Business Analytics
Midterm Exam
Course Introduction
Business Analytics is a course that explores the techniques and tools used to analyze data and inform business decision-making. Students will learn to leverage statistical methods, predictive modeling, and data visualization to extract actionable insights from complex datasets. The course covers topics such as data mining, regression analysis, optimization, and the use of analytical software. Emphasis is placed on applying these skills to solve real-world business problems, improve organizational performance, and support strategic planning in various business domains.
Recommended Textbook Statistics for Business and Economics 11th Edition by David R. Anderson
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Page 2
Chapter 1: Data and Statistics
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Sample Questions
Q1) The collection of all elements of interest in a particular study is
A)the population
B)the sampling
C)statistical inference
D)descriptive statistics
Answer: A
Q2) The ordinal scale of measurement has the properties of the A)ratio scale
B)interval scale
C)nominal scale
D)ratio and interval scales
Answer: C
Q3) The entities on which data are collected are
A)elements
B)populations
C)samples
D)None of these alternatives is correct.
Answer: A
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Page 3
Chapter 2: Descriptive Statistics: Tabular and Graphical Presentations
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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 these alternatives is correct.
Answer: B
Q2) Refer to Exhibit 2-1.The class width for this distribution
A)is 9
B)is 10
C)is 39,which is: the largest value minus the smallest value or 39 - 0 = 39
D)varies from class to class
Answer: B
Q3) 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
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Chapter 3: Descriptive Statistics: Numerical Measures
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Sample Questions
Q1) The coefficient of variation is
A)the same as the variance
B)the standard deviation divided by the mean times 100
C)the square of the standard deviation
D)the mean divided by the standard deviation
Answer: B
Q2) The average wage of Tennessee cashiers is $14 per hour with a standard deviation of $4.20.In Georgia,the average wage of cashiers is $16 with a standard deviation of $4.40.In which state do the wages of cashiers appear to be more dispersed?
Answer: The coefficient of variation in Tennessee = 30%.The coefficient of variation in Georgia = 27.5%.Therefore,Tennessee shows a more dispersed distribution.
Q3) The interquartile range is used as a measure of variability to overcome what difficulty of the range?
A)the sum of the range variances is zero
B)the range is difficult to compute
C)the range is influenced too much by extreme values
D)the range is negative
Answer: C
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5
Chapter 4: Introduction to Probability
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Sample Questions
Q1) If P(A)= 0.48,P(A \(\cup\) B)= 0.82,and P(B)= 0.54,then P(A \(\cap\) B)=
A)0.3936
B)0.3400
C)0.2000
D)1.0200
Q2) From a group of six people,two individuals are to be selected at random.How many possible selections are there?
A)12
B)36
C)15
D)8
Q3) If A and B are independent events with P(A)= 0.35 and P(B)= 0.20,then,P(A \(\cup\) B)=
A)0.07
B)0.62
C)0.55
D)0.48
Q4) From among 8 students how many committees consisting of 3 students can be selected?
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) Refer to Exhibit 5-7.The variance of the number of days Pete will catch fish is A).16
B).48
C).8
D)2.4
Q2) The records of a department store show that 20% of its customers who make a purchase return the merchandise in order to exchange it.In the next six purchases, a.what is the probability that three customers will return the merchandise for exchange? b.what is the probability that four customers will return the merchandise for exchange? c.what is the probability that none of the customers will return the merchandise for exchange?
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
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) Refer to Exhibit 6-6.What is the probability that a randomly selected individual with an MBA degree will get a starting salary of at least $47,500?
A)0.4332
B)0.9332
C)0.0668
D)0.5000
Q2) Refer to Exhibit 6-9.Computers with prices of more than $1,750 receive a discount.What percentage of the computers will receive the discount?
A)62%
B)0.62%
C)0.062%
D)99.38%
Q3) Which of the following is not a characteristic of the normal probability distribution?
A)The mean,median,and the mode are equal
B)The mean of the distribution can be negative,zero,or positive
C)The distribution is symmetrical
D)The standard deviation must be 1
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8
Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) Consider a population of five weights identical in appearance but weighing 1,3,5,7,and 9 ounces.
a.Determine the mean and the variance of the population.
b.Sampling without replacement from the above population with a sample size of 2 produces ten possible samples.Using the ten sample mean values,determine the mean of the population and the variance of \(\bar{x}\).
c.Compute the standard error of the mean.
Q2) Random samples of size 17 are taken from a population that has 200 elements,a mean of 36,and a standard deviation of 8.The mean and the standard deviation of the sampling distribution of the sample means are
A)8.7 and 1.94
B)36 and 1.94
C)36 and 1.86
D)36 and 8
Q3) A population characteristic,such as a population mean,is called
A)a statistic
B)a parameter
C)a sample
D)the mean deviation
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Page 9
Chapter 8: Interval Estimation
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Sample Questions
Q1) A random sample of 1000 people was taken.Four hundred fifty of the people in the sample favored Candidate A.The 95% confidence interval for the true proportion of people who favors Candidate A is
A)0.419 to 0.481
B)0.40 to 0.50
C)0.45 to 0.55
D)1.645 to 1.96
Q2) A local health center noted that in a sample of 400 patients 80 were referred to them by the local hospital.
a.Provide a 95% confidence interval for all the patients who are referred to the health center by the hospital.
b.What size sample would be required to estimate the proportion of hospital referrals with a margin of error of 0.04 or less at 95% confidence?
Q3) A coal company wants to determine a 95% confidence interval estimate for the average daily tonnage of coal that they mine.Assuming that the company reports that the standard deviation of daily output is 200 tons,how many days should they sample so that the margin of error will be 39.2 tons or less?
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Chapter 9: Hypothesis Tests
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Sample Questions
Q1) In a one-tailed hypothesis test (lower tail)the test statistic is determined to be -2.The p-value for this test is
A)0.4772
B)0.0228
C)0.0056
D)0.5228
Q2) The level of significance is the
A)maximum allowable probability of Type II error
B)maximum allowable probability of Type I error
C)same as the confidence coefficient
D)same as the p-value
Q3) What type of error occurs if you fail to reject H<sub>0</sub> when,in fact,it is not true?
A)Type II
B)Type I
C)either Type I or Type II,depending on the level of significance
D)either Type I or Type II,depending on whether the test is one tail or two tail
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11
Chapter 10: Statistical Inference About Means and
Proportions With Two Populations
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Sample Questions
Q1) 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
Q2) When each data value in one sample is matched with a corresponding data value in another sample,the samples are known as
A)corresponding samples
B)matched samples
C)independent samples
D)None of these alternatives is correct.
Q3) Refer to Exhibit 10-5.If the null hypothesis is tested at the 5% level,the null hypothesis
A)should be rejected
B)should not be rejected
C)should be revised
D)None of these alternatives is correct.
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Page 12
Chapter 11: Inferences About Population Variances
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Sample Questions
Q1) Refer to Exhibit 11-1.The test statistic is
A)44.08
B)79.08
C)81.67
D)3.24
Q2) The symbol used for the variance of the population is A) \(\sigma\)
B) \(\sigma\)<sup>2</sup>
C)S
D)S<sup>2</sup>
Q3) The 95% confidence interval estimate for a population variance when a sample variance of 324 is obtained from a sample of 81 items is
A)14.14 to 174.94
B)243.087 to 453.518
C)16.42 to 194.35
D)15.591 to 21.296
Q4) A sample of 22 bottles of soft drink showed a variance of 0.64 in their contents.At 95% confidence,determine whether or not the standard deviation of the population is significantly different from 0.7.Use the critical value approach.
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Chapter 12: Tests of Goodness of Fit and Independence
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Sample Questions
Q1) Refer to Exhibit 12-4.The calculated value for the test statistic equals
A)0.01
B)0.75
C)4.29
D)4.38
Q2) The number of degrees of freedom for the appropriate chi-square distribution in a test of independence is
A)n-1
B)K-1
C)number of rows minus 1 times number of columns minus 1 D)a chi-square distribution is not used
Q3) Refer to Exhibit 12-5.The expected number of adults who prefer coffee is
A)0.25
B)0.33
C)150
D)200
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Page 14
Chapter 13: Analysis of Variance and Experimental Design
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Sample Questions
Q1) Refer to Exhibit 13-7.The conclusion of the test is that the means
A)are equal
B)may be equal
C)are not equal
D)None of these alternatives is correct.
Q2) Refer to Exhibit 13-4.The test statistic is
A)0.2
B)5.0
C)3.75
D)15
Q3) Refer to Exhibit 13-6.If at 95% confidence we want to determine whether or not the means of the populations are equal,the p-value is
A)greater than 0.1
B)between 0.05 to 0.1
C)between 0.025 to 0.05
D)less than 0.01
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Chapter 14: Simple Linear Regression
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Sample Questions
Q1) It is possible for the coefficient of determination to be A)larger than 1
B)less than one
C)less than -1
D)None of these alternatives is correct.
Q2) Refer to Exhibit 14-3.The coefficient of determination equals
A)-0.4364
B)0.4364
C)-0.1905
D)0.1905
Q3) 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.
Q4) In a regression analysis,the variable that is being predicted A)must have the same units as the variable doing the predicting B)is the independent variable
C)is the dependent variable
D)usually is denoted by x
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Chapter 15: Multiple Regression
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Sample Questions
Q1) The multiple coefficient of determination is
A)MSR/MST
B)MSR/MSE
C)SSR/SST
D)SSE/SSR
Q2) Refer to Exhibit 15-8.The multiple coefficient of determination is
A)0.32
B)0.42
C)0.68
D)0.50
Q3) A regression analysis involved 6 independent variables and 27 observations.The critical value of t for testing the significance of each of the independent variable's coefficients will have
A)27 degrees of freedom
B)26 degrees of freedom
C)21 degrees of freedom
D)20 degrees of freedom
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Chapter 16: Regression Analysis: Model Building
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Sample Questions
Q1) Refer to Exhibit 16-1.The multiple coefficient of determination is A)0.27
B)0.73
C)0.50
D)0.33
Q2) Refer to Exhibit 16-2.The degrees of freedom associated with SSR are
A)24
B)6 C)19 D)5
Q3) What value of Durbin-Watson statistic indicates no autocorrelation is present? A)1 B)2 C)-2 D)0
Q4) Refer to Exhibit 16-2.The value of MSE is A)348 B)10.40 C)10.83 D)32.13
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Chapter 17: Index Numbers
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Sample Questions
Q1) Dow Jones averages are aggregate price indexes reflecting the prices of stocks listed on the
A)American Stock Exchange
B)NASDAQ Exchange
C)New York Stock Exchange
D)Tokyo Stock Exchange
Q2) Refer to Exhibit 17-1.The unweighted aggregate price index in 2010 is
A)1.092
B)91.573
C)108.352
D)109.203
Q3) Refer to Exhibit 17-3.The Laspeyres index in 2010 (rounded)is
A)96.268
B)97.245
C)102.833
D)103.876
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Chapter 18: 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) Refer to Exhibit 18-2.The slope of linear trend equation,b<sub>1</sub>,is
A)2.5
B)2.0
C)1.0
D)1.25
Q3) If the estimate of the trend component is 158.2,the estimate of the seasonal component is 94%,the estimate of the cyclical component is 105%,and the estimate of the irregular component is 98%,then the multiplicative model will produce a forecast of A)1.53
B)1.53%
C)153.02
D)153,020,532
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Chapter 19: Nonparametric Methods
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Sample Questions
Q1) A nonparametric test for the equivalence of two populations would be used instead of a parametric test for the equivalence of the population parameters if A)the samples are very large
B)the samples are not independent
C)no information about the populations is available
D)The parametric test is always used in this situation.
Q2) Refer to Exhibit 19-1.The p-value for this test is
A)0.0005
B)0.001
C)0.0037
D)0.0074
Q3) From the courthouse records,it is found that in 60 divorce cases,the filing for divorce was initiated by the wife 41 times.Using the sign test,test for a difference in filing between husband and wives.Let \(\alpha\) = 0.05
Q4) Refer to Exhibit 19-4.The p-value for this test is
A)0.3133
B)0.6266
C)0.3734
D)0.8167
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Chapter 20: Statistical Methods for Quality Control
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Sample Questions
Q1) A production process is considered in control if it processes at least 98.5% non-defective items.Samples of size 400 are used for the inspection process.Determine the upper and lower control limits for the P chart of defective elements.
Q2) A soft drink filling machine is set up to fill bottles with 12 ounces of soft drink.The standard deviation s is known to be 0.4 ounces.The quality control department periodically selects samples of 16 bottles and measures their contents.Assume the distribution of filling volumes is normal.
a.Determine the upper and lower control limits and explain what they indicate.
b.The means of six samples were 11.8,12.2,11.9,11.9,12.1,and 11.8 ounces.Construct an X bar chart and indicate whether or not the process is in control.
Q3) In acceptance sampling,the risk of accepting a poor quality lot is known as
A)Consumer's risk
B)Producer's risk
C)a Type I error
D)None of these alternatives is correct.
Q4) The upper and lower control limits of the mean of a process are 606 and 594.Samples of size 225 are used for the inspection process.Determine the mean and the standard deviation for this process.
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Page 22
Chapter 21: Decision Analysis
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Sample Questions
Q1) A line or arc connecting the nodes of a decision tree is called a(n)
A)junction
B)intersection
C)branch
D)node
Q2) Refer to Exhibit 21-1.The expected value of perfect information is
A)6.2
B)2.0
C)13.6
D)4.8
Q3) New information obtained through research or experimentation that enables an updating or revision of the state-of-nature probabilities is
A)population information
B)sampling without replacement
C)sample information
D)conditional information
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Chapter 22: Sample Survey
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Sample Questions
Q1) Refer to Exhibit 22-2.An approximate 95% confidence interval for the population total is
A)482 to 517
B)385,759 to 414,241
C)400,000 to 500,000
D)350,000 to 450,000
Q2) The target population and the sampled population
A)are always the same
B)are not always the same
C)must be the same for the results to be accurate
D)None of these alternatives is correct.
Q3) Convenience sampling is an example of
A)probabilistic sampling
B)sampling where the probabilities are known
C)nonprobabilistic sampling
D)None of these alternatives is correct.
Q4) We are interested in selecting a sample from a population of size 4,000 in order to develop an approximate 95% confidence interval estimate of the population mean.A pilot study has resulted in a standard deviation of 600.What should be the sample size if we do not want the sampling error to exceed 200?
Page 24
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