Introduction to Business Analytics Test Preparation
Course Introduction
Introduction to Business Analytics provides students with a foundational understanding of how data-driven decision-making enhances business performance. The course explores key concepts such as data collection, analysis, statistical methods, and the use of software tools to interpret and visualize data. Through real-world case studies and hands-on projects, students learn to identify business problems, structure analytical solutions, and communicate insights effectively to support strategic decision-making. This course emphasizes the ethical use of data and equips students with practical skills for transforming data into actionable business recommendations across various industries.
Recommended Textbook
Applied Statistics in Business and Economics 5th Edition by David Doane
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17 Chapters
1953 Verified Questions
1953 Flashcards
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Page 2
Chapter 1: Overview of Statistics
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Sample Questions
Q1) Estimating parameters and testing hypotheses are important aspects of descriptive statistics.
A)True
B)False
Answer: False
Q2) A business data analyst needs a PhD in statistics.
A)True
B)False
Answer: False
Q3) Empirical data are collected through observations and/or experiments.
A)True
B)False
Answer: True
Q4) Which is not a likely task of descriptive statistics?
A)Summarizing a sample
B)Describing data numerically
C)Estimating unknown parameters
D)Making visual displays of data
Answer: C
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Chapter 2: Data Collection
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Sample Questions
Q1) Which is most nearly correct regarding sampling error?
A)It can be eliminated by increasing the sample size.
B)It cannot be eliminated by any statistical sampling method.
C)It can be eliminated by using Excel's =RANDBETWEEN() function.
D)It can be eliminated by utilizing systematic random sampling.
Answer: B
Q2) Internet surveys posted on popular websites have no bias since anyone can reply.
A)True
B)False
Answer: False
Q3) Analysis of month-by-month changes in stock market prices during the most recent recession would require the use of time series data.
A)True
B)False
Answer: True
Q4) Telephone surveys often have a low response rate and fail to reach the desired population.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Describing Data Visually
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Sample Questions
Q1) A population is of size 5,500 observations. When the data are represented in a relative frequency distribution, the relative frequency of a given interval is 0.15. The frequency in this interval is equal to:
A)4,675.
B)800.
C)675.
D)825.15 percent of 5,500 is 825.
Answer: D
Q2) Which of these deficiencies would be considered a major graphical deception?
A)Vague or unclear source
B)Using more than one color or font
C)Bar widths proportional to bar height
D)Using a dramatic graph title
Answer: C
Q3) A scatter plot is useful in visualizing trends over time.
A)True
B)False
Answer: False
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5
Chapter 4: Descriptive Statistics
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Sample Questions
Q1) If Q<sub>1</sub> = 150 and Q<sub>3</sub> = 250, the upper fences (inner and outer) are:
A)450 and 600.
B)350 and 450.
C)400 and 550.
D)impossible to determine without more information.
Q2) The mode is least appropriate for:
A)continuous data.
B)categorical data.
C)discrete data.
D)Likert scale data.
Q3) The athletic departments at 10 randomly selected U.S. universities were asked by the Equal Employment Opportunity Commission to state what percentage of their nursing scholarships were presently held by women. The responses were 5, 4, 2, 1, 1, 2, 10, 5, 5, 5.
Find the mean, median, mode, and geometric mean. Which is the most appropriate measure of central tendency? The least appropriate? Explain your answer. Is there an outlier?
Q4) If there are 20 data values, the median will be halfway between two data values. A)True
B)False
Page 6
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Chapter 5: Probability
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Sample Questions
Q1) Given the contingency table shown here, find P(F or G). \( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\( \quad \)\(\text { Major }\)
\(\begin{array} {| c | c | c | c | c| }
\hline\text { Gender } & \text { Accounting } ( A ) & \text { Gen. Mgmt. } ( G ) & \text { Economics } ( E ) & \text { Row Total } \\
\hline\text { Male } ( M ) & 210 & 180 & 140 & 530 \\
\hline \text { Female } ( F ) & 150 & 160 & 160 & 470 \\
\hline \quad \text { Col Total } & 360 & 340 & 300 & 1000\\
\hline
\end{array}\)
A).160
B).470
C).650
D).810
Q2) P(A B) = .50 is an example of a joint probability.
A)True
B)False
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Chapter 6: Discrete Probability Distributions
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Sample Questions
Q1) Although the shape of the Poisson distribution is positively skewed, it becomes more nearly symmetric as its mean becomes larger.
A)True
B)False
Q2) Which distribution has a mean of 5?
A)Poisson with = 25
B)Binomial with n = 200, = .05
C)Hypergeometric with N = 100, n = 10, s = 50
Q3) On average, an IRS auditor discovers 4.7 fraudulent income tax returns per day. On a randomly chosen day, what is the probability that she discovers fewer than two?
A).0518
B).0427
C).1005
D).1523
Q4) The expected value of a discrete random variable E(X) is the sum of all X values weighted by their respective probabilities.
A)True
B)False
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Chapter 7: Continuous Probability Distributions
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Sample Questions
Q1) The triangular distribution T(0, 10, 20) has a standard deviation of:
A)4.082.
B)3.775.
C)3.024.
D)2.994.
Q2) If the mean time between unscheduled maintenance of LCD displays in a hospital's CT scan facility is 4,000 operating hours, what is the probability of unscheduled maintenance in the next 5,000 hours?
A).8000
B).7135
C).2865
D).5000
Q3) The area under an exponential curve can exceed 1 because the distribution is right-skewed.
A)True
B)False
Q4) If arrivals follow a Poisson distribution, waiting times follow the exponential distribution.
A)True
B)False
Page 9
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Chapter 8: Sampling Distributions and Estimation
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Sample Questions
Q1) If = 12, find the sample size to estimate the mean with an error of ± 4 and 95 percent confidence (rounded to the next higher integer).
A)75
B)35
C)58
D)113
Q2) Fulsome University has 16,059 students. In a sample of 200 students, 12 were born outside the United States. Construct a 95 percent confidence interval for the true population proportion. How large a sample is needed to estimate the true proportion of Fulsome students who were born outside the United States with an error of ± 2.5 percent and 95 percent confidence? Show your work and explain fully.
Q3) A random sample of 160 commercial customers of PayMor Lumber revealed that 32 had paid their accounts within a month of billing. Can normality be assumed for the sample proportion?
A)Yes.
B)No.
C)Need more information to say.
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Chapter 9: One-Sample Hypothesis Tests
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Sample Questions
Q1) We can assume that the sample proportion is normally distributed if:
A)we have 10 successes in the sample.
B)we have 10 failures in the sample.
C)we have both 10 successes and 10 failures in the sample.
D)the population is known.
Q2) When is unknown, it is more conservative to use z instead of t for the critical value.
A)True
B)False
Q3) In a test of a mean, the reported p-value is .025. Using =.05 the conclusion would be to:
A)accept the null hypothesis.
B)reject the null hypothesis.
C)fail to reject the null hypothesis.
D)gather more evidence due to inconclusive results.
Q4) To test the hypothesis H<sub>0</sub>: = .0125 using n = 160, it is safe to assume normality of p.
A)True
B)False
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Chapter 10: Two-Sample Hypothesis Tests
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113 Flashcards
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Sample Questions
Q1) A new policy of "flex hours" is proposed. Random sampling showed that 28 of 50 female workers favored the change, while 22 of 50 male workers favored the change. Management wonders if there is a difference between the two groups. What is the p-value for a two-tailed test?
A).3849
B).1151
C).2301
D).3453
Q2) An F-test for equality of variances gives a p-value of .003. At = .05, what conclusion can be made about the preferred test to compare the means for the same sample?
A)We would prefer a pooled variance t-test for equality of means.
B)We would not wish to pool the variances in a t-test for equality of means.
C)We would prefer a paired t-test for equality of means.
D)The variances have nothing to do with the t-test for equality of means.
Q3) In an F test for the ratio of two population variances, the degrees of freedom in both the numerator and the denominator must be equal.
A)True
B)False
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Chapter 11: Analysis of Variance
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Sample Questions
Q1) Interaction plots that show crossing lines indicate likely interactions.
A)True
B)False
Q2) Which is the Excel function to find the critical value of F for = .05, df<sub>1</sub> = 3, df<sub>2</sub> = 25?
A)=F.DIST(.05, 2, 24)
B)=F.INV.RT(.05, 3, 25)
C)=F.DIST(.05, 3, 25)
D)=F.INV(.05, 2, 24)
Q3) What is GLM, and why do we need it?
Q4) Tukey's test is similar to a two-sample t-test except that it pools the variances for all c samples.
A)True B)False
Q5) Hartley's test is to check for unequal variances for c groups.
A)True
B)False
Q6) Sample sizes must be equal in one-factor ANOVA.
A)True
B)False
Page 13
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Chapter 12: Simple Regression
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Sample Questions
Q1) In a simple regression, the F statistic is calculated by taking the ratio of MSR to the MSE.
A)True
B)False
Q2) Prediction intervals for Y are narrowest when:
A)the mean of X is near the mean of Y.
B)the value of X is near the mean of X.
C)the mean of X differs greatly from the mean of Y.
D)the mean of X is small. \(\bar { x }\) \(\bar { x }\)
Q3) Confidence intervals for predicted Y are less precise when the residuals are very small.
A)True
B)False
Q4) Using the least squares formulas, the regression line must pass through the origin.
A)True
B)False
Q5) A prediction interval for Y is widest when X is near its mean.
A)True
B)False
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Chapter 13: Multiple Regression
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Sample Questions
Q1) Plotting the residuals against a binary predictor (X = 0, 1) reveals nothing about heteroscedasticity.
A)True
B)False
Q2) A squared predictor is used to test for nonlinearity in the predictor's relationship to Y. A)True
B)False
Q3) Evans' Rule says that if n = 50 you need at least 5 predictors to have a good model. A)True
B)False
Q4) In a regression with 7 predictors and 62 observations, degrees of freedom for a t test for each coefficient would use how many degrees of freedom?
A)61
B)60
C)55
D)54
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Page 15
Chapter 14: Time Series Analysis
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Sample Questions
Q1) The fitted annual sales trend is y<sub>t</sub> = 227e<sup>.037</sup><sup>t</sup>.
The values of y<sub>t</sub> are:
A)rising by an increasing amount each period.
B)rising by a declining amount each period.
C)declining by a declining amount each period.
D)declining by an increasing amount each period.
Q2) A trend line has been fitted to a company's annual sales. The trend is given by y<sub>t</sub> = 50 + 5t, where t is the time index (t = 1, 2, , n) and y<sub>t</sub> is annual sales (in millions of dollars). The implication of this trend line is:
A)sales will increase by $5 million every year.
B)sales increase exactly 5 percent every year.
C)sales increase on the average 5 percent per year.
D)sales increase on the average $5 million per year.
Q3) Moving averages are often used for making long-term forecasts (e.g., five periods ahead).
A)True
B)False
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Chapter 15: Chi-Square Tests
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Sample Questions
Q1) For a chi-square goodness-of-fit test for a normal distribution using 7 categories with estimated mean and standard deviation, we would use the critical value for 4 degrees of freedom.
A)True
B)False
Q2) A proofreader checked 160 ads for grammatical errors. The distribution obtained is shown: \[\begin{array} { | l | c | c | c | c | }
\hline \text { Number of Errors } & 0 & 1 & 2 & 3 \\
\hline \text { Observed Frequency } & 10 & 65 & 71 & 14 \\
\hline
\end{array}\] At ? = .01, what decision would we reach in a goodness-of-fit test to see whether this sample came from a uniform distribution?
A)Reject the null and conclude the distribution is not uniform.
B)Conclude that there is insufficient evidence to reject the null.
C)No conclusion can be made due to small expected frequencies.
D)No conclusion can be made due to inadequate sample size.
Q3) A chi-square distribution is always skewed right.
A)True
B)False
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Page 17
Chapter 16: Nonparametric Tests
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Sample Questions
Q1) Nonparametric tests can be used in small samples.
A)True
B)False
Q2) Which is not true of the one-sample runs test?
A)It is also called the Wald-Wolfowitz test named after its inventors.
B)Its purpose is to detect nonrandomness.
C)It cannot be applied to sequential observations.
D)It is similar to a test for autocorrelation.
Q3) The Friedman test resembles the Kruskal-Wallis test except that there are two grouping factors (rows, columns) instead of one grouping factor (columns).
A)True
B)False
Q4) The Friedman test requires groups of equal size.
A)True
B)False
Q5) The one-sample runs test is similar to a test for autocorrelation.
A)True
B)False
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Chapter 17: Quality Management
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Sample Questions
Q1) ISO 9000 standards were first developed in the United States under the leadership of Joseph Juran.
A)True
B)False
Q2) Which is not primarily intended to detect excessive variation in a measurement?
A)s-chart
B)MR-chart
C)R-chart
D)p-chart
Q3) Find the C<sub>pk</sub> index for a process with USL = 550, LSL = 540, = 543, and = 0.75.
A)1.33
B)2.22
C)1.25
D)1.75
Q4) If USL = 550, LSL = 540, = 545, and = 1.00, the C<sub>p</sub> index is 1.67.
A)True
B)False
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