Data Analysis for Business Test Bank
Course Introduction
Data Analysis for Business explores the fundamental concepts and methods used to analyze data in a business context. Students will learn how to collect, interpret, and use data to inform decision-making, identify trends, and solve real-world business problems. The course covers key topics such as descriptive and inferential statistics, data visualization, predictive modeling, and the use of software tools for data analysis. Emphasis is placed on practical application, enabling students to translate data insights into actionable business strategies.
Recommended Textbook Business Statistics in Practice 7th Edition by Bruce Bowerman
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10 Chapters
1299 Verified Questions
1299 Flashcards
Source URL: https://quizplus.com/study-set/2975
Page 2
Chapter 1: An Introduction to Business Statistics
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) A random sample is selected so that every element in the population has the same chance of being included in the sample.
A)True
B)False
Answer: True
Q2) A person's telephone area code is an example of a(n)_____________ variable.
A)Nominative
B)Ordinal
C)Interval
D)Ratio
Answer: A
Q3) The process of assigning a value of a variable to each element in a data set is called
A)Sampling
B)Measurement
C)Experimental analysis
D)Observational analysis
Answer: B
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3
Chapter 2: Descriptive Statistics: Tabular and Graphical Methods
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Consider the following data on distances traveled by people to visit the local amusement park.
Answer: \(\begin{array}{|l|c|}
\hline \text { Distance } & \text { Frequency } \\
\hline 1-8 \text { miles } & 15 \\
\hline 9-16 \text { miles } & 12 \\
\hline 17-24 \text { miles } & 7 \\
\hline 25-32 \text { miles } & 5 \\
\hline 33-40 \text { miles } & 1 \\
\hline
\end{array}\)
Construct an ogive plot that corresponds to the frequency table. 11ea7431_18e2_8876_b6ac_bbc4db24438d_TB2340_00 Feedback:Calculate the relative frequency for each class (15/40,12/40,7/40,5/40,1/40;or .375,.30,.175,.125,and .025)and then the cumulative frequency (.375,.675,.850,.975,1.00).
Q2) Stem-and-leaf displays and dot plots are useful for detecting outliers.
A)True
B)False
Answer: True
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Chapter 3: Descriptive Statistics: Numerical Methods
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) If a population distribution is skewed to the right,then,given a random sample from that population,one would expect that the ____________.
A)Median would be greater than the mean
B)Mode would be equal to the mean
C)Median would be less than the mean
D)Median would be equal to the mean
Answer: C
Q2) The local amusement park was interested in the average wait time at their most popular roller coaster at the peak park time (2 p.m. ).They selected 13 patrons and had them get in line between 2 and 3 p.m.Each was given a stopwatch to record the time they spent in line.The times recorded were as follows (in minutes)(mean = 114.15): 118,124,108,116,99,120,148,118,119,121,45,130,118
What is the variance?
A)103
B)23.62
C)557.97
D)128.8
E)115
Answer: C
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Page 5
Chapter 4: Probability
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144 Verified Questions
144 Flashcards
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Sample Questions
Q1) A card is drawn from a standard deck.Given that a face card is drawn,what is the probability it will be a king?
A)1/3
B)1/13
C)4/13
D)1/12
E)1/4
Q2) A survey is made in a neighborhood of 80 voters.65 are Democrats and 15 are Republicans.Of the Democrats,35 are women,while 5 of the Republicans are women.If one subject from the group is randomly selected,find the probability the individual is a Democrat or a Republican.
A)0.50
B)1.00
C)0.813
D)0.188
E)0.152
Q3) Determine whether the two events are mutually exclusive. Unmarried person and a person with an employed spouse
A)Mutually exclusive
B)Not mutually exclusive
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Chapter 5: Discrete Random Variables
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155 Verified Questions
155 Flashcards
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Sample Questions
Q1) If the probability distribution of X is \(\begin{array} { c c } \mathrm { X } & \mathrm { P } ( \mathrm { X } ) \\
3 & 1 / 8 \\
4 & 1 / 8 \\
5 & 3 / 8 \\
6 & 3 / 8 \end{array}\)
What is the variance of X?
A)1.0
B)5.0
C)2.25
D)2.24
Q2) In the most recent election,19 percent of all eligible college students voted.If a random sample of 20 students were surveyed,find the probability that exactly half voted in the election.
A).0000
B).0014
C).0148
D).4997
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7
Chapter 6: Continuous Random Variables
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150 Verified Questions
150 Flashcards
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Sample Questions
Q1) The time of travel from a person's apartment to the bus station follows a uniform distribution over the interval from 20 to 30 minutes.If he/she leaves home at 9:05 a.m. ,what is the probability that he/she will get to the station between 9:25 and 9:30 a.m.?
A)1.0
B)0
C)0.5
D)0.25
Q2) At an oceanside nuclear power plant,seawater is used as part of the cooling system.This raises the temperature of the water that is discharged back into the ocean.The amount that the water temperature is raised has a uniform distribution over the interval from 10° to 25°C.What is the standard deviation of the temperature increase?
A)10.12
B)4.33
C)7.50
D) 1)25
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8
Chapter 7: Sampling and Sampling Distributions
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) The standard deviation of all possible sample proportions increases as the sample size increases.
A)True
B)False
Q2) The sampling distribution of the sample mean is developed by repeatedly taking samples of size n and computing the sample means and reporting the resulting sample means in the form of a probability distribution.
A)True
B)False
Q3) ____________ says that if the sample size is sufficiently large,then the sample means are approximately normally distributed.
A)Cluster sampling
B)Sampling error
C)Sampling distribution of the mean
D)The Central Limit Theorem
Q4) Stratification can at times be combined with multistage cluster sampling to develop an appropriate sample.
A)True
B)False
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Chapter 8: Confidence Intervals
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) You want to estimate the proportion of customers who are satisfied with their supermarket at = .10 and within .025 of the true value.It has been estimated that p = .85.How large of a sample is needed?
A)1083
B)553
C)71
D)336
Q2) When constructing a confidence interval for a population mean,if a population is normally distributed and a small sample is taken,then the distribution of \(\bar { X }\) Is based on the ____________ distribution.
A)z
B)t
C)Neither
D)Both z and t
Q3) The exact spread of the t distribution depends on the _________.
A)Standard deviation of the sample
B)Sample size n
C)Number of degrees of freedom
D)z distribution
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Page 10
Chapter 9: Hypothesis Testing
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) A major car manufacturer wants to test a new catalytic converter to determine whether it meets new air pollution standards.The mean emission of all converters of this type must be less than 20 parts per million of carbon.Ten (10)converters are manufactured for testing purposes and their emission levels are measured,with a mean of 17.17 and a standard deviation of 2.98.Calculate the appropriate test statistic to test the hypotheses.
Q2) Based on a random sample of 25 units of product X,the average weight is 102 lbs.and the sample standard deviation is 10 lbs.We would like to decide if there is enough evidence to establish that the average weight for the population of product X is greater than 100 lbs.Assume the population is normally distributed.What is the critical value used to test the claim at = .05?
Q3) A random sample of 80 companies who announced corrections to their balance sheets took a mean time of 8.1 days for the time between balance sheet construction and the complete audit.The population standard deviation is assumed to be 1.3 days.If the claim is that the population mean is greater than 7.5 days,calculate the appropriate test statistic to test the hypotheses.
Q4) In testing H<sub>0</sub>: p = .2;versus H<sub>A</sub>: p .2,with \(\hat { p }\) = .26 and n = 100,what is the value of the test statistic?
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11
Chapter 10:
Comparing Two Means and Two Proportions
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118 Verified Questions
118 Flashcards
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Sample Questions
Q1) A new company is in the process of evaluating its customer service.The company offers two types of sales: (1)Internet sales and (2)store sales.The marketing research manager believes that the Internet sales are more than 10 percent higher than store sales.The null hypothesis would be:
A)P<sub>Internet</sub> - P<sub>store</sub> > .10
B)P<sub>Internet</sub> - P<sub>store</sub> < .10
C)P<sub>Internet</sub> - P<sub>store</sub> .10
D)P<sub>Internet</sub> - P<sub>store</sub> .10
E)P<sub>Internet</sub> - P<sub>store</sub> = .10
Q2) The test of means for two related populations matches the observations (matched pairs)in order to reduce the ________________ attributable to the difference between individual observations and other factors.
A)Means
B)Test statistic
C)Degrees of freedom
D)Variation
Q3) Calculate the t statistic for testing equality of means where
Q4) Find a 99 percent confidence interval for the difference between means,given that n<sub>1</sub> = 49,n<sub>2</sub> = 49,
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