Quantitative Methods for Business Question Bank
Course Introduction
Quantitative Methods for Business provides students with a comprehensive understanding of mathematical and statistical techniques essential for effective decision-making in a business context. The course covers topics such as data analysis, probability distributions, hypothesis testing, regression analysis, linear programming, and decision models. Emphasis is placed on practical application of quantitative tools to solve real-world business problems, enhance operational efficiency, and support strategic planning. Students will develop analytical skills and learn to interpret quantitative results to make informed managerial decisions.
Recommended Textbook
Essentials of Statistics for Business and Economics 6th Edition by David R. Anderson
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13 Chapters
1749 Verified Questions
1749 Flashcards
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Page 2
Chapter 1: Data and Statistics
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104 Verified Questions
104 Flashcards
Source URL: https://quizplus.com/quiz/70723
Sample Questions
Q1) Arithmetic operations are inappropriate for A)categorical data
B)quantitative data
C)both categorical and quantitative data
D)large data sets
Answer: A
Q2) In a random sample of 200 items, 5 items were defective. An estimate of the percentage of defective items in the population is
A)5.0%
B)2.5%
C)200
D)10.0%
Answer: B
Q3) All the data collected in a particular study are referred to as the A)inference
B)variable
C)data set
D)None of these alternatives is correct.
Answer: C
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Page 3
Chapter 2: Descriptive Statistics: Tabular and Graphical Presentations
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65 Verified Questions
65 Flashcards
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Sample Questions
Q1) The relative frequency of a class is computed by
A)dividing the cumulative frequency of the class by n
B)dividing n by cumulative frequency of the class
C)dividing the frequency of the class by n
D)dividing the frequency of the class by the number of classes
Answer: C
Q2) Refer to Exhibit 2-3. If one develops a cumulative frequency distribution for the above data, the last class will have a frequency of A)10
B)100
C)0 to 100
D)80
Answer: D
Q3) In a cumulative frequency distribution, the last class will always have a cumulative frequency equal to A)one
B)100%
C)the total number of elements in the data set
D)None of these alternatives is correct.
Answer: C
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Chapter 3: Descriptive Statistics: Numerical Measures
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162 Verified Questions
162 Flashcards
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Sample Questions
Q1) Which of the following is not a measure of central location?
A)mean
B)median
C)variance
D)mode
Answer: C
Q2) The difference between the largest and the smallest data values is the A)variance
B)interquartile range
C)range
D)coefficient of variation
Answer: C
Q3) A group of students had dinner at a local restaurant. The total bill for the dinner was $414.70. Each student paid his/her equal share of the bill, which was $18.85. How many student's were at the dinner?
A)4
B)415
C)19
D)22
Answer: D
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Chapter 4: Introduction to Probability
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) Assume your favorite football team has 2 games left to finish the season. The outcome of each game can be win, lose or tie. The number of possible outcomes is A)2 B)4
C)6
D)9
Q2) From a group of seven finalists to a contest, three individuals are to be selected for the first and second and third places. Determine the number of possible selections.
Q3) The counting rule that is used for counting the number of experimental outcomes when n objects are selected from a set of N objects where order of selection is important is called
A)permutation
B)combination
C)multiple step experiment
D)None of these alternatives is correct.
Q4) A college plans to interview 8 students for possible offer of graduate assistantships. The college has three assistantships available. How many groups of three can the college select?
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Chapter 5: Discrete Probability Distributions
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) Refer to Exhibit 5-12. What is the probability that in a given day there will be no accidents?
A)0.00
B)1.00
C)0.85
D)0.15
Q2) Refer to Exhibit 5-11. The probability of no breakdowns in a month is
A)0.88
B)0.00
C)0.50
D)0.12
Q3) The average number of calls received by a switchboard in a 30-minute period is 15.
a.What is the probability that between 10:00 and 10:30 the switchboard will receive exactly 10 calls?
b.What is the probability that between 10:00 and 10:30 the switchboard will receive more than 9 calls but fewer than 15 calls?
c.What is the probability that between 10:00 and 10:30 the switchboard will receive fewer than 7 calls?
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Chapter 6: Continuous Probability Distributions
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) An airline has determined that 20% of its international flights are not on time. Use the normal approximation to the binomial distribution to answer the following questions. What is the probability that of the next 80 international flights
a.Fifteen or less will not be on time?
b.Eighteen or more will not be on time?
c.Exactly 17 will not be on time?
Q2) Refer to Exhibit 6-9. If 513 of the MNM computers were priced at or below $647.80, how many computers were produced by MNM?
A)185,500
B)85,500
C)513,000
D)not enough information is provided to answer this question
Q3) Refer to Exhibit 6-7. What percentage of items will weigh between 6.4 and 8.9 ounces?
A)0.1145
B)0.2881
C)0.1736
D)0.4617
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Chapter 7: Sampling and Sampling Distributions
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) There are 8,000 students at the University of Tennessee at Chattanooga. The average age of all the students is 24 years with a standard deviation of 9 years. A random sample of 36 students is selected.
a.Determine the standard error of the mean.
b.What is the probability that the sample mean will be larger than 19.5?
c.What is the probability that the sample mean will be between 25.5 and 27 years?
Q2) Michael is running for president. The proportion of voters who favor Michael is 0.8. A simple random sample of 100 voters is taken.
a.What are the expected value, standard deviation, and shape of the sampling distribution of?
b.What is the probability that the number of voters in the sample who will not favor Michael will be between 26 and 30?
c.What is the probability that the number of voters in the sample who will not favor Michael will be more than 16?
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Chapter 8: Interval Estimation
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) If the standard deviation of the lifetime of a vacuum cleaner is estimated to be 300 hours, how large of a sample must be taken in order to be 97% confident that the margin of error will not exceed 40 hours?
Q2) In a sample of 400 voters, 360 indicated they favor the incumbent governor. The 95% confidence interval of voters not favoring the incumbent is
A)0.871 to 0.929
B)0.120 to 0.280
C)0.765 to 0.835
D)0.071 to 0.129
Q3) In order to determine an interval for the mean of a population with unknown standard deviation a sample of 61 items is selected. The mean of the sample is determined to be 23. The number of degrees of freedom for reading the t value is A)22
B)23
C)60
D)61
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Chapter 9: Hypothesis Tests
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) A law enforcement agent believes that at least 88% of the drivers stopped on Saturday nights for speeding are under the influence of alcohol. A sample of 66 drivers who were stopped for speeding on a Saturday night was taken. Eighty percent of the drivers in the sample were under the influence of alcohol.
a.State the null and alternative hypotheses.
b.Compute the test statistic.
c.Using the p-value approach, test the hypotheses at the .05 level of significance.
Q2) A sample of 64 account balances from a credit company showed an average daily balance of $1,040. The standard deviation of the population is known to be $200. We are interested in determining if the mean of all account balances (i.e., population mean) is significantly different from $1,000.
a.Develop the appropriate hypotheses for this problem.
b.Compute the test statistic.
c.Compute the p-value.
d.Using the p-value approach at 95% confidence, test the above hypotheses.
e. Using the critical value approach at 95% confidence, test the hypotheses.
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Chapter 10: Comparisons Involving Means, Experimental
Design and Analysis of Variance
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208 Verified Questions
208 Flashcards
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Sample Questions
Q1) Refer to Exhibit 10-12. The number of degrees of freedom corresponding to within treatments is A)60
B)59
C)5
D)4
Q2) Refer to Exhibit 10-10. The null hypothesis is to be tested at the 5% level of significance. The p-value is
A)less than .01
B)between .01 and .025
C)between .025 and .05
D)between .05 and .10
Q3) Refer to Exhibit 10-12. The mean square between treatments (MSTR) is
A)3.34
B)10.00
C)50.00
D)12.00
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Page 12
Chapter 11: Comparisons Involving Proportions and a Test of Independence
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94 Verified Questions
94 Flashcards
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Sample Questions
Q1) In 2009, 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 2010, two hundred were Business majors, 220 were Engineering majors and the remaining students in the sample were majoring in other fields. At 95% confidence, test to see if there has been a significant change in the proportions between 2009 and 2010.
Q2) Refer to Exhibit 11-1. The expected frequency for each group is
A)0.333
B)0.50
C)1/3
D)50
Q3) Refer to Exhibit 11-4. The conclusion of the test is that the
A)proportions have changed significantly
B)proportions have not changed significantly
C)test is inconclusive
D)None of these alternatives is correct.
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13
Chapter 12: Simple Linear Regression
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) If all the points of a scatter diagram lie on the least squares regression line, then the coefficient of determination for these variables based on these data is A)0
B)1
C)either 1 or -1, depending upon whether the relationship is positive or negative D)could be any value between -1 and 1
Q2) If the coefficient of determination is 0.81, the coefficient of correlation A)is 0.6561
B)could be either + 0.9 or - 0.9 C)must be positive D)must be negative
Q3) Refer to Exhibit 12-10. The slope of the regression function is A)-1
B)1.0
C)11
D)0.0
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Chapter 13: Multiple Regression
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) A multiple regression model has
A)only one independent variable
B)more than one dependent variable
C)more than one independent variable
D)at least 2 dependent variables
Q2) Refer to Exhibit 13-2. The coefficient of X<sub>2</sub> indicates that if television advertising is increased by $1 (holding the unit price constant), sales are expected to
A)increase by $5
B)increase by $12,000
C)increase by $5,000
D)decrease by $2,000
Q3) Refer to Exhibit 13-3. The computed F statistic for testing the significance of the above model is
A)43.75
B)0.875
C)50.19
D)7.00
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