recommended Textbook Business Statistics for Contemporary Decision Making 2nd Canadian Edition by Ken Black
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Page 2
Chapter 1: Introduction to Statistics
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Sample Questions
Q1) A researcher wants to know what the average variation is in altimeters of small,privately owned airplanes.The task of determining this is expensive and time-consuming,if even possible,given the large number of such airplanes.The researcher decides to use government records to randomly locate the owners of ten such planes and then get permission to test the altimeters.When the researcher is done,he will use the data gathered from the group of ten to reach conclusions about all small,privately owned airplanes.This process can best be described as ___.
A)data statistics
B)research statistics
C)descriptive statistics
D)inferential statistics
E)nonparametric statistics
Answer: D
Q2) The basis for inferential statistics is the ability to make decisions about population parameters without having to complete a census of the population.
A)True
B)False
Answer: True
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3
Chapter 2: Charts and Graphs
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Sample Questions
Q1) A scatter plot shows how the numbers in a data set are scattered around their average.
A)True
B)False
Answer: False
Q2) Describe and construct different types of qualitative data graphs,including pie charts,bar charts,and Pareto charts.Explain when these graphs should be used. Answer: A pie chart is a circular depiction of data.The amount of each category is represented as a slice of the pie proportionate to the total.The researcher is cautioned in using pie charts because it is sometimes difficult to differentiate the relative sizes of the slices.The bar chart or bar graph uses bars to represent the frequencies of various qualitative categories.The bar chart can be displayed horizontally or vertically.A Pareto chart is a vertical bar chart that is used in total quality management to graphically display the causes of problems.The Pareto chart presents problem causes in descending order to assist the decision maker in prioritizing problem causes.
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4
Chapter 3: Descriptive Statistics
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Sample Questions
Q1) A statistics student made the following grades on 5 tests: 84,78,88,78,and 82.What is the mode?
A)78
B)80
C)88
D)84
E)82
Answer: A
Q2) The average starting salary for graduates at a university is $25,000 with a standard deviation of $2,000.If a histogram of the data shows that it takes on a mound shape,the empirical rule says that approximately 95% of the graduates would have a starting salary between ___.
A)$23,000 and $27,000
B)$21,000 and $29,000
C)$19,000 and $31,000
D)$24,000 and $26,000
E)$26,000 and $28,000
Answer: B
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Chapter 4: Probability
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Sample Questions
Q1) If X and Y are mutually exclusive events,then if X occurs,___.
A)Y must also occur
B)Y cannot occur
C)X and Y are independent
D)X and Y are complements
E)A and Y are collectively exhaustive
Q2) Calculate conditional probabilities with various forms of the law of conditional probability,and use them to determine if two events are independent.
Q3) Given P(A)= 0.40,P(B)= 0.50,P(A \(\cap\) B)= 0.15.Find P(A \(\cup\) B).
A)0.90
B)1.05
C)0.75
D)0.65
E)0.60
Q4) Deconstruct the elements of probability by defining experiments,sample spaces,and events;classifying events as mutually exclusive,collectively exhaustive,complementary,or independent;and counting possibilities.
Q5) Compare marginal,union,joint,and conditional probabilities by defining each one.
Q6) Describe what probability is and when one would use it.
Page 6
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Chapter 5: Discrete Distributions
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Sample Questions
Q1) Pinky Bauer,Chief Financial Officer of Harrison Haulers,Inc. ,suspects irregularities in the payroll system,and orders an inspection of a random sample of vouchers issued since January 1,2013.A sample of ten vouchers is randomly selected,without replacement,from the population of 2,000 vouchers.Each voucher in the sample is examined for errors and the number of vouchers in the sample with errors is denoted by x.If 20% of the population of vouchers contain errors,P(x>0)is ___.
A)0.8171
B)0.1074
C)0.8926
D)0.3020
E)1.0000
Q2) The hypergeometric distribution is similar to the binomial distribution except that
A)sampling is done with replacement in the hypergeometric
B)sampling is done without replacement in the hypergeometric
C)x does not represent the number of successes in the hypergeometric D)there are more than two possible outcomes in the hypergeometric
Q3) Determine the mean,variance,and standard deviation of a discrete distribution.
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Chapter 6: Continuous Distributions
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Sample Questions
Q1) If a continuous random variable x is uniformly distributed over the interval 8 to 12,inclusively,then P(x = exactly 10)is ___.
A)0.750
B)0.000
C)0.333
D)0.500
E)0.900
Q2) A z score is the number of ___ that a value is from the mean.
A)variances
B)standard deviations
C)units
D)miles
E)minutes
Q3) The exponential distribution is an example of ___.
A)a discrete distribution
B)a continuous distribution
C)a bimodal distribution
D)a normal distribution
E)a symmetrical distribution
Q4) Solve for probabilities in a continuous uniform distribution.
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) Catherine Chao,Director of Marketing Research,needs a sample of households to participate in the testing of a new toothpaste package.She chooses thirty-six of her closest friends.Catherine's sample is a ___.
A)cluster sample
B)convenience sample
C)quota sample
D)systematic sample
E)random sample
Q2) Albert Abbasi,VP of Operations at Ingleside International Bank,is evaluating the service level provided to walk-in customers.Accordingly,he plans a sample of waiting times for walk-in customers.If the population of waiting times has a mean of 15 minutes and a standard deviation of 4 minutes,the probability that Albert's sample of 64 will have a mean less than 16 minutes is ___.
A)0.4772
B)0.0228
C)0.9072
D)0.9544
E)0.9772
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9
Chapter 8: Statistical Inference: Estimation for Single Populations
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Sample Questions
Q1) In estimating the sample size necessary to estimate p,if there is no good approximation for the value of p available,the value of ___ should be used as an estimate of p in the formula.
A)0.10
B)0.50
C)0.40
D)1.96
E)2.00
Q2) Elwin Osbourne,CIO at GFS,Inc. ,is studying employee use of GFS email for non-business communications.He plans to use a 98% confidence interval estimate of the proportion of email messages that are non-business;he will accept a 0.05 error.Previous studies indicate that approximately 30% of employee email is not business related.Elwin should sample ___ email messages.
A)323
B)12
C)457
D)14
E)100
Q3) Estimate a population proportion using the z statistic.
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Chapter 9: Statistical Inference: Hypothesis Testing for
Single Populations
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Sample Questions
Q1) Reach a statistical conclusion in hypothesis testing problems about a population variance using the chi-square statistic.
Q2) Consider the following null and alternative hypotheses: H<sub>o</sub>: µ \(\le\) 67 H<sub>a</sub>: µ > 67
These hypotheses ___.
A)indicate a one-tailed test with a rejection area in the right tail
B)indicate a one-tailed test with a rejection area in the left tail
C)indicate a two-tailed test
D)are established incorrectly
E)are not mutually exclusive
Q3) A null hypothesis is p > 0.65.To test this hypothesis,a sample of 400 is taken and alpha is set at 0.05.If the true proportion is p = 0.60,what is the probability of a Type II error?
A)0.17
Q4) Solve for possible Type II errors when failing to reject the null hypothesis.
Page 11
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Chapter 10: Statistical Inferences About Two Populations
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Sample Questions
Q1) Collinsville Construction Company purchases steel rods for its projects.Based on previous tests,Claude Carter,Quality Assurance Manager,has recommended purchasing rods from Redding Rods,Inc.(population 1),rather than Stockton Steel (population 2),since Redding's rods had less variability in length.Recently,Stockton revised it rod shearing operation,and Claude has sampled the outputs from Redding's and Stockton's rod manufacturing processes.The results for Redding were s<sub>1</sub><sup>2</sup><sup> </sup>= 0.15 with n<sub>1</sub> = 8,and,for Stockton,the results were s<sub>2</sub><sup>2</sup> = 0.05 with n<sub>2</sub> = 10.Assume that rod lengths are normally distributed in the population.If \(\alpha\)= 0.05,the appropriate decision is ___.
A)reject the null hypothesis \(\sigma\)<sub>1</sub><sup>2</sup>= \(\sigma\)<sub>2</sub><sup>2</sup>
B)reject the null hypothesis \(\sigma\)<sub>1</sub><sup>2</sup> < \(\sigma\)<sub>2</sub><sup>2</sup>
C)do not reject the null hypothesis \(\sigma\)<sub>1</sub><sup>2</sup>= \(\sigma\)<sub>2</sub><sup>2</sup>
D)do not reject the null hypothesis \(\sigma\)<sub>1</sub><sup>2</sup> < \(\sigma\)<sub>2</sub><sup>2</sup>
E)do nothing
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Chapter 11: Analysis of Variance and Design of Experiments
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Sample Questions
Q1) In experimental design,classification variables are independent variables.
A)True
B)False
Q2) BigShots,Inc.is a specialty e-tailer that operates 87 catalogue websites on the Internet.Kevin Conn,Sales Director,feels that the style (colour scheme,graphics,fonts,etc. )of a website may affect its sales.He chooses three levels of design style (neon,old world and sophisticated)and randomly assigns six catalogue websites to each design style.Kevin's experimental design is a ___.
A)factorial design
B)random block design
C)completely randomized design
D)normalized block design
E)partially randomized design
Q3) Use multiple comparison techniques,including Tukey's honestly significant difference test and the Tukey-Kramer procedure,to test the difference in two treatment means when there is overall significant difference between treatments.
Q4) The statistical methods of analysis of variance assume equal sample means.
A)True
B)False
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Chapter 12: Simple Regression Analysis and Correlation
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Sample Questions
Q1) A t test is used to determine whether the coefficients of the regression model are significantly different from zero.
A)True
B)False
Q2) A cost accountant is developing a regression model to predict the total cost of producing a batch of printed circuit boards as a linear function of batch size (the number of boards produced in one lot or batch).The intercept of this model is the ___.
A)batch size
B)unit variable cost
C)fixed cost
D)total cost
E)total variable cost
Q3) In the regression equation,y = 75.65 + 0.50x,the slope is ___.
A)0.50
B)75.65
C)1.00
D)0.00
E)-0.50
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14
Chapter 13: Multiple Regression Analysis
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Sample Questions
Q1) In the model y = \(\beta\)<sub> 0</sub> + \(\beta\)<sub> 1</sub>x<sub>1</sub> + \(\beta\)<sub> 2</sub>x<sub>2</sub> + \(\beta\)<sub> 3</sub>x<sub>3</sub> + \(\varepsilon\),y is the independent variable.
A)True
B)False
Q2) A human resources analyst is developing a regression model to predict electricity production plant manager compensation as a function of production capacity of the plant,number of employees at the plant,and plant technology (coal,oil,and nuclear).The response variable in this model is ___.
A)plant manager compensation
B)plant capacity
C)number of employees
D)plant technology
E)nuclear
Q3) Calculate the residual,standard error of the estimate,coefficient of multiple determination,and adjusted coefficient of multiple determination of a regression model.
Q4) Use a computer to find and interpret multiple regression outputs.
Q5) Understand the limitations and pitfalls of multiple regression analysis.
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Chapter 14: Building Multiple Regression Models
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Sample Questions
Q1) Large correlations between two or more independent variables in a multiple regression model could result in the problem of ___.
A)multicollinearity
B)autocorrelation
C)partial correlation
D)rank correlation
E)non-normality
Q2) A useful technique in controlling multicollinearity involves the ___.
A)use of variance inflation factors
B)use of the backward elimination procedure
C)use of the forward elimination procedure
D)use of the forward selection procedure
E)use of all possible regressions
Q3) A logarithmic transformation may be applied to both positive and negative numbers.
A)True
B)False
Q4) A useful tool in improving the regression model fit is recoding data.
A)True
B)False
Page 16
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Chapter 15: Time-Series Forecasting and Index Numbers
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Sample Questions
Q1) Index numbers facilitate comparison of ___.
A)means
B)data over time
C)variances
D)samples
E)deviations
Q2) Linear regression models cannot be used to analyze quadratic trends in time-series data.
A)True
B)False
Q3) Determine trend in time-series data by using linear regression trend analysis,quadratic model trend analysis,and Holt's two-parameter exponential smoothing method.
Q4) Which of the following is not a component of time series data?
A)trend
B)seasonal fluctuations
C)cyclical fluctuations
D)normal fluctuations
E)irregular fluctuations
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Chapter 16: Analysis of Categorical Data
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Sample Questions
Q1) The number of degrees of freedom in a chi-square goodness-of-fit test is the number of categories minus the number of parameters estimated minus one.
A)True
B)False
Q2) A test of independence is to be performed.The contingency table has 4 rows and 5 columns.What would the degrees of freedom be?
A)20
B)9
C)7
D)12
E)19
Q3) A chi?square goodness-of-fit test is being used to test the goodness-of-fit of a normal distribution (the mean and the standard deviation of which must be estimated)for a data with "k" categories.This test has (k-3)degrees of freedom.
A)True
B)False
Q4) Use the chi-square goodness-of-fit test to analyze probabilities of multinomial distribution trials along a single dimension.
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18
Chapter 17: Nonparametric Statistics
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Sample Questions
Q1) Use both the small-sample and large-sample runs tests to determine whether the order of observations in a sample is random.
Q2) Statistical techniques based on assumptions about the population from which the sample data are selected are called parametric statistics.
A)True
B)False
Q3) The nonparametric counterpart of the t test to compare the means of two independent populations is the Mann-Whitney U test.
A)True
B)False
Q4) Which of the following is not an assumption of the Friedman test?
A)The blocks are independent.
B)The population has a normal distribution.
C)There is no interaction between blocks and treatments.
D)Observations within each block can be ranked.
Q5) Use Spearman's rank correlation to analyze the degree of association of two variables.
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Page 19
Chapter 18: Statistical Quality Control
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Sample Questions
Q1) Sarah Soliz,Director of Quality Programs,is designing and R charts for the rod shearing process at Stockton Steel.She has 26 samples of rod length,and each sample included measurements of 5 rods.The mean of the 26 sample means is 112 centimetres,and mean of the 26 ranges is 0.15 centimetres.The centerline for her R chart is ___.
A)0.15
B)26
C)5
D)112
E)15
Q2) According to Garvin,transcendent quality implies that a product ___.
A)conforms to design and engineering specifications
B)has an innate excellence
C)has no measurable attributes
D)is fit for the consumer's intended use
E)has measurable attributes
Q3) Quality control is essentially final inspection of the products to ensure that no defectives are shipped out.
A)True
B)False
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Page 20
Chapter 19: Decision Analysis
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Sample Questions
Q1) In a decision analysis problem,variables (such as investing in common stocks or corporate bonds)which are under the decision maker's control are called ___.
A)payoffs
B)decision alternatives
C)states of nature
D)revised probabilities
E)prior probabilities
Q2) In decision-making under uncertainty,an optimistic approach is the ___.
A)maximin criterion
B)maximax criterion
C)Hurwicz criterion
D)minimax regret strategy
E)maximin regret strategy
Q3) In a decision-making scenario,if the decision maker knows which state of nature will occur,the scenario is called decision-making under certainty.
A)True
B)False
Q4) Make decisions under certainty by constructing a decision table.
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