Data Analysis for Business Question Bank
Course Introduction
Data Analysis for Business introduces students to the fundamental concepts, tools, and techniques used to analyze and interpret data in a business context. The course covers methods for collecting, organizing, and visualizing data, as well as applying statistical analysis and quantitative reasoning to support business decision-making. Students will learn to use software tools such as Excel or other data analysis applications to manage datasets, identify trends, draw actionable insights, and effectively communicate findings. Real-world business scenarios and case studies are utilized to demonstrate the application of data analysis for solving problems in areas such as marketing, finance, operations, and management.
Recommended Textbook
Business Statistics for Contemporary Decision Making 2nd Canadian Edition by Ken Black
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1456 Verified Questions
1456 Flashcards
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Chapter 1: Introduction to Statistics
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Sample Questions
Q1) A level of data measurement that has an absolute zero is called ___.
A)interval level
B)ordinal level
C)nominal level
D)ratio level
E)relative level
Answer: D
Q2) Sue Taylor,Director of Global Industrial Sales,is concerned by a deteriorating sales trend.Specifically,the number of industrial customers is stable at 1,500,but they are purchasing less each year.She orders her staff to search for causes of the downward trend by surveying all 1,500 industrial customers.For this study,the set of 1,500 industrial customers is ___.
A)a parameter
B)a sample
C)the population
D)a statistic
E)the frame
Answer: C
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Chapter 2: Charts and Graphs
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75 Flashcards
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Sample Questions
Q1) The difference between the highest number and the lowest number in a set of data is called the differential frequency.
A)True
B)False
Answer: False
Q2) In a histogram,the tallest bar represents the class with the highest cumulative frequency.
A)True
B)False
Answer: False
Q3) A histogram can be described as a type of vertical bar chart.
A)True
B)False Answer: True
Q4) If the individual class frequency is divided by the total frequency,the result is the median frequency.
A)True
B)False Answer: False
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Chapter 3: Descriptive Statistics
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63 Flashcards
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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 44,39,41,35,and 41.The mean time required for this trip was 40 minutes.What is the standard deviation for this sample data?
A)3.32
B)2.97
C)1.73
D)11
E)-1.4
Answer: A
Q2) Average deviation is a common measure of the variability of data containing a set of numbers.
A)True
B)False
Answer: False
Q3) The middle value in an ordered array of numbers is called the mode.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Probability
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Sample Questions
Q1) Abel Alonzo,Director of Human Resources,is exploring employee absenteeism at the Plano Power Plant.Ten percent of all plant employees work in the finishing department;20% of all plant employees are absent excessively;and 7% of all plant employees work in the finishing department and are absent excessively.A plant employee is selected randomly;F is the event "works in the finishing department;" and A is the event "is absent excessively." P(A \(\cup\) F)= ___.
A)0.07
B)0.10
C)0.20
D)0.23
E)0.37
Q2) Consider the following sample space,S,and several events defined on it.S = {Albert,Betty,Abel,Jack,Patty,Meagan},and the events are: F = {Betty,Patty,Meagan},H = {Abel,Meagan},and P = {Betty,Abel}.F \(\cup\) H is ___.
A){Meagan}
B){Betty,Abel,Patty,Meagan}
C)empty,since F and H are complements
D)empty,since F and H are independent
E)empty,since F and H are mutually exclusive
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Page 6
Chapter 5: Discrete Distributions
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Sample Questions
Q1) A hypergeometric distribution applies to experiments in which the trials represent sampling without replacement.
A)True
B)False
Q2) Ten policyholders file claims with CareFree Insurance.Three of these claims are fraudulent.Claims manager Earl Evans randomly selects three of the ten claims for thorough investigation.If x represents the number of fraudulent claims in Earl's sample,P(x=0)is ___.
A)0.0083
B)0.3430
C)0.0000
D)0.2917
E)0.8917
Q3) 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)exponential distribution
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Chapter 6: Continuous Distributions
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78 Flashcards
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Sample Questions
Q1) Let z be a normal random variable with mean 0 and standard deviation 1.What is P(z > -1.1)?
A)0.36432
B)0.8643
C)0.1357
D)-0.1357
E)-0.8643
Q2) If x is uniformly distributed over the interval 8 to 12,inclusively (8 \(\le\) x \(\le\) 12),then the probability,P(10.0 \(\le\) x \(\le\) 11.5),is ___.
A)0.250
B)0.333
C)0.375
D)0.500
E)0.750
Q3) Since a normal distribution curve extends from minus infinity to plus infinity,the area under the curve is infinity.
A)True
B)False
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) Describe the distribution of a sample's mean using the central limit theorem,correcting for a finite population if necessary.
Q2) Suppose 40% of all seniors have a computer at home and a sample of 100 is taken.What is the probability that more than 50 of those in the sample have a computer at home?
A)0.4793
B)0.9793
C)0.0207
D)0.5207
E)0.6754
Q3) Suppose a population has a mean of 870 and a variance of 1,600.If a random sample is size 64 is drawn from the population,the probability that the sample mean is between 860 and 875 is ___.
A)0.9544
B)0.6826
C)0.8785
D)0.5899
E)0.8185
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Chapter 8: Statistical Inference: Estimation for Single Populations
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Sample Questions
Q1) A random sample of 64 items is selected from a population of 400 items.The sample mean is 200.The population standard deviation is 48.From this data,a 95% confidence interval to estimate the population mean can be computed as ___.
A)189.21 to 210.79
B)188.24 to 211.76
C)190.13 to 209.87
D)190.94 to 209.06
E)193.45 to 211.09
Q2) Suppose a random sample of size 64 is selected from a population yielding a sample mean of 26.The population standard deviation is 4.From this information,the 90% confidence interval to estimate the population mean can be computed to be ___.
A)25.36 to 26.64
B)25.92 to 26.08
C)25.18 to 26.82
D)25.90 to 26.10
E)26.00 to 27.80
Q3) Estimate the population mean with a known population standard deviation with the z statistic,correcting for a finite population if necessary.
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Chapter 9: Statistical Inference: Hypothesis Testing for
Single Populations
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Sample Questions
Q1) Hypotheses are tentative explanations of a principle operating in nature.
A)True
B)False
Q2) Discrete Components Inc.manufactures a line of electrical resistors.Presently,the carbon composition line is producing 100 ohm resistors.The population variance of these resistors "must not exceed 4" to conform to industry standards.Periodically,the quality control inspectors check for conformity by randomly select 10 resistors from the line,and calculating the sample variance.The last sample had a variance of 4.36.Assume that the population is normally distributed.Using \(\alpha\) = 0.05,the observed value of chi-square is ___.
A)1.74
B)1.94
C)10.90
D)9.81
E)8.91
Q3) Solve for possible Type II errors when failing to reject the null hypothesis.
Q4) Reach a statistical conclusion in hypothesis testing problems about a population mean with a known population standard deviation using the z statistic.
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> = 0.10 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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Page 12
Chapter 11: Analysis of Variance and Design of Experiments
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Sample Questions
Q1) Cindy Ho,VP of Finance at Discrete Components,Inc.(DCI),theorizes that the discount level offered to credit customers affects the average collection period on credit sales.Accordingly,she has designed an experiment to test her theory using four sales discount rates (0%,2%,4%,and 6%).Cindy wants to control for the size of the customer but not to test for it as the main variable of interest so she classified DCI's credit customers into three categories by total assets (small,medium,and large).Then,she randomly assigned four customers from each category to a sales discount rate.Cindy's experimental design is a ___.
A)normalized block design
B)completely randomized design
C)factorial design
D)random block design
E)partially randomized design
Q2) In experimental design,classification variables are independent variables.
A)True
B)False
Q3) Test a factorial design using a two-way analysis of variance,noting the advantages and applications of such a design and accounting for possible interaction between two treatment variables.
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Page 13
Chapter 12: Simple Regression Analysis and Correlation
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84 Flashcards
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Sample Questions
Q1) The first step in simple regression analysis usually is to construct a scatter plot.
A)True
B)False
Q2) A manager wishes to predict the annual cost (y)of an automobile based on the number of kilometres (x)driven.The following model was developed: y = 1,550 + .36x.If a car is driven 20,000 kilometres,the predicted cost is ___.
A)7,200
B)5,650
C)8,750
D)2,270
E)6,750
Q3) For the regression line,y = 21 5x,21 is the y intercept of the line.
A)True
B)False
Q4) Explain what regression analysis is and the concepts of independent and dependent variable.
Q5) Calculate the residuals of a regression line and from those determine the fit of the model,locate outliers,and test the assumptions of the regression model.
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Page 14
Chapter 13: Multiple Regression Analysis
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80 Flashcards
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Sample Questions
Q1) In the estimated multiple regression model y = b<sub>0</sub> + b<sub>1</sub>x<sub>1</sub> + b<sub>2</sub><sub> </sub>x<sub>2</sub>,if the value of x<sub>1</sub> is increased by 2 and the value of x<sub>2</sub> is increased by 3 simultaneously,the value of y will increase by (2b<sub>1</sub>+ 3b<sub>2</sub>)units.
A)True
B)False
Q2) A real estate appraiser is developing a regression model to predict the market value of single family residential houses as a function of heated area,number of bedrooms,number of bathrooms,age of the house,and central heating (yes,no).The "central heating" variable in this model is ___.
A)a response variable
B)a quantitative variable
C)a dependent variable
D)a qualitative variable
E)an independent variable
Q3) Understand the limitations and pitfalls of multiple regression analysis.
Q4) Use a computer to find and interpret multiple regression outputs.
Q5) Examine significance tests of both the overall regression model and the regression coefficients.
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Chapter 14: Building Multiple Regression Models
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Sample Questions
Q1) If the effect of an independent variable (e.g. ,humidity)on a dependent variable (e.g. ,hardness)is affected by different ranges of values for a second independent variable (e.g. ,temperature),the two independent variables are said to interact.
A)True
B)False
Q2) Hope Hernandez,Marketing Manager of People's Pharmacy,Inc. ,wants a regression model to predict sales in the greeting card department.Her data set includes two qualitative variables: the pharmacy neighbourhood (urban,suburban,and rural),and lighting level in the greeting card department (soft,medium,and bright).The number of dummy variables needed for "lighting level" in Hope's regression model is ___. A)1
Q3) Examine the role of indicator,or dummy,variables as predictors or independent variables in multiple regression analysis.
Q4) Explain when to use logistic regression,and interpret its results.
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Page 16
Chapter 15: Time-Series Forecasting and Index Numbers
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Sample Questions
Q1) Two popular general categories of smoothing techniques are exponential models and logarithmic models.
A)True
B)False
Q2) Index numbers facilitate comparison of ___.
A)means
B)data over time
C)variances
D)samples
E)deviations
Q3) Autocorrelation in a regression forecasting model can be detected by the F test.
A)True
B)False
Q4) When constructing a weighted aggregate price index,the weights usually are ___.
A)prices of substitute items
B)prices of complementary items
C)quantities of the respective items
D)squared quantities of the respective items
E)quality of individual items
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Chapter 16: Analysis of Categorical Data
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Sample Questions
Q1) A contingency table has seven rows and five columns.When applying a chi-square test of independence to this table,the number of degrees of freedom is ___.
A)24
B)35
C)12
D)10
E)11
Q2) A variable contains five categories.It is expected that data are uniformly distributed across these five categories.To test this,a sample of observed data is gathered on this variable resulting in frequencies of 26,10,17,21,and 26.Using \(\alpha\) = .10,the appropriate decision is ___.
A)do not reject the null hypothesis that the observed distribution is uniform
B)do not reject the null hypothesis that the observed distribution is not uniform
C)reject the null hypothesis that the observed distribution is uniform
D)reject the null hypothesis that the observed distribution is not uniform
E)do nothing
Q3) Use the chi-square test of independence to perform contingency analysis.
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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) The null hypothesis for a one-sample runs test is ___.
A)"the observations in the sample are randomly generated"
B)"the observations in the sample are not correlated" C)"the observations in the sample are statistically independent" D)"the observations in the sample are cross-linked" E)"the observations are systematically generated"
Q3) The appropriate test for comparing the means of two populations using ordinal-level data from two related samples is the Wilcoxon test and not Mann-Whitney U test.
A)True
B)False
Q4) In a Friedman test with 8 treatment levels and 5 blocks,df = ___.
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Chapter 18: Statistical Quality Control
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Sample Questions
Q1) Jack Joyner,Director of Quality Control at Covington Castings (CC),is designing a c chart to monitor the number of nonconformances per aluminum casting produced at CC.The total number of nonconformances for 26 castings is 91.The lower control limit for Jack's c chart is ___.
A)1.37
B)-2.11
C)3.50
D)-1.00
E)0.00
Q2) A scatter diagram is a graphical mechanism for examining the relationship between two variables.
A)True
B)False
Q3) Inspecting the attributes of a finished product to determine whether the product is acceptable,is in need of rework,or is to be rejected is called in-process quality control.
A)True
B)False
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Page 20
Chapter 19: Decision Analysis
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Sample Questions
Q1) In decision-making under uncertainty,the approach that considers only the best and the worst payoffs for each decision alternative is the ___.
A)maximin criterion
B)maximax criterion
C)Hurwicz criterion
D)minimax regret strategy
E)maximin regret strategy
Q2) The concept of utility can be helpful to apply decision analysis techniques to situations which do not lend themselves to expected monetary value analysis.
A)True
B)False
Q3) The expected monetary payoff of perfect information is the value of perfect information.
A)True
B)False
Q4) Revise probabilities in light of sample information by using Bayesian analysis and calculating the expected value of sample information.
Q5) Make decisions under certainty by constructing a decision table.
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