Data Analysis for Business Final Exam
Course Introduction
Data Analysis for Business introduces students to the fundamental concepts and techniques used to analyze and interpret business data. The course covers data collection, data visualization, statistical analysis, and the use of software tools to extract actionable insights from real-world datasets. Emphasizing practical applications, students learn how to identify business problems, apply quantitative methods, and communicate findings effectively to guide strategic decision-making. Through case studies and hands-on projects, the course prepares students to utilize data-driven approaches to solve complex business challenges.
Recommended Textbook
Essentials of Business Statistics 1st Canadian Edition by Ken Black
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Page 2
Chapter 1: Introduction to Statistics
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Sample Questions
Q1) In statistics, conducting a survey means
A) collecting information from elements.
B) making mathematical calculations.
C) presenting data.
D) drawing graphs.
Answer: A
Q2) A variable is a quantity that describes each of the possible outcomes of an experiment.
A)True
B)False
Answer: True
Q3) A descriptive measure of the population is called a parameter.
A)True
B)False
Answer: True
Q4) Measurements occur when a standard process is used to assign numbers to attributes or characteristics of a variable.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Organizing and Visualizing Data
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Sample Questions
Q1) Categorical data
A) are always nonnumeric.
B) may be either numeric or nonnumeric.
C) are always numeric.
D) indicate how many or how much.
E) none of the above
Answer: B
Q2) Which of the following statements is/are true?
I. Cross tabulation is a two-dimensional table that displays the frequency for two categorical variables.
II. Cross tabulation can be referred to as a contingency table.
III. Excel calls contingency table as pivot table.
A) I only
B) II only
C) III only
D) I and III only
E) all of the above
Answer: E
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Chapter 3: Descriptive Statistics
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Sample Questions
Q1) A commuter travels many kilometres to work each morning. She has timed this trip 5 times during the last month. The time (in minutes) required to make this trip was 34, 39, 41, 35, and 41. The mean time (in minutes) required for this trip was ___.
A) 35
B) 41
C) 37.5
D) 38
E) 35.5
Answer: D
Q2) The sum of deviations about the arithmetic mean is always equal to zero.
A)True
B)False
Answer: True
Q3) One of the main uses of a box and whisker plot is to identify outliers.
A)True
B)False
Answer: True
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Chapter 4: Gathering Data
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Sample Questions
Q1) A carload of steel rods has arrived at Cybermatic Construction Company. The car contains 1,000 bundles of 50 rods each. Claude Ong, manager of Quality Assurance, directs the receiving crew to deliver the 63rd and 458th bundles to his crew for 100% inspection. Claude randomly selected 63 and 458 from a table of random numbers. Claude's sample of 100 rods is a ___.
A) cluster sample
B) simple random sample
C) quota sample
D) systematic sample
E) stratified sample
Q2) Which one of the following is a reason for conducting a census instead of taking a sample?
A) The sample can save money.
B) The sample can save time.
C) The population is difficult to access.
D) The safety of the consumer.
E) none of the above
Q3) Systematic sampling is a type of random sampling technique.
A)True
B)False
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Chapter 5: Probability
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Sample Questions
Q1) Let F be the event that a student is enrolled in a finance course, and let S be the event that a student is enrolled in a statistics course. It is known that 40% of all students are enrolled in a finance course and 35% of all students are enrolled in statistics. Included in these numbers are 15% who are enrolled in both statistics and finance. Find the probability that a student is in finance and is also in statistics.
A) 0.15
B) 0.70
C) 0.55
D) 0.12
E) 0.60
Q2) The department in which you work in your company has 24 employees. A team of 3 employees must be selected to represent the department at a companywide meeting in the headquarters of the company. How many different teams of 3 can be selected?
Q3) The list of all elementary events for an experiment is called the sample space. A)True
B)False
Q4) Name the branch of statistics that is supported by probability.
Q5) What are the three methods of assigning probabilities?
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Chapter 6: Decision Analysis and Expected Value
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Sample Questions
Q1) In a decision-making under risk scenario, the expected monetary value of a decision alternative is the weighted average (using the probability of each state of nature as the weight) of the payoffs to the decision alternative in each state of the nature.
A)True
B)False
Q2) The A-Life Corporation has 320 employees. The Human Resource manager of the corporation documents the frequency with which employees call in sick. In the month of December, 16 employees called in sick 3 times, 48 employees called in sick 2 times, 64 employees called in sick once, and 160 did not call in sick at all.
a) What type of variable is x = 'the number of times employees called in sick'?
b) Develop a probability distribution for the x.
Q3) The expected monetary payoff of perfect information is the value of perfect information.
A)True
B)False
Q4) A dream car lottery is valued at $100,000. The probability of winning the car is 0.001. What is the expected value of the lottery if it costs $50 to play?
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Chapter 7: Discrete Probability Distributions
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Sample Questions
Q1) For the Poisson distribution the mean represents twice the value of the standard deviation.
A)True
B)False
Q2) The number of defects per 1,000 feet of extruded plastic pipe is best modelled with the ___.
A) Poisson distribution
B) Pascal distribution
C) binomial distribution
D) hypergeometric distribution
E) geometric distribution
Q3) If sampling is performed without replacement, the hypergeometric distribution should be used. However, the binomial may be used to approximate this if ___.
A) n 5%N
B) n < 5%N
C) the population size is very small
D) there are more than two possible outcomes of each trial
E) the outcomes are continuous
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9
Chapter 8: Continuous Distributions
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Sample Questions
Q1) Suppose the mean time to fill a routine prescription at a local pharmacy is 35 minutes based on the time the physician places the order to the time it is dispensed. Assume the standard deviation is 11 minutes. The z score for x = 46 is ___.
A) 1.00
B) -1.00
C) 11.00
D) -11.00
E) 0.10
Q2) Let z be a normal random variable with mean 0 and standard deviation 1. The 90<sup>th</sup> percentile of z is ___.
A) 1.645
B) -1.25
C) 1.96
D) 1.28
E) -1.645
Q3) The area of the rectangle depicting a uniform distribution is always equal to the mean of the distribution.
A)True
B)False
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Page 10
Chapter 9: Sampling Distributions
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Sample Questions
Q1) The normal approximation for binomial distribution can be used when n = 10 and =1/5.
A)True
B)False
Q2) According to the central limit theorem, for samples of size 64 drawn from a population with \(\mu\) = 800 and \(\sigma\)= 56, the standard deviation of the sampling distribution of sample means would equal ___.
A) 7
B) 8
C) 100
D) 800
E) 80
Q3) The sampling distribution of the sample means is less variable than the population distribution.
A)True
B)False
Q4) A population has a mean age of 45 years with a standard deviation of 3 years. If a random sample of 64 is drawn from this population, what is the probability that the sample mean is greater than 45.3 years?
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Chapter 10: Confidence Intervals
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Sample Questions
Q1) When a statistic calculated from sample data is used to estimate a population parameter, it is called a point estimate.
A)True
B)False
Q2) A large trucking company wants to estimate the proportion of its tracker truck population with refrigerated carrier capacity. A random sample of 200 tracker trucks is taken and 30% of the sample have refrigerated carrier capacity. The 90% confidence interval to estimate the population proportion is ___.
A) 0.53 to 0.67
B) 0.25 to 0.35
C) 0.24 to 0.36
D) 0.27 to 0.33
E) 0.33 to 0.39
Q3) A t distribution is similar to a normal distribution, but with flatter tails.
A)True
B)False
Q4) A sample of 120 adults from a large population has a mean IQ of 112 with a standard deviation of 10. Construct a 98% confidence interval for the true mean IQ of the population.
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Chapter 11: Hypothesis Testing for Single Populations
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Sample Questions
Q1) The manager of an insurance company wants to prove that the true average claim is actually higher than $1,800 originally set by the company. He randomly selected 40 claims and determined a sample mean of $1,950. Test the appropriate hypotheses at ? = 0.05 to determine if the insurance company should be concerned. Assume that the standard deviation of claims is $500.
Q2) The rejection and non-rejection regions are divided by a point called the critical value.
A)True
B)False
Q3) When a researcher fails to reject a \(\textbf{ false }\) null hypothesis, a Type II error has been committed.
A)True
B)False
Q4) The probability of committing a Type I error is called the power of the test.
A)True B)False
Q5) Hypotheses are tentative explanations of a principle operating in nature.
A)True
B)False
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Chapter 12: Hypothesis Testing for Two Populations
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Sample Questions
Q1) A researcher is interested in estimating the difference in two population proportions. A sample of 400 from each population results in sample proportions of.61 and.64. The point estimate of the difference in the population proportions is ___.
A) -0.030
B) 0.625
C) 0.000
D) 0.400
E) 0.500
Q2) If the populations are normally distributed but the population variances are unknown the t statistic can be used as the basis for statistical inferences about the difference in two population means using two independent random samples.
A)True
B)False
Q3) If the variances of the two populations are \(\textbf{ not }\) equal, it is appropriate to use the "pooled" formula to determine the t statistic for the hypothesis test of the difference in the two population means.
A)True
B)False
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14
Chapter 13: Analysis of Variance Anova
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Sample Questions
Q1) Medical Wonders is a specialized interior design company focused on healing artwork. The CEO, Kathleen Kelledy, claims that artwork has healing effects for patients staying in a hospital, as measured by reduced length of stay. Her current client is a children's cancer hospital. Kathleen is interested in determining the effect of three different pieces of healing artwork on children. She chooses three paintings (a horse photo, a bright abstract, and a muted beach scene) and randomly assigns six hospital rooms to each painting. Kathleen's null hypothesis is ___.
A) \(\mu\)<sub>1</sub> = \(\mu\)<sub>2</sub> = \(\mu\)<sub>3</sub>
B) \(\mu\)<sub>1</sub> \(\neq\) \(\mu\)<sub>2</sub> \(\neq\)\(\mu\)<sub>3</sub>
C) \(\mu\)<sub>1</sub> \(\ge\) \(\mu\)<sub>2</sub> \(\ge\)\(\mu\)<sub>3</sub>
D) \(\mu\)<sub>1</sub> \(\le\)\(\mu\)<sub>2</sub> \(\le\)\(\mu\)<sub>3</sub>
E) \(\mu\)<sub>1</sub> \(\le\) \(\mu\)<sub>2</sub> \(\mu\)<sub>3</sub>
Q2) Determining the table value for the F distribution requires two values for degrees of freedom.
A)True
B)False
Q3) The statistical methods of analysis of variance assume equal sample means.
A)True
B)False
Page 15
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Chapter 14: Linear Correlation and Simple Linear Regression Analysis
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Sample Questions
Q1) One of the assumptions made in simple regression is that ___.
A) the error terms are normally distributed
B) the error terms have unequal variances
C) the model is nonlinear
D) the error terms are dependent
E) the error terms are all equal
Q2) A simple regression model resulted in a sum of squares of error of 125 (i.e., SSE = 125), and the standard error is 3.95. This model is for ___ pairs of data.
A) 8
B) 9
C) 10
D) 11
E) 12
Q3) In regression, the variable that is being predicted is usually referred to as the independent variable.
A)True
B)False
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Page 16
Chapter 15: Categorical Versus Categorical: Tests
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Sample Questions
Q1) A market researcher is studying the use of coupons by consumers of varying ages. She classifies consumers into four age categories and counts the number of grocery store customers who use at least one coupon during check out. It is expected that data are uniformly distributed across the four age categories. The observed data results in frequencies of 22, 35, 32, and 21. Using \(\alpha\) =.05, the observed chi-square value is
A) 5.418
B) 9.10
C) 20.27
D) 4.51
E) 7.86
Q2) In a chi-square test of independence the contingency table has 4 rows and 3 columns. The number of degrees of freedom for this test is 6. A)True B)False
Q3) In a chi-square goodness-of-fit test, actual frequencies are also called calculated frequencies.
A)True B)False
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