Introduction to Business Statistics Exam Review
Course Introduction
Introduction to Business Statistics provides students with the fundamental concepts and techniques for collecting, analyzing, and interpreting data relevant to business decision-making. The course covers descriptive statistics, probability distributions, sampling methods, hypothesis testing, correlation, and regression analysis. Emphasis is placed on applying statistical tools to real-world business scenarios, enabling students to make informed decisions based on data analysis. Practical exercises and case studies help students build proficiency in statistical software and strengthen their analytical skills for the modern business environment.
Recommended Textbook
Basic Business Statistics 5th Edition by Mark
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Page 2
Chapter 1: Defining and Collecting Data
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Sample Questions
Q1) The portion of students in the sample who visited the campus bar on the weekend before the final exam period is an example of
A) a discrete random variable.
B) a parameter.
C) a statistic.
D) a categorical random variable.
Answer: C
Q2) One of the 'big four' Australian banks is conducting research in order to understand the banking needs of Australian residents.Another option is to collect data using focus groups which is an example of _________research.
Answer: qualitative
Q3) A personal computer user survey was conducted.The number of personal computers owned is an example of a _________numerical variable.
Answer: discrete
Q4) The grade level (1-12)of a student is an example of a nominal scaled variable. A)True
B)False
Answer: False
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Chapter 2: Organising and Visualising Data
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Sample Questions
Q1) Referring to Instruction 2.6,_________ apartments rented for at least $400 but less than $600.
Answer: 117
Q2) Referring to Instruction 2.4,what is the cumulative relative frequency for the percentage of calls that lasted under 20 minutes?
A) 0.59
B) 0.10
C) 0.84
D) 0.76
Answer: C
Q3) Referring to Instruction 2.7,if a frequency distribution for the defects data is constructed,using '0 but less than 5' as the first class,the relative frequency of the '15 but less than 20' class would be _________.
Answer: 0.08 or 8% or 2/25
Q4) Relationships in a contingency table can be examined more fully if the frequencies are converted into_________.
Answer: percentages or proportions
Q5) Referring to Instruction 2.11,_________ % of the 600 were females.
Answer: 46.67
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Chapter 3: Numerical Descriptive Measures
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Sample Questions
Q1) Referring to Instruction 3-1,identify which of the following is the correct statement.
A) The middle 50% of the senior citizens sampled are between 65.5 and 73.0 years of age.
B) One fourth of the senior citizens sampled are below 65.5 years of age.
C) The average age of senior citizens sampled is 73.5 years of age.
D) All of the above are correct.
Answer: B
Q2) Referring to Instruction 3-14,how will you classify the linear relationship between the performance scores and the rating?
Answer: moderate
Q3) Referring to Instruction 3-7,what is the approximate standard deviation?
Answer: 0.1273
Q4) Which of the following statements about the median is NOT true?
A) It is equal to the mode in bell-shaped "normal" distributions.
B) It is equal to Q2.
C) It is a measure of central tendency.
D) It is more affected by extreme values than the arithmetic mean.
Answer: D
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Page 5
Chapter 4: Basic Probability
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Sample Questions
Q1) Referring to Instruction 4.3,the probability that a randomly selected individual is a child or prefers hamburgers is_____________ .
Q2) Suppose A and B are independent events where P(A)= 0.4 and P(B)= 0.5.Then P(A or B)= ______.
Q3) Referring to Instruction 4.8,what is the probability that a randomly selected student is a third-year student who does not live in a residential college?
Q4) The probability that the residents of a household own two cars and have an income over $50,000 a year is
A) 0.12.
B) 0.18.
C) 0.22.
D) 0.48.
Q5) Empirical classical probability is objective probability obtained from the relative frequency of occurrence of an event.
A)True
B)False
Q6) A high school debating team of four is to be chosen from a class of 35.How many possible ways can the team be formed?
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Chapter 5: Some Important Discrete Probability
Distributions
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Sample Questions
Q1) The local police department must write,on average,five tickets a day to keep department revenues at budgeted levels.Suppose the number of tickets written per day follows a Poisson distribution with a mean of 6.5 tickets per day.Interpret the value of the mean.
A) Half of the days have less than 6.5 tickets written and half of the days have more than 6.5 tickets written.
B) If we sampled all days, the arithmetic average or expected number of tickets written would be 6.5 tickets per day.
C) The number of tickets that is written most often is 6.5 tickets per day.
D) The mean has no interpretation since 0.5 tickets can never be written.
Q2) Thirty-six of the staff of 80 teachers at a local high school are certified in cardiopulmonary resuscitation (CPR).In 180 days of school,about how many days can we expect that the teacher on yard duty will likely be certified in CPR?
A) 81 days.
B) 65 days.
C) 45 days.
D) 5 days.
Q3) If X has a binomial distribution with n = 4 and p = 0.3,then P(X = 1.= ______
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Chapter 6: The Normal Distribution and Other Continuous Distributions
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Sample Questions
Q1) To determine the probability of getting fewer than 3 successes in a binomial distribution,you will find the area under the normal curve for X = 3.5 and below.
A)True
B)False
Q2) The probability that a standard normal random variable,Z,falls between 2.00 and 0.44 is 0.6472.
A)True
B)False
Q3) The 'middle spread',that is the middle 50% of the normal distribution,is equal to one standard deviation.
A)True
B)False
Q4) Referring to Instruction 6.7,what is the probability that the next hit at the website will occur no sooner than 5 seconds after just being hit by a visitor?
Q5) What proportion of the plan recipients would receive payments beyond age 75?
Q6) Referring to Instruction 6.2,for a given month,what is the probability that John's commission from the jewellery store is more than $9,500?
Page 8
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Chapter 7: Sampling Distributions
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Sample Questions
Q1) What percentage of samples of 4 fish will have sample means between 3.0 and 4.0 kilograms?
A) 67%
B) 29%
C) 84%
D) 16%
Q2) If a sample of 64 fish yields a mean of 3.4 kilograms,what is the probability of obtaining a sample mean this large or larger?
A) 0.4987
B) 0.0001
C) 0.0013
D) 0.0228
Q3) What is the probability that the sample mean will be between 39 and 48 minutes?
Q4) The probability that the mean of the sample exceeds 1080.3 grams is_____.
Q5) A sampling distribution is a probability distribution for a statistic.
A)True
B)False
Q6) Referring to Instruction 7.5,among all the random samples of size 200,_________ % will have between 9% and 29% who have high-speed access to the Internet.
Page 9
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Chapter 8: Confidence Interval Estimation
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Sample Questions
Q1) Referring to Instruction 8-9,the confidence interval will be based on__________degrees of freedom.
Q2) The t distribution is used to develop a confidence interval estimate of the population mean when the population standard deviation is unknown.
A)True
B)False
Q3) Referring to Instruction 8-3,the critical value to use in obtaining the confidence interval is _________ .
Q4) The difference between the sample proportion and the population proportion is called the sampling error.
A)True
B)False
Q5) Referring to Instruction 8-6,it is possible that the mean of the population is not between 27.5 and 30.3.
A)True
B)False
Q6) Referring to Instruction 8-13,suppose the engineer had decided to estimate the mean length to within 0.03 with 99% confidence.Then the sample size would be________.
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Chapter 9: Fundamentals of Hypothesis Testing:
One-Sample Tests
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Sample Questions
Q1) If an economist wishes to determine whether there is evidence that average family income in a community exceeds $50,000
A) a two-tailed test should be utilised.
B) either a one-tailed or two-tailed test could be used with equivalent results.
C) a one-tailed test should be utilised.
D) None of the above.
Q2) Referring to Instruction 9-9,state the alternative hypothesis for this study.
Q3) A Type II error is committed when
A) we reject a null hypothesis that is true.
B) we reject a null hypothesis that is false.
C) we don't reject a null hypothesis that is true.
D) we don't reject a null hypothesis that is false.
Q4) Referring to Instruction 9-7,the null hypothesis would be rejected if a 5% probability of committing a Type I error is allowed.
A)True
B)False
Q5) Referring to Instruction 9-3,what is the probability of making a Type II error if the mean power consumption of all such microwave ovens is in fact 257.3 W using a 0.05 level of significance?
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Chapter 10: Hypothesis Testing: Two-Sample Tests
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Sample Questions
Q1) Referring to Instruction 10-5,the calculated value of the test statistic is __________.
Q2) Referring to Instruction 10-2,what is the 90% confidence interval estimate for the difference between two means?
Q3) Referring to Instruction 10-12,construct a 90% confidence interval estimate of the difference in proportion of workers who would like to attend a self-improvement course in the recent study and the past study.
Q4) In most cases the population standard deviation is unknown.
A)True
B)False
Q5) Referring to Instruction 10-10,construct a 90% confidence interval estimate of the difference between the proportion of males and females who prefer Pepsi.
Q6) Referring to Instruction 10-14,the null hypothesis should be rejected. A)True
B)False
Q7) Referring to Instruction 10-5,the decision rule is to reject the null hypothesis if__________.
Q8) Referring to Instruction 10-6,the pooled (i.e.,combinevariance is __________).
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Chapter 11: Analysis of Variance
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Sample Questions
Q1) Referring to Instruction 11-12,based on the results of the hypothesis test,it appears that there is a significant interaction.
A)True
B)False
Q2) Referring to Instruction 11-3,the within group variation or SSW is ________.
Q3) Referring to Instruction 11-3,using an overall level of significance of 0.05,the critical value of the Studentised range Q used in calculating the critical range for the Tukey-Kramer procedure is ________.
Q4) One-factor experiments in analysis of variance are _______ designs.
A) within-group
B) completely randomised
C) one-way
D) total variation
Q5) Referring to Instruction 11-7,the relative efficiency means that 2.47 times as many observations in each variety group would be needed in a one-way ANOVA design as compared to the randomised block design in order to obtain the same precision for comparison of the variety means.
A)True
B)False
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Chapter 12: Simple Linear Regression
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Sample Questions
Q1) Referring to Instruction 12.7,the interpretation of the coefficient of determination in this regression is
A) average grade accounts for 57.74% of the variability of university entrance exam scores.
B) university entrance exam scores account for 57.74% of the total fluctuation in average grade.
C) 57.74% of the total variation of university entrance exam scores can be explained by average grade.
D) None of the above.
Q2) If you wanted to find out if alcohol consumptions (measured in ml)and grade point average on a four-point scale are linearly related,you would perform a
A) <sup>2</sup> test for independence.
B) Z test for the difference in two proportions.
C) <sup>2</sup> test for the difference in two proportions.
D) t test for a correlation coefficient.
Q3) Referring to Instruction 12.5,the prediction for a quarter in which X = 120 is Y =
Q4) Referring to Instruction 12.14,the correlation coefficient is ____________.
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Page 14
Chapter 13: Introduction to Multiple Regression
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Sample Questions
Q1) Referring to Instruction 13.17,which of the following values for is the smallest for which the regression model as a whole is significant?
A) 0.001
B) 0.01
C) 0.05
D) 0.00005
Q2) Referring to Instruction 13.22,the alternative hypothesis H<sub>1</sub>: At least one of <sub>j</sub> 0 for j = 1,2,3 implies that percentage of students passing the proficiency test is affected by at least one of the explanatory variables.
A)True
B)False
Q3) Referring to Instruction 13.37 Model 1,what is the p-value of the test statistic to determine whether there is a significant relationship between the number of weeks a worker is unemployed due to a layoff and the entire set of explanatory variables?
Q4) Referring to Instruction 13.20,the 99% confidence interval for the change in average insurance premiums of a person who has become one year older (i.e.,the slope coefficient for AGE)is _____.
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Chapter 14: Time-Series Forecasting and Index Numbers
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Sample Questions
Q1) Paasche price index is a form of unweighted aggregate price index.
A)True
B)False
Q2) Referring to Instruction 14-14,use the Holt-Winters method of fitting wine sales to compute the smoothed level and trend with a smoothing constant of 0.2 for both level and trend.
Q3) The more expensive commodities are overly influential in an unweighted aggregate price index.
A)True
B)False
Q4) The method of least squares is used on time-series data for A) deseasonalising the data.
B) exponentially smoothing a series.
C) obtaining the trend equation.
D) eliminating irregular movements.
Q5) Referring to Instruction 14-21,what are the simple price indexes for electricity,natural gas and fuel oil,respectively,in 2007 using 2010 as the base year?
Q6) Referring to Instruction 14-6,using the regression equation,what is the forecast for the revenues in the first quarter of 2005?
Page 16
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Chapter 15: Chi-Square Tests
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Sample Questions
Q1) Referring to Instruction 15-6,the expected cell frequency for the Procedure A/Clear cell is_______.
Q2) Referring to Instruction 15-8,the test will involve _______ degree(s)of freedom.
Q3) Referring to Instruction 15-14,if there is no connection between weights and mean number of hours spent watching TV,how many children should you expect to be spending no more than 6 hours on average watching TV and are more than 10 kg underweight?
A) 5.8
B) 8
C) 6.2
D) 12
Q4) Referring to Instruction 15-5,the critical value of the test statistic at 1% level of significance is A) 20.0902.
B) 23.2093. C) 13.2767. D) 7.7794.
Q5) Referring to Instruction 15-8,the expected cell frequency for the Paris/No cell is_______
Q6) Referring to Instruction 15-7,what is the p-value of the test statistic?
Page 17
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Chapter 16: Multiple Regression Model Building
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Sample Questions
Q1) Referring to Instruction 16-7,what is the value of the variance inflationary factor of EP?
Q2) Cook's Distance Statistic can be used to analyse the influence of individual data points.
A)True
B)False
Q3) The C<sub>p</sub> statistic is used
A) to determine if there is a problem of collinearity.
B) to choose the best model.
C) to determine if there is an irregular component in a time series.
D) if the variances of the error terms are all the same in a regression model.
Q4) Referring to Instruction 16-6,the model that includes X<sub>1</sub>,X<sub>3</sub>,X<sub>5</sub> and X<sub>6</sub><sub> </sub>should be among the appropriate models using the Mallow's C<sub>p</sub> statistic.
A)True
B)False
Q5) Referring to Instruction 16-2,the prediction of time to relief for a person receiving a dose of the drug 10 units above the average dose is _______.
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Page 18
Chapter 17: Decision Making
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Sample Questions
Q1) Referring to Instruction 17-3,the opportunity loss for A3 when S2 occurs is _______.
A) 5
B) 6
C) 4
D) 0
Q2) Referring to Instruction 17-1,how many possible courses of action are there?
Q3) Referring to Instruction 17-3,if the probability of S1 is 0.5,then the expected monetary value (EMV)for A1 is ________.
A) 4
B) 8
C) 6.5
D) 3
Q4) Referring to Instruction 17-6,the optimal strategy using the return-to-risk ratio (RTRR)criterion is to study 8 hours per week on average for the exam.
A)True
B)False
Q5) Referring to Instruction 17-7,what is the expected profit under certainty (EPU)for this problem?
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Chapter 18: Statistical Applications in Quality Management
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Sample Questions
Q1) Variation signalled by individual fluctuations or patterns in the data is called
A) common or chance causes
B) special or assignable causes
C) the standard deviation
D) explained variation
Q2) Referring to Instruction 18-7,suppose the supervisor constructs an R chart to see if the process is in control.What is the centre line of the chart?
A) 20.26
B) 20.00
C) 21.00
D) 24.26
Q3) Referring to Instruction 18-5,a p control chart is to be constructed for these data.The centre line for the chart should be located at _______.
Q4) Referring to Instruction 18-14,construct the chart for the time required to register.
Q5) Larger C<sub>pk</sub> indicates larger capability of meeting the requirements.
A)True
B)False
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Chapter 19: Further Non-Parametric Tests
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Sample Questions
Q1) Suppose there is interest in comparing the median response time for three independent groups learning a specific task.The appropriate nonparametric procedure is ____.
A) Wilcoxon signed rank test
B) Kruskal-Wallis rank test for differences in medians
C) Wilcoxon rank sum test
D) Friedman rank test
Q2) Referring to Instruction 19-1,the director now wants to know if the proportion of users who are female and the proportion of users who use the local routes are the same.Which test should she use?
A) McNemar test for difference in proportions
B) (?)<sup>2</sup>-test for difference in proportions
C) Z-test for difference in proportions
D) Wilcoxon rank sum test
Q3) Referring to Instruction 19-5,the decision made at a 0.01 level of significance on the Friedman rank test for the difference in medians implies that the three medians are not all the same.
A)True
B)False
Q4) Referring to Instruction 19-3,what is the value of the test statistic?
Page 21
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