Introduction to Business Analytics Exam Bank
Course Introduction
Introduction to Business Analytics provides students with a comprehensive overview of the fundamental concepts, techniques, and applications of data analysis in the business environment. This course explores how organizations leverage data to make informed decisions, improve processes, and gain competitive advantages. Through practical case studies and hands-on exercises, students will learn the basics of data collection, data visualization, statistical analysis, and predictive modeling, while also considering ethical implications. By the end of the course, students will be equipped with the foundational skills to apply analytical thinking and data-driven problem solving to real-world business challenges.
Recommended Textbook
Essentials of Business Statistics 1st Canadian Edition by Ken Black
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Chapter 1: Introduction to Statistics
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Q1) A descriptive measure of the sample is called a statistic.
A)True
B)False
Answer: True
Q2) Miguel Hernandez, Senior Vice President of Human Resources at Memorial Hospital is exploring the usage of nursing overtime in the emergency department during the last operating year. Staffing records and emergency department visits for all 360 days between the period of January 1, 2012, and December 31, 2012, are selected for analysis. Miguel's dataset can best be classified as a
A) statistic.
B) census.
C) sample.
D) sorting.
E) parameter.
Answer: B
Q3) Variables and measurement data are interchangeable terms.
A)True
B)False
Answer: False
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Chapter 2: Organizing and Visualizing Data
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Sample Questions
Q1) The staffs of the Accounting and the Quality Control departments rated their respective supervisor's leadership style as either (1) authoritarian or (2) participatory.
Sixty-eight percent of the accounting staff rated their supervisor "authoritarian," and thirty-two percent rated him "participatory." Forty percent of the quality control staff rated their supervisor "authoritarian," and sixty percent rated her "participatory." The best graphic depiction of these data would be two ___.
A) histograms
B) frequency polygons
C) ogives
D) pie charts
E) scatter plots
Answer: D
Q2) A cumulative frequency polygon is also called an ogive.
A)True
B)False
Answer: True
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Chapter 3: Descriptive Statistics
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Sample Questions
Q1) The number of speeding tickets given by a sample of 14 police officers in a month are as follows: 63, 35, 67, 63, 55, 75, 84, 13, 67, 54, 59, 49, 58, and 67. Compute the 5 Number Summary for the sample. (Note: The 5 Number Summary are the minimum, Q1, Q2, Q3 and the maximum).
Answer: Min = 13, Q1 = 54, Q2 = Median = 61, Q3 = 67 and Max = 84
Q2) A measure of how peaked the data is, is called kurtosis.
A)True
B)False
Answer: False
Q3) Excel's most powerful statistical tools are found in the ___ ToolPak.
A) Statistics
B) Descriptive Statistics
C) Analysis
D) Data Analysis
Answer: D
Q4) Box and whisker plots \(\textbf{ cannot }\)be generated in Excel.
A)True
B)False
Answer: False
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Chapter 4: Gathering Data
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Q1) Financial analyst Larry Potts needs a sample of 100 securities listed on the New York Stock Exchange. In the current issue of the Wall Street Journal, 2,531 securities are listed in the "New York Exchange Composite Transactions," an alphabetical listing of all securities traded on the previous business day. Larry uses a table of random numbers to select 100 numbers between 1 and 2,531. His sample is a ___.
A) quota sample
B) simple random sample
C) systematic sample
D) stratified sample
E) cluster sample
Q2) The directory or map from which a sample is taken is called the census.
A)True
B)False
Q3) What is the difference between stratified and cluster sampling? If the objective is to increase precision, which method is preferred?
Q4) Saving time and money are reasons to take a sample rather than do a census.
A)True
B)False
Q5) What is the difference between a census and a sample?
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Chapter 5: Probability
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Q1) In a set of 25 aluminum castings, four castings are defective (D), and the remaining twenty-one are good (G). A quality control inspector randomly selects three of the twenty-five castings without replacement, and classifies each as defective (D) or good (G). The sample space for this experiment contains ___ elementary events.
A) 12,650
B) 2,300
C) 455
D) 16
E) 15,625
Q2) Given two events A and B each with a non-zero probability, if the conditional probability of A given B is zero, it implies that the events A and B are mutually exclusive.
A)True
B)False
Q3) The probability of A or B where A is receiving a state grant and B is receiving a federal grant is the probability of receiving no more than one of the two grants.
A)True
B)False
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Chapter 6: Decision Analysis and Expected Value
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Q1) In a decision-making scenario, if it is \(\textbf{ not }\) known which of the states of nature will occur but the probabilities of occurrence of the states are known the scenario is called decision-making under risk.
A)True
B)False
Q2) In a decision-making under uncertainty scenario, the decision maker chooses the decision alternative that has the minimum expected (i.e., probability-weighted) payoff among all the available alternatives.
A)True
B)False
Q3) In a decision analysis problem, variables (such as benefits or rewards that result from investments in common stocks or corporate bonds and from a new product launch) which result from selecting a particular decision alternative are called posterior probabilities.
A)True
B)False
Q4) A dream car lottery is valued at $100,000. The probability of winning the car is 0.001. What is the expected value of the lottery if it costs $50 to play?
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Chapter 7: Discrete Probability Distributions
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Sample Questions
Q1) One hundred policyholders file claims with CareFree Insurance. Ten of these claims are fraudulent. Claims manager Earl Evans randomly selects four of the one hundred claims for thorough investigation. If x represents the number of fraudulent claims in Earl's sample, x has a ___ distribution.
A) continuous
B) normal
C) binomial
D) hypergeometric
E) exponential
Q2) Aluminum castings are processed in lots of five each. A sample of two castings is randomly selected from each lot for inspection. A particular lot contains one defective casting; and x is the number of defective castings in the sample. P(x=1) is ___.
A) 0.2
B) 0.4
C) 0.6
D) 0.8
E) 1.0
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Chapter 8: Continuous Distributions
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Q1) A z score is the number of standard deviations that a value of a random variable is above or below the mean.
A)True B)False
Q2) In a standard normal distribution, if the area under curve to the right of a z-value is 0.10, then the area to the left of the same z-value is -0.10.
A)True B)False
Q3) If x is continuously uniformly distributed over the interval 8 to 12, inclusively (8 \(\le\) x \(\le\) 12), then P(x \(\geq\) 10) is ___.
A) 0.750
B) 0.000
C) 0.333
D) 0.500
E) 0.900
Q4) A standard normal distribution has a mean of one and a standard deviation of three.
A)True B)False
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Chapter 9: Sampling Distributions
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Q1) A correction for continuity must be made when approximating the binomial distribution problems using a normal distribution.
A)True
B)False
Q2) According to the central limit theorem, for samples of size 169 drawn from a population with \(\mu\) = 1,014 and \(\sigma\) = 65, the standard deviation of the sampling distribution of sample means would equal ___.
A) 1,014
B) 65
C) 15
D) 6
E) 5
Q3) Let x be a binomial random variable with n = 50 and ? = 0.3. Determine the probability of at most 13 successes, using the normal approximation for binomial distribution.
Q4) The standard deviation of a sampling distribution of the sample means is commonly called the standard error of the mean.
A)True
B)False
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Chapter 10: Confidence Intervals
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Sample Questions
Q1) The t score (or table value for Student's t distribution) associated with the upper 5% and 48 degrees of freedom is ___.
A) 1.677
B) 1.687
C) 1.697
D) 1.707
E) 1.717
Q2) A large trucking company wants to estimate the proportion of its tracker truck population with refrigerated carrier capacity. A random sample of 200 tracker trucks is taken and 30% of the sample have refrigerated carrier capacity. The 90% confidence interval to estimate the population proportion is ___.
A) 0.53 to 0.67
B) 0.25 to 0.35
C) 0.24 to 0.36
D) 0.27 to 0.33
E) 0.33 to 0.39
Q3) A sample of 120 adults from a large population has a mean IQ of 112 with a standard deviation of 10. Construct a 98% confidence interval for the true mean IQ of the population.
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Chapter 11: Hypothesis Testing for Single Populations
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Q1) Ophelia O'Brien, VP of Consumer Credit of Credit First Banks (CFB), monitors the default rate on personal loans at the CFB member banks. One of her standards is "no more than 5% of personal loans should be in default." On each Friday, the default rate is calculated for a sample of 500 personal loans. Last Friday's sample contained 30 defaulted loans. Using \(\alpha\) = 0.10, the appropriate decision is ___.
A) reduce the sample size
B) increase the sample size
C) reject the null hypothesis
D) do not reject the null hypothesis
E) do nothing
Q2) A university wants to increase its retention rate of 4% for graduating students from the previous year. The null and alternative hypotheses to test if retention rate did increase will be?
A) H<sub>0</sub>: \(\pi\) \(\le\)0.04; H<sub>a</sub>:<sub> </sub>\(\pi\) > 0.04
B) H<sub>0</sub>: \(\pi\)\( \) 0.04; H<sub>a</sub>:<sub> </sub>\(\pi\)< 0.04
C) H<sub>0</sub>: \(\pi\) = 0.04; H<sub>a</sub>:<sub> </sub>\(\pi\) \(\neq\) 0.04
D) H<sub>0</sub>: \(\pi\) > 0.04; H<sub>a</sub>:<sub> </sub>\(\pi\) \(\le\) 0.04
E) H<sub>0</sub>: \(\pi\) \(\neq\)0.04; H<sub>a</sub>:<sub> </sub>\(\pi\)= 0.04
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Chapter 12: Hypothesis Testing for Two Populations
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Sample Questions
Q1) Maureen McIlvoy, owner and CEO of a mail order business for wind surfing equipment and supplies, is reviewing the order filling operations at her warehouses. Her goal is 100% of orders shipped within 24 hours. In previous years, neither warehouse has achieved the goal, but the East Coast Warehouse has consistently out-performed the West Coast Warehouse. Her staff randomly selected 200 orders from the West Coast Warehouse (population 1) and 400 orders from the East Coast Warehouse (population 2), and reports that 190 of the West Coast Orders were shipped within 24 hours, and the East Coast Warehouse shipped 372 orders within 24 hours. Maureen's null hypothesis is ___.
A) <sub>1</sub> - <sub>2</sub> = 0
B) \(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> = 0
C) p<sub>1</sub> - p<sub>2</sub> 0
D) \(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> 0
E) \(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> 0
Q2) Hypothesis tests conducted on sets of matched samples are sometimes referred to as correlated t tests.
A)True
B)False
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Chapter 13: Analysis of Variance Anova
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Q1) As director of the employee wellness and productivity program in your company, you are interested in comparing the effects of strength training, aerobic training, and yoga on decreasing rates of injury and absenteeism. The company has 9 divisions with roughly the same number of employees, and you randomly assign 3 divisions to participate in strength training, 3 to aerobic training, and 3 to yoga. Your null hypothesis is ___.
A)
\(\mu\)<sub>1</sub>\(\neq\)\(\mu\)<sub>2</sub>\(\neq\)\(\mu\)<sub>3</sub>
B) \(\mu\)<sub>1</sub> \(\ge\)\(\mu\)<sub>2</sub> \(\ge\) \(\mu\)<sub>3</sub>
C) \(\mu\)<sub>1</sub>\(\le\) \(\mu\)<sub>2</sub> \(\le\)\(\mu\)<sub>3</sub>
D)\(\mu\)<sub>1</sub>=\(\mu\)<sub>2</sub>=\(\mu\)<sub>3</sub>
E) \(\mu\)<sub>1</sub>\(\le\) \(\mu\)<sub>2</sub> \(\ge\)\(\mu\)<sub>3</sub>
Q2) In analysis of variance tests a F distribution forms the basis for making the decisions. A)True B)False
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Chapter 14: Linear Correlation and Simple Linear Regression Analysis
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Q1) In a simple regression the coefficient of correlation is the square root of the coefficient of determination.
A)True
B)False
Q2) Correlation is a measure of the degree of linear relationship between two variables.
A)True
B)False
Q3) One of the assumptions made in simple regression is that ___.
A) the error terms are normally distributed
B) the error terms have unequal variances
C) the model is nonlinear
D) the error terms are dependent
E) the error terms are all equal
Q4) For the regression line, y = 21 5x, 21 is the y-intercept of the line.
A)True
B)False
Q5) Data points that lie apart from the rest of the points are called deviants.
A)True
B)False
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Chapter 15: Categorical Versus Categorical: Tests
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Q1) A chi-square goodness-of-fit test is to be performed to see if data fit the Poisson distribution. There are 6 categories, and must be estimated. How many degrees of freedom should be used?
A) 6
B) 5
C) 4
D) 3
E) 2
Q2) A variable contains five categories. It is expected that data are uniformly distributed across these five categories. To test this, a sample of observed data is gathered on this variable resulting in frequencies of 27, 30, 29, 21, and 24. Using \(\alpha\) =.01, the critical value of chi-square is ___.
A) 7.78
B) 15.09
C) 9.24
D) 13.28
E) 15.48
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