Statistics for Management Test Bank
Course Introduction
Statistics for Management introduces students to the fundamental concepts and methods of statistical analysis as applied to business decision-making. The course covers topics such as descriptive statistics, probability distributions, sampling methods, hypothesis testing, regression analysis, and data interpretation. Emphasis is placed on understanding how statistical tools are used to analyze business problems, inform managerial decisions, and interpret real-world data. Through case studies and practical exercises, students learn to apply statistical techniques to solve management issues, enhancing their analytical and problem-solving skills in various organizational contexts.
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
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Sample Questions
Q1) Refer to Exhibit 1-3. Employee Rank is an example of ________ data.
A)nominal
B)ordinal
C)interval
D)ratio
Answer: B
Q2) Since a sample is a subset of the population, the sample mean
A)is always smaller than the mean of the population
B)is always larger than the mean of the population
C)must be equal to the mean of the population
D)can be larger, smaller, or equal to the mean of the population
Answer: D
Q3) The Department of Transportation of a city has noted that on the average there are 17 accidents per day. The average number of accidents is an example of
A)descriptive statistics
B)statistical inference
C)a sample
D)a population
Answer: A
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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) A cumulative relative frequency distribution shows
A)the proportion of data items with values less than or equal to the upper limit of each class
B)the proportion of data items with values less than or equal to the lower limit of each class
C)the percentage of data items with values less than or equal to the upper limit of each class
D)the percentage of data items with values less than or equal to the lower limit of each class
Answer: A
Q2) Refer to Exhibit 2-1. The cumulative relative frequency for the class of 20 - 29
A)is 300
B)is 0.25
C)is 0.75
D)is 0.5
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) The numerical value of the variance
A)is always larger than the numerical value of the standard deviation
B)is always smaller than the numerical value of the standard deviation
C)is negative if the mean is negative
D)can be larger or smaller than the numerical value of the standard deviation
Answer: D
Q2) In computing the mean of a sample, the value of \(\Sigma\)x<sub>i</sub> is divided by
A)n
B)n - 1
C)n + 1
D)n - 2
Answer: A
Q3) The descriptive measure of dispersion that is based on the concept of a deviation about the mean is
A)the range
B)the interquartile range
C)the absolute value of the range
D)the standard deviation
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) The symbol \(\cup\) shows the A)union of events
B)intersection of two events
C)sum of the probabilities of events
D)sample space
Q2) A lottery is conducted using three urns. Each urn contains chips numbered from 0 to 9. One chip is selected at random from each urn. The total number of sample points in the sample space is
A)30
B)100
C)729
D)1,000
Q3) In statistical experiments, each time the experiment is repeated
A)the same outcome must occur
B)the same outcome can not occur again
C)a different outcome may occur
D)a different out come must occur
Q4) Eight individuals are candidates for positions of president, vice president, and treasurer of an organization. How many possibilities of selections exist?
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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) Assume that you have a binomial experiment with p = 0.5 and a sample size of 100. The expected value of this distribution is
A)0.50
B)0.30
C)100
D)50
Q2) A production process produces 2% defective parts. A sample of 5 parts from the production is selected. What is the probability that the sample contains exactly two defective parts? Use the binomial probability function and show your computations to answer this question.
Q3) In a binomial experiment the probability of success is 0.06. What is the probability of two successes in seven trials?
A)0.0036
B)0.0600
C)0.0555
D)0.2800
Q4) Determine the probability of being dealt 4 kings in a 5-card poker hand.
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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) The salaries at a corporation are normally distributed with an average salary of $19,000 and a standard deviation of $4,000.
a.What is the probability that an employee will have a salary between $12,520 and $13,480?
b.What is the probability that an employee will have a salary more than $11,880?
c.What is the probability that an employee will have a salary less than $28,440?
Q2) Refer to Exhibit 6-2. The probability of a player weighing less than 250 pounds is A)0.4772
B)0.9772
C)0.0528
D)0.5000
Q3) X is a normally distributed random variable with a mean of 5 and a variance of 4. The probability that X is greater than 10.52 is A)0.0029
B)0.0838
C)0.4971
D)0.9971
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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) In computing the standard error of the mean, the finite population correction factor is used when
A)N/n > 0.05
B)N/n 0.05
C)n/N > 0.05
D)n/N 30
Q2) A simple random sample of size n from an infinite population of size N is to be selected. Each possible sample should have
A)the same probability of being selected
B)a probability of 1/n of being selected
C)a probability of 1/N of being selected
D)a probability of N/n of being selected
Q3) Cluster sampling is
A)a nonprobability sampling method
B)the same as convenience sampling
C)a probability sampling method
D)None of these alternatives is correct.
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Chapter 8: Interval Estimation
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) From a population that is not normally distributed and whose standard deviation is not known, a sample of 6 items is selected to develop an interval estimate for the mean of the population (\(\mu\)).
A)The normal distribution can be used.
B)The t distribution with 5 degrees of freedom must be used.
C)The t distribution with 6 degrees of freedom must be used.
D)The sample size must be increased.
Q2) We are interested in conducting a study in order to determine what percentage of voters of a state would vote for the incumbent governor. What is the minimum size sample needed to estimate the population proportion with a margin of error of 0.05 or less at 95% confidence?
A)200
B)100
C)58
D)385
Q3) Choo Choo Paper Company produces papers of various thickness. A random sample of 256 cuts had a mean thickness of 30.3 mils with a standard deviation of 4 mils. Develop a 95% confidence interval for the mean thickness of the population.
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Page 10
Chapter 9: Hypothesis Tests
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) Ahmadi, Inc. has been manufacturing small automobiles that have averaged 50 miles per gallon of gasoline in highway driving. The company has developed a more efficient engine for its small cars and now advertises that its new small cars average more than 50 miles per gallon in highway driving. An independent testing service road-tested 64 of the automobiles. The sample showed an average of 51.5 miles per gallon with a standard deviation of 4 miles per gallon.
a.Formulate the hypotheses to determine whether or not the manufacturer's advertising campaign is legitimate.
b.Compute the test statistic.
c.What is the p-value associated with the sample results and what is your conclusion? Let \(\alpha\) = .05.
Q2) A machine is designed to fill toothpaste tubes with 5.8 ounces of toothpaste. The manufacturer does not want any underfilling or overfilling. The correct hypotheses to be tested are
A)H<sub>0</sub>: \(\mu\) \(\neq\) 5.8 H<sub>a</sub>: \(\mu\) = 5.8
B)H<sub>0</sub>: \(\mu\) = 5.8 H<sub>a</sub>: \(\mu\) \(\neq\) 5.8
C)H<sub>0</sub>: \(\mu\) > 5.8 H<sub>a</sub>: \(\mu\) \(\le\) 5.8
D)H<sub>0</sub>: \(\mu\) \(\ge\)5.8 H<sub>a</sub>: \(\mu\) < 5.8
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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 10-14. The mean square between treatments (MSTR) is A)36
B)16
C)64
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) A random sample of 89 tourists in Chattanooga showed that they spent an average of $2,860 (in a week) with a standard deviation of $126; and a sample of 64 tourists in Orlando showed that they spent an average of $2,935 (in a week) with a standard deviation of $138. We are interested in determining if there is any significant difference between the average expenditures of those who visited the two cities?
a.Determine the degrees of freedom for this test.
b.Compute the test statistic.
c.Compute the p-value.
d.What is your conclusion? Let \(\alpha\) = .05.
Page 12
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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) In a sample of 100 Republicans, 60 favored the President's anti-drug program. While in a sample of 150 Democrats, 84 favored his program. At 95% confidence, test to see if there is a significant difference in the proportions of the Democrats and the Republicans who favored the President's anti-drug program.
Q3) In a random sample of 200 Republicans, 160 opposed the new tax laws. While in a sample of 120 Democrats, 84 opposed the new tax laws. Determine a 95% confidence interval estimate for the difference between the proportions of Republicans and Democrats opposed to this new law.
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.
Page 13
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Chapter 12: Simple Linear Regression
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) If two variables, x and y, have a strong linear relationship, then A)there may or may not be any causal relationship between x and y
B)x causes y to happen
C)y causes x to happen
D)None of these alternatives is correct.
Q2) If the coefficient of correlation is a negative value, then the coefficient of determination
A)must also be negative
B)must be zero
C)can be either negative or positive
D)must be positive
Q3) In a regression analysis, the coefficient of determination is 0.4225. The coefficient of correlation in this situation is
A)0.65
B)0.1785
C)any positive value
D)any value
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Chapter 13: Multiple Regression
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) Refer to Exhibit 13-12. The test statistic for testing the significance of the model is
A)0.50
B)5.00
C)0.25
D)0.33
Q2) In multiple regression analysis, the correlation among the independent variables is termed
A)homoscedasticity
B)linearity
C)multicollinearity
D)adjusted coefficient of determination
Q3) Refer to Exhibit 13-4. Which equation describes the multiple regression model?
A)Equation A
B)Equation B
C)Equation C
D)Equation D
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