Introduction to Business Analytics
Final Test Solutions
Course Introduction
Introduction to Business Analytics provides students with a foundational understanding of how data-driven decision-making transforms business operations and strategy. This course covers the essential concepts, techniques, and tools used to collect, analyze, and interpret business data, including descriptive, predictive, and prescriptive analytics. Students will explore real-world cases, leverage spreadsheets and analytics software, and develop skills in translating data insights into actionable business recommendations. The course encourages problem-solving and critical thinking, preparing students to effectively use analytics in marketing, finance, operations, and management.
Recommended Textbook
Modern Business Statistics with Microsoft Excel 5th Edition by David R. Anderson
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2226 Verified Questions
2226 Flashcards
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2
Chapter 1: Data and Statistics
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Sample Questions
Q1) The owner of a factory regularly requests a graphical summary of all employees' salaries. The graphical summary of salaries is an example of A)a sample
B)descriptive statistics
C)statistical inference
D)an experiment
Answer: B
Q2) Which of the following is not a categorical variable?
A)your age on your last birthday
B)your cell phone area code
C)your accounting class start time
D)your high school graduation year
Answer: A
Q3) The birth weight of newborns, measured in grams, is an example of A)categorical data
B)either categorical or quantitative data
C)neither categorical nor quantitative data
D)quantitative data
Answer: D
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Page 3
Chapter 2: Descriptive Statistics: Tabular and Graphical Displays
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Sample Questions
Q1) In a cumulative percent frequency distribution, the last class will have a cumulative percent frequency equal to
A)one
B)100
C)the total number of elements in the data set
D)None of the other answers are correct.
Answer: B
Q2) Excel's __________ can be used to construct a crosstabulation.
A)Chart Tools
B)SUM function
C)PivotTable Report
D)COUNTIF function
Answer: C
Q3) In constructing a frequency distribution, as the number of classes are decreased, the class width
A)decreases
B)remains unchanged
C)increases
D)can increase or decrease depending on the data values
Answer: C
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Chapter 3: Descriptive Statistics: Numerical Measures
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Sample Questions
Q1) Excel provides functions for computing the A)mean
B)median
C)mode
D)Excel provides functions for all of these.
Answer: D
Q2) A box plot is a graphical representation of data that is based on A)the empirical rule
B)z-scores
C)a histogram
D)a five-number summary
Answer: D
Q3) The symbol \(\sigma\) is used to represent the A)variance of the population
B)standard deviation of the sample
C)standard deviation of the population
D)None of the other answers are correct.
Answer: C
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Chapter 4: Introduction to Probability
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Sample Questions
Q1) It is estimated that 3% of the athletes competing in a large tournament are users of an illegal drug to enhance performance. The test for this drug is 90% accurate. What is the probability that an athlete who tests positive is actually a user?
Q2) The sample space refers to
A)any particular experimental outcome
B)the sample size minus one
C)the set of all possible experimental outcomes
D)both any particular experimental outcome and the set of all possible experimental outcomes are correct
Q3) Events that have no sample points in common are
A)independent events
B)posterior events
C)mutually exclusive events
D)complements
Q4) Which of the following statements is(are) always true?
A)-1 \(\le\) P(E<sub>i</sub>) \(\le\) 1
B)P(A) = 1 - P(A<sup>c</sup>)
C)P(A) + P(B) = 1
D)both P(A) = 1 - P(A<sup>c</sup>) and P(A) + P(B) = 1
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) The function used to compute the probability of x successes in n trials, when the trials are dependent, is the
A)binomial probability function
B)Poisson probability function
C)hypergeometric probability function
D)exponential probability function
Q2) Refer to Exhibit 5-7. The expected number of cups of coffee is A)1
B)1.2
C)1.5
D)1.7
Q3) Variance is
A)a measure of the average, or central value of a random variable
B)a measure of the dispersion of a random variable
C)the square root of the standard deviation
D)the sum of the deviation of data elements from the mean
Q4) Thirty-two percent of the students in a management class are graduate students. A random sample of 5 students is selected. Using the binomial probability function, determine the probability that the sample contains exactly 2 graduate students?
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) Excel's EXPON.DIST function has how many inputs?
A)2
B)3
C)4
D)5
Q2) Z is a standard normal random variable. The P (-1.20 \(\le\) z \(\le\) 1.50) equals
A)0.0483
B)0.3849
C)0.4332
D)0.8181
Q3) Refer to Exhibit 6-1. The variance of x is approximately A)2.309
B)5.333
C)32
D)0.667
Q4) The average starting salary of this year's vocational school graduates is $35,000 with a standard deviation of $5,000. Furthermore, it is known that the starting salaries are normally distributed. What are the minimum and the maximum starting salaries of the middle 95% of the graduates?
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) Refer to Exhibit 7-1. The point estimate of the population mean
A)is 5
B)is 14
C)is 4
D)cannot be determined because the population is infinite
Q2) There are 6 children in a family. The number of children defines a population. The number of simple random samples of size 2 (without replacement) which are possible equals
A)12
B)15
C)3
D)16
Q3) A population has a mean of 84 and a standard deviation of 12. A sample of 36 observations will be taken. The probability that the sample mean will be between 80.54 and 88.9 is
A)0.0347
B)0.7200
C)0.9511
D)None of the alternative answers is correct.
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Page 9
Chapter 8: Interval Estimation
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Sample Questions
Q1) As the degrees of freedom increase, the t distribution approaches the A)uniform distribution
B)normal distribution
C)exponential distribution
D)p distribution
Q2) Refer to Exhibit 8-3. The value to use for the standard error of the mean is
A)13.5
B)9
C)2.26
D)1.5
Q3) The expression used to compute an interval estimate of \(\mu\) may depend on any of the following factors except
A)the sample size
B)whether the population standard deviation is known
C)whether the population has an approximately normal distribution
D)whether there is sampling error
Q4) A random sample of 26 checking accounts at a bank showed an average daily balance of $300 and a standard deviation of $45. The balances of all checking accounts at the bank are normally distributed. Develop a 95% confidence interval estimate for the mean of the population.
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Chapter 9: Hypothesis Tests
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Sample Questions
Q1) Excel's __________ function can be used to calculate a p-value for a hypothesis test when \(\sigma\) is unknown.
A)RAND
B)T.DIST
C)NORM.S.DIST
D)Not enough information is given to answer this question.
Q2) For a two-tailed hypothesis test with a test statistic value of z = 2.05, the p-value is A).0101
B).0202
C).0404
D).4899
Q3) For each shipment of parts a manufacturer wants to accept only those shipments with at most 10% defective parts. A large shipment has just arrived. A quality control manager randomly selects 50 of the parts from the shipment and finds that 6 parts are defective. Is this sufficient evidence to reject the entire shipment? Use a .05 level of significance to conduct the appropriate hypothesis test.
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11
Chapter 10: Inference About Means and Proportions With
Two Populations
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Sample Questions
Q1) Refer to Exhibit 10-1. The p-value is
A)0.0668
B)0.0334
C)1.336
D)1.96
Q2) Refer to Exhibit 10-8. A point estimate for the difference between the two sample means is
A)20
B)0.50
C)0.25
D)1.00
Q3) Refer to Exhibit 10-13. The p-value is
A)0.0035
B)0.007
C)0.49650
D)1.96
Q4) In a sample of 40 Democrats, 6 opposed the President's foreign policy, while of 50 Republicans, 8 were opposed to his policy. Determine a 90% confidence interval estimate for the difference between the proportions of the opinions of the individuals in the two parties.
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Chapter 11: Inferences About Population Variances
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Sample Questions
Q1) Refer to Exhibit 11-7. The null hypothesis is to be tested at the 5% level of significance. The critical value from the table is
A)3.07
B)3.29
C)3.35
D)3.68
Q2) Refer to Exhibit 11-8. The null hypothesis
A)should be rejected
B)should not be rejected
C)should be revised
D)None of these alternatives is correct.
Q3) For an F distribution, the number of degrees of freedom for the numerator
A)must be larger than the number of degrees for the denominator
B)must be smaller than the number of degrees of freedom for the denominator
C)must be equal to the number of degrees of freedom for the denominator
D)can be larger, smaller, or equal to the number of degrees of freedom for the denominator
Q4) A sample of 15 items provides a sample mean of 18 and a sample variance of 16. Compute a 95% confidence interval estimate for the standard deviation of the population.
Page 13
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Chapter 12: Tests of Goodness of Fit, Independence and Multiple Proportions
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Sample Questions
Q1) Refer to Exhibit 12-3. The expected frequency of those who received medication and were cured is
Q2) In 2012, forty percent of the students at a major university were Business majors, 35% were Engineering majors and the rest of the students were majoring in other fields. In a sample of 600 students from the same university taken in 2013, two hundred were Business majors, 220 were Engineering majors and the remaining students in the sample were majoring in other fields. At a 5% significance level, test to see if there has been a significant change in the proportions between 2012 and 2013.
Q3) The degrees of freedom for a contingency table with 6 rows and 3 columns is A)18 B)15 C)6 D)10
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Page 14
Chapter 13: Experimental Design and Analysis of Variance
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Sample Questions
Q1) Refer to Exhibit 13-5. The mean square between treatments (MSTR) is
A)20
B)60
C)300
D)15
Q2) In order to determine whether or not the means of two populations are equal,
A)a t test must be performed
B)an analysis of variance must be performed
C)either a t test or an analysis of variance can be performed
D)a chi-square test must be performed
Q3) When an analysis of variance is performed on samples drawn from k populations, the mean square between treatments (MSTR) is
A)SSTR/n<sub>T</sub>
B)SSTR/(n<sub>T</sub> - 1)
C)SSTR/k
D)SSTR/(k - 1)
E)None of these alternatives is correct.
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15
Chapter 14: Simple Linear Regression
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Sample Questions
Q1) Refer to Exhibit 14-5. The least squares estimate of b<sub>0</sub> (intercept) equals A)1
B)-1
C)6
D)5
Q2) In regression analysis, the variable that is being predicted is the A)dependent variable
B)independent variable
C)intervening variable
D)None of these answers is correct.
Q3) Refer to Exhibit 14-2. The sample correlation coefficient equals A)-86.667
B)-0.99705
C)0.9941
D)0.99705
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16
Chapter 15: Multiple Regression
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Sample Questions
Q1) Refer to Exhibit 15-5. The t value obtained from the table to test an individual parameter at the 5% level is
A)2.06
B)2.069
C)2.074
D)2.080
Q2) Refer to Exhibit 15-6. The F value obtained from the table used to test if there is a relationship among the variables at the 5% level equals
A)3.41
B)3.63
C)3.81
D)19.41
Q3) In a multiple regression analysis involving 10 independent variables and 81 observations, SST = 120 and SSE = 42. The coefficient of determination is A)0.81
B)0.11
C)0.35
D)0.65
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17
Chapter 16: Regression Analysis: Model Building
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Sample Questions
Q1) Refer to Exhibit 16-2. The coefficient of determination for this model is
A)0.6923
B)0.1494
C)0.1300
D)0.8700
Q2) Refer to Exhibit 16-2. The value of SSE is
A)3,740
B)170
C)260
D)2000
Q3) When dealing with the problem of non-constant variance, the reciprocal transformation means using A)1/x as the independent variable instead of x
B)x<sup>2</sup> as the independent variable instead of x
C)y<sup>2</sup> as the dependent variable instead of y
D)1/y as the dependent variable instead of y
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18
Chapter 17: Time Series Analysis and Forecasting
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Sample Questions
Q1) In the linear trend equation, T = b<sub>0</sub> + b<sub>1t</sub>, b<sub>0</sub> represents the
A)time
B)slope of the trend line
C)trend value in period 1
D)the Y intercept
Q2) A method that uses a weighted average of past values for arriving at smoothed time series values is known as
A)regression analysis
B)deseasonalization
C)decomposition
D)exponential smoothing
Q3) One measure of the accuracy of a forecasting model is the A)smoothing constant
B)trend pattern
C)mean absolute error
D)seasonal index
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Chapter 18: Nonparametric Methods
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Sample Questions
Q1) When ranking combined data in a Wilcoxon signed rank test, the data that receives a rank of 1 is the
A)lowest value
B)highest value
C)middle value
D)average of the highest and the lowest of values
Q2) A nonparametric method for determining the differences between two populations based on two matched samples where only preference data is required is the
A)Mann-Whitney-Wilcoxon test
B)Wilcoxon signed-rank test
C)sign test
D)Kruskal-Wallis Test
Q3) Refer to Exhibit 18-2. The null hypothesis should be
A)rejected
B)not rejected
C)revised
D)None of these alternatives is correct.
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Chapter 19: Statistical Methods for Quality Control
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Sample Questions
Q1) Snipper, Inc. manufactures lawnmowers that require minor, final assembly by the customer. A sealed plastic bag containing the hardware (nuts, bolts, washers, and so on) needed for final assembly is included with each lawnmower shipped. During a week of normal, in-control operation, twenty samples of 200 bags of hardware were examined for content (hardware type and count) accuracy. A total of 104 bags of the 4000 examined failed to have the correct contents.
a. Compute the upper limit, center line, and lower limit for a p chart.
b. Compute the upper limit, center line, and lower limit for an np chart.
Q2) A process that is in control has a mean of \(\mu\) = 56.5 and a standard deviation of \(\sigma\) = 3.4. What should the control limits be for a sample mean chart if samples of size 8 are taken?
Q3) A graph showing the probability of accepting the lot as a function of the percent defective in the lot is
A)a power curve
B)a control chart
C)an operating characteristic curve
D)None of the other answers is correct.
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Chapter 20: Decision Analysis
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Sample Questions
Q1) Prior probabilities are the probabilities of the states of nature
A)after obtaining sample information
B)prior to obtaining of perfect information
C)prior to obtaining sample information
D)after obtaining perfect information
Q2) The expected value of information that would tell the decision maker exactly which state of nature is going to occur is
A)the expected value of sample information
B)the expected value of perfect information
C)the maximum information
D)the expected value
Q3) Refer to Exhibit 20-5. The expected value of perfect information is
A)18.2
B)11.7
C)51
D)37
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22
Chapter 21: Sample Survey
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Sample Questions
Q1) Which of the following is an example of nonprobabilistic sampling?
A)simple random sampling
B)stratified simple random sampling
C)cluster sampling
D)judgment sampling
Q2) Any method of sampling for which the probability of selecting a sample cannot be computed is termed
A)probability sampling
B)nonprobabilistic sampling
C)unknown population sampling
D)None of these alternatives is correct.
Q3) Refer to Exhibit 21-1. The point estimate of the population total is
A)51,200
B)1,275,000
C)102,000
D)2,040,000
Q4) A community has 2,000 registered voters. A pilot study revealed that 70% of the individuals are planning to vote for the incumbent mayor. We are interested in selecting a sample. So that the sampling error will not exceed 4%, what size sample should be taken?
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