Data Analysis for Business Solved Exam Questions
Course Introduction
Data Analysis for Business introduces students to the fundamental concepts and tools necessary to analyze and interpret data to inform business decisions. The course covers techniques such as descriptive statistics, data visualization, hypothesis testing, and regression analysis using real-world business scenarios. Students will learn how to collect, organize, and analyze data, draw meaningful insights, and communicate their findings effectively to stakeholders. By integrating case studies and hands-on exercises with popular data analysis software, the course equips students with the practical skills needed to solve complex business problems and drive data-driven decision-making in various organizational contexts.
Recommended Textbook
Statistics for Business and Economics 8th Edition by Betty Newbold
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3406 Verified Questions
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Chapter 1: Describing Data: Graphical
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Sample Questions
Q1) In completing a survey,respondents use the following number codes to indicate ages.
1 = Age 19 years and under,
2 = 20 to 29 years of age
3 = 30 to 39 years of age,
4 = Age 40 years and older
Is this data qualitative or quantitative? Explain.
Answer: This is quantitative data;an age.
Q2) We can describe graphically the shape of the distribution by a histogram,which can be symmetrical or asymmetrical.
A)True
B)False
Answer: True
Q3) A summary measure that is computed from a sample to describe a characteristic of the population is known as a(n):
A)parameter.
B)statistic.
C)population.
D)inferential statistic.
Answer: B
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Chapter 2: Describing Data: Numerical
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Sample Questions
Q1) What is the estimated standard deviation for this data?
Answer: s<sup>2</sup> = 11ea5b8a_b6d0_c111_b1f3_7546e812e210_TB2968_11 = 108,621.819/109 = 996.53 s = 31.57
Q2) Find the IQR.
Answer: To find the IQR,we must obtain the 1<sup>st</sup> and 3<sup>rd</sup> quartiles.The 1<sup>st</sup> quartile Q<sub>1</sub> is located in the 0.25(25 + 1)<sup>th</sup> ordered position = 6.5<sup>th </sup>ordered position.Thus,Q<sub>1</sub> = (669 + 672)/2 = 670.50.The 3<sup>rd</sup> quartile is located in the 0.75(25 + 1)<sup>th</sup> ordered position = 19.5<sup>th</sup> ordered position.Thus,Q<sub>3</sub> = (705 + 706)/2 = 705.5.Therefore IQR = 705.5 - 670.5 = 34.5.
Q3) Extremely small or large values in a data set affect the value of the median as well as the mode.
A)True
B)False
Answer: False
Q4) Calculate the standard deviation.
Answer: Standard deviation = 4.16.
Q5) Find the standard deviation.
Answer: The deviation is s = 34.83.
Page 4
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Chapter 3: Probability
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Sample Questions
Q1) An event must be independent of its complement.
A)True
B)False
Answer: False
Q2) What is the probability that a randomly chosen consumer is either a man or someone who recalled the product favorably?
Answer: We use the general addition rule, P(man or favorable)= P(man)+ P(favorable)- P(man and favorable) = (100 / 250)+ (95 / 250)- (38 / 250)= 0.628
Q3) The type of diagram that shows subsets of the population on different branches is called a:
A)departmental diagram.
B)tree diagram.
C)Venn diagram.
D)scattered diagram.
Answer: B
Q4) Calculate the marginal probabilities of events A<sub>i</sub>.
Answer: P(A<sub>1</sub>)= 0.25,P(A<sub>2</sub>)= 0.40,P(A<sub>3</sub>)= 0.35
Q5) If a plane has just left on time,what is the probability that it was airline A?
Answer: P(A | D)= P(A D)/ P(D)= 0.48 / 0.709 = 0.677
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Chapter 4: Discrete Random Variables and Probability
Distributions
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Sample Questions
Q1) What is the probability of having exactly three defects in a roll?
A)0.412
B)0.223
C)0.318
D)0.335
Q2) The number of accidents on a US -131 highway average 4.4 per year.Assuming that the number of accidents follows a Poisson distribution,what is the probability that there are more than three accidents next year on US - 131?
Q3) What is the probability that there are exactly four calls during the next ten minutes?
A)0.194
B)0.172
C)0.156
D)0.134
Q4) What is the probability that exactly 5 of them consider their job extremely stressful?
A)0.241
B)0.213
C)0.227
D)0.232
Page 6
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Chapter 5: Continuous Random Variables and Probability
Distributions
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Sample Questions
Q1) With probability 0.09 the percentage of successes is greater than what value?
Q2) When the distribution of a continuous random variable follows a uniform probability distribution and does not exceed a specific given value,its cumulative distribution function is graphed as a:
A)bell-shaped curve.
B)polygon.
C)rectangle.
D)straight line.
Q3) Which of the following is false regarding the normal distribution?
A)The mean,median,and mode are equal.
B)The frequency of values peaks at the mean,regardless of the value of the mean or variance.
C)100% of the values fall between ±3 standard deviations.
D)The shape of the distribution is symmetrical around the mean.
Q4) What is the standard deviation for your average monthly bill from the country club?
A)$220
B)$110
C)$324
D)$180
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Chapter 6: Sampling and Sampling Distributions
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Sample Questions
Q1) If the standard error of the sampling distribution of sample proportions is 0.0245 for samples of size 400,then the population proportion must be 0.40.
A)True
B)False
Q2) The central limit theorem states that the sampling distribution of sample means will closely resemble the normal distribution regardless of the sample size.
A)True
B)False
Q3) Acceptance intervals are widely used for quality control monitoring of various production and service processes.
A)True
B)False
Q4) The variance of the sampling distribution of the sample mean is equal to the variance of the population mean divided by the square root of the sample size.
A)True
B)False
Q5) Find the probability that the sample standard deviation is more than 1.2.
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Page 8
Chapter 7: Estimation: Single Population
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Sample Questions
Q1) The larger the sampling error,the smaller the sample size needed to develop the confidence interval.
A)True
B)False
Q2) Use an unbiased estimator to estimate the proportion of homes in this suburb selling for less than $95,000.
Q3) A point estimate is an estimate of a population parameter expressed as a single numerical value.
A)True
B)False
Q4) Find a 95% confidence interval for the population mean.
Q5) Raising in-state and out-of-state tuition is supposed to reduce the number of students in state supported universities.The registrar of a university wants to estimate the proportion P of students who are paying for out-of-state tuition on the installment plan (to later be compared with in-state installment plan payers).A random sample of 80 students who live out-of-state is taken and 50 of them pay tuition on the installment plan.Find a 99-percent confidence interval for P,based on these data.
Q6) Develop a 90% confidence interval estimate for the population mean.
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Chapter 8: Estimation: Additional Topics
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Sample Questions
Q1) What is the lower confidence limit of the 95% confidence interval for the difference between the means?
A)5.72
B)6.37
C)8.45
D)9.20
Q2) What is the mean of the Group 2?
A)97.88
B)100.13
C)78.30
D)119.70
Q3) What is the margin of error at 95% Confidence interval?
A)2.76
B)1.62
C)1.25
D)2.00
Q4) Find a 95% confidence interval for the difference in average functioning time before recharging the two models.
Q5) Find the 90% confidence interval for the difference in the means of the two populations.
10
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Chapter 9: Hypothesis Testing: Single Population
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Sample Questions
Q1) What is the test statistic for this test?
A)Z = 2.04
B)t = 1.79
C)t = 2.04
D)Z = 1.79
Q2) Calculate the p-value for this test.
Q3) Test the null hypothesis with the alternative hypothesis,H<sub>1</sub> : P > 0.41,at = 0.05
Q4) Which of the following statements is the most accurate?
A)Reject null hypothesis at = 0.025
B)Fail to reject null hypothesis at 0.10
C)Reject null hypothesis at = 0.05
D)Reject null hypothesis at = 0.01
Q5) In this test,what would be a Type I error?
Q6) Which of the following statements is most accurate?
A)fail to reject the null hypothesis at 0.10
B)reject the null hypothesis at = 0.025,but not at = 0.05
C)reject the null hypothesis at = 0.05,but not at = 0.01
D)reject the null hypothesis at = 0.01
Q7) Formulate the appropriate null and alternative hypotheses.
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Chapter 10: Hypothesis Testing: Additional Topics
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Sample Questions
Q1) The numerator and denominator degrees of freedom associated with the test statistic for determining if there is a difference in the population variances for preservatives A and B are,respectively:
A)16 and 12
B)12 and 16
C)15 and 11
D)11 and 15
Q2) The F test used for testing the difference in two population variances is always a one-tailed test.
A)True
B)False
Q3) What is the test statistic?
Q4) What is the value of the test statistic?
A)2.92
B)0.79
C)3.62
D)1.74
Q5) An F distribution is an example of a symmetrical distribution. A)True
B)False
12
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Chapter 11: Simple Regression
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Sample Questions
Q1) Calculate the total sum of squares.
Q2) Suppose that for two random variables,x and y,we test H<sub>0</sub> : = 0 against a two-sided alternative,and we are unable to reject the null hypothesis.We could therefore conclude that there is no relationship between x and y.
A)True
B)False
Q3) What is the standard error of estimate,and what role does it play in simple linear regression and correlation analysis?
Q4) In a regression problem the following pairs of (x,y)are given: (2,1),(2,-1),(2,0),(2,-2)and (2,2).Which of the following is true of the given data?
A)For the given data,the coefficient of correlation is -1.
B)For the given data,the coefficient of correlation is 0.
C)For the given data,the coefficient of correlation is 1.
D)For the given data,the coefficient of correlation is 2.
Q5) Compute the regression sum of squares,SSR.
Q6) What does the least-squares criterion have to do with obtaining a regression line for a given set of data?
Q7) Compute the coefficient of determination.
Page 13
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Chapter 12: Multiple Regression
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Sample Questions
Q1) What is the correct interpretation of the coefficient of determination R<sup>2</sup>?
A)The sales price equals 53% of these three variables.
B)47% of the variation in sales prices can be determined by the variation in these three variables.
C)The sales price equals 47% of these three variables.
D)The probability that the sample values will lie on the regression line is 0.47.
Q2) Compute the mean squares for regression.
Q3) What would the manager's null and alternative hypotheses for testing the significance of <sub>2</sub><sub> </sub>be?
A)H<sub>0</sub> : <sub>2</sub><sub> </sub>= 0 and H<sub>1</sub> : <sub>2</sub> > 0
B)H<sub>0</sub> : <sub>2</sub> > 0 and H<sub>1</sub> : <sub>2</sub><sub> </sub>< 0
C)H<sub>0</sub> : <sub>2</sub><sub> </sub> 0 and H<sub>1</sub><sub> </sub>: <sub>2</sub><sub> </sub>= 0
D)H<sub>0</sub> : <sub>2</sub><sub> </sub>= 0 and H<sub>1</sub><sub> </sub>: 0 < <sub>2</sub> < 1
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Chapter 13: Additional Topics in Regression Analysis
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Sample Questions
Q1) Explain what is meant by specification bias.What effects does specification bias have on the results of a regression?
Q2) If the independent variables in a regression model are perfectly correlated,it will be impossible to estimate the regression coefficients.
A)True
B)False
Q3) When all the coefficient student t statistics are small,indicating no individual effect,and yet the overall F statistic indicates a strong effect for the total regression model,the model is said to be affected by:
A)heteroscedasticity.
B)homoscedasticity.
C)multicollinearity.
D)sampling error.
Q4) When is a dummy variable used as an independent variable in a regression model?
A)when the variable involved is numerical
B)when the variable involved is categorical
C)when the variable involved is continuous
D)when two independent variables interact
Q5) Interpret the coefficient b<sub>1</sub>.
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Chapter 14: Analysis of Categorical Data
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Sample Questions
Q1) The chi-square distribution approaches the normal distribution as the degrees of freedom becomes larger.
A)True
B)False
Q2) When doing a chi-square and goodness-of-fit test,the squared difference between the observed and theoretical frequencies should be large if a null hypothesis is to be rejected.
A)True
B)False
Q3) Admissions at a local university have traditionally had the following breakdown: 45% local students,30% from within state,15% from neighboring states,5% from elsewhere in the U.S.and the remaining 5% international students.In the current freshman class,there are 328 local students,255 in-state students,121 students from neighboring states,36 students from elsewhere in the U.S. ,and 25 international students.Assuming that all the seats of the freshman class were occupied,is there evidence that the admissions policy at the university is changing?
Q4) Why would anyone want to do a Goodness-of-Fit-test?
Q5) Which test would be used to properly analyze the data in this experiment?
Q6) Calculate the value of the test statistic.
Page 16
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Chapter 15: Analysis of Variance
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Sample Questions
Q1) Compute the F- ratio.
Q2) Is there sufficient evidence to reject the null hypothesis that there is no difference between the stocks' earning forecasts? Use = 0.05.
Q3) What is the value of "H"?
A)1.350
B)1.190
C)1.421
D)1.823
Q4) What are the appropriate null and alternative hypotheses?
Q5) If we simultaneously examine the effects of two factors on the dependent variable,along with the effects of interactions between the different levels of those factors,we are performing a two-way ANOVA.
A)True
B)False
Q6) What is the appropriate statistical technique that can be used to analyze such data?
Q7) Complete the missing entries in the ANOVA table (identified by asterisks).
Q8) At the 0.05 level of significance,test the null hypothesis that the mean percentage rates are the same for all three funds.
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Chapter 16: Time-Series Analysis and Forecasting
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Sample Questions
Q1) The exponential smoothing method of forecasting is the most appropriate method for time series that exhibit:
A)irregularity.
B)seasonality.
C)a constant upward trend.
D)a constant downward trend.
Q2) The estimate of the level for week 2 is:
A)452 units.
B)347 units.
C)335 units.
D)310 units.
Q3) The number of four-period centered moving averages of a time series with 20 time periods is:
A)28
B)24
C)20
D)16
Q4) Compute the three-day and five-day moving averages.
Q5) How will you go about calculating the seasonal indices for the given time series?
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Chapter 17: Additional Topics in Sampling
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Sample Questions
Q1) Find a 95% confidence interval for the mean rating given by all the undergraduate students on the campus.
Q2) If a total sample of 120 students is taken,determine the number of freshmen and sophomores under the proportional allocation scheme.
Q3) Find a 95% confidence interval for the proportion of all students going on the field trip.
Q4) Quota sampling is an example of a:
A)probabilistic sampling technique.
B)stratified sampling technique.
C)nonprobabilistic sampling technique.
D)cluster sampling technique.
Q5) Estimate the population mean.
Q6) Estimate the total dollar value of these invoices.
Q7) Proportional allocation occurs when the proportion of sample members from any stratum is the same as the proportion of population members in that stratum.
A)True
B)False
Q8) Find a 95% confidence interval for the total sales.
Page 19
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