Quantitative Methods for Business Exam Preparation Guide
Course Introduction
Quantitative Methods for Business introduces students to the analytical tools and techniques used to support effective decision-making in the business environment. The course covers a range of quantitative approaches, including statistical analysis, linear programming, forecasting, decision analysis, and simulation models. Through practical case studies and problem-solving exercises, students learn how to collect, analyze, interpret, and present data to inform strategic and operational decisions. Emphasis is placed on the application of quantitative methods using spreadsheet software and other relevant technologies. This course equips students with the foundational skills to identify, formulate, and solve real-world business problems using quantitative reasoning.
Recommended Textbook
Basic Business Statistics Concepts and Applications 12th Edition by Mark
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3610 Verified Questions
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L. Berenson
Chapter 1: Introduction
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Sample Questions
Q1) The amount of time a student spent studying for an exam will be measured on a ratio scale.
A)True
B)False
Answer: True
Q2) The Commissioner of Health in New York State wanted to study malpractice litigation in New York. A sample of 31 thousand medical records was drawn from a population of 2.7 million patients who were discharged during 2010. Using the information obtained from the sample to predict population characteristics with respect to malpractice litigation is an example of ________.
Answer: inferential statistics
Q3) Using the number of registered voters who turned out to vote for the primary in Iowa to predict the number of registered voters who will turn out to vote in Vermont's primary is an example of descriptive statistics.
A)True
B)False
Answer: False
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Chapter 2: Organizing and Visualizing Data
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Sample Questions
Q1) The width of each class grouping or interval in a frequency distribution should be
Answer: the same or equal
Q2) Referring to Table 2-12, if the sample is a good representation of the population, we can expect ________ percent of the males in the population will be against the plan. Answer: 50%
Q3) Referring to Table 2-9, ________ percent of the apartments rented for $600 or more.
Answer: 8% or 20/250
Q4) Referring to Table 2-13, if a frequency distribution for the amount of detergent used is constructed, using "9.0 but less than 10.0 gallons" as the first class, the frequency of the "11.0 but less than 12.0 gallons" class would be ________. Answer: 9
Q5) In general, a frequency distribution should have at least 8 class groups but no more than 20.
A)True
B)False
Answer: False
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Chapter 3: Numerical Descriptive Measures
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Sample Questions
Q1) Referring to Table 3-2, the coefficient of variation of the carbohydrate amounts is ________ percent.
Answer: 25.86%
Q2) Referring to Table 3-4, the interquartile range of the customs data is ________.
Answer: 6
Q3) Referring to Table 3-11, you will expect an increase in the DJIA to be associated with
A) an increase in the S&P 500 index.
B) a decrease in the S&P 500 index.
C) no predictable change in the DJIA.
D) no predictable change in the S&P 500 index.
Answer: A
Q4) Which of the following is not sensitive to extreme values?
A) The range
B) The standard deviation
C) The interquartile range
D) The coefficient of variation
Answer: C
Q5) Referring to Table 3-3, construct a boxplot for the data in this sample.
Answer: 11ea2ff8_fce8_040a_b1b9_8d3d02b871c4_TB1602_00
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Chapter 4: Basic Probability
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Sample Questions
Q1) Referring to Table 4-10, what is the probability that a randomly selected worker is black and had not claimed bias or is white and has claimed bias?
Q2) Referring to Table 4-7, the probability that you win any money is ________.
Q3) The employees of a company were surveyed on questions regarding their educational background (college degree or no college degree) and marital status (single or married). Of the 600 employees, 400 had college degrees, 100 were single, and 60 were single college graduates. The probability that an employee of the company is single or has a college degree is
A) 0.10.
B) 0.25.
C) 0.667.
D) 0.733.
Q4) Referring to Table 4-8, what is the probability that a randomly selected student is a freshman who lives in a dormitory?
Q5) Suppose A and B are events where P(A) = 0.4, P(B) = 0.5, and P(A and B) = 0.1. Then P(B|A) = ________.
Q6) If either A or B must occur they are called collectively exhaustive.
A)True B)False
Page 6
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) Referring to Table 5-8, the table above is called the ________ for the two designs.
Q2) The online access computer service industry is growing at an extraordinary rate. Current estimates suggest that 75% of the home-based computers have access to online services. Suppose 20 people with home-based computers were randomly and independently sampled. Find the probability that fewer than 10 of those sampled currently have access to online services.
Q3) Referring to Table 5-4, the standard deviation of the number of accidents is
Q4) Referring to Table 5-9, what is the probability that in the next 1,000 customers, the hotel chain will have less than two or more than eight mishandled bags?
Q5) Suppose that past history shows that 60% of college students prefer Brand C cola. A sample of 5 students is to be selected. The probability that exactly 3 prefer Brand C is
Q6) Referring to Table 5-6, what is the probability that any particular shift being inspected has produced 4.0 bad bulbs.
Q7) Referring to Table 5-6, what is the probability that any particular shift being inspected has less than 5.0 or more than 8.0 bad bulbs.
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Chapter 6: The Normal Distribution and Other Continuous Distributions
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Sample Questions
Q1) Referring to Table 6-3, the probability is 75% that the time interval between two consecutive defective light bulbs will fall between which two values that are the same distance from the mean?
Q2) Referring to Table 6-4, what is the probability that the next hit at the website will occur within 10 seconds after just being hit by a visitor?
Q3) Suppose the probability of a car accident taking place anywhere on a stretch of a 20 miles highway is the same. Which of the following distributions would you use to determine the probability that a car accident will occur somewhere between the 5-mile and 15-mile posts of the highway?
A) Normal distribution
B) Poisson distribution
C) Uniform distribution
D) Exponential distribution
Q4) The interval between patients arriving at an outpatient clinic follows an exponential distribution at a rate of 1 patient per hour. What is the probability that a randomly chosen arrival to be less than 20 minutes?
Q5) Referring to Table 6-6, find the probability that the annual return of a random year will be less than 11.5%.
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) Suppose a sample of n = 50 items is selected from a population of manufactured products and the weight, X, of each item is recorded. Prior experience has shown that the weight has a probability distribution with = 6 ounces and = 2.5 ounces. Which of the following is true about the sampling distribution of the sample mean if a sample of size 15 is selected?
A) The mean of the sampling distribution is 6 ounces.
B) The standard deviation of the sampling distribution is 2.5 ounces.
C) The shape of the sampling distribution is approximately normal.
D) All of the above are correct.
Q2) The owner of a fish market has an assistant who has determined that the weights of catfish are normally distributed, with mean of 3.2 pounds and standard deviation of 0.8 pound. If a sample of 64 fish yields a mean of 3.4 pounds, what is probability of obtaining a sample mean this large or larger?
A) 0.0001
B) 0.0013
C) 0.0228
D) 0.4987
Q3) Referring to Table 7-7, the population mean of all possible sample proportions is ________.
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Chapter 8: Confidence Interval Estimation
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Sample Questions
Q1) Referring to Table 8-5, 95% of the sample means will fall between 47.19 and 52.61.
A)True
B)False
Q2) The head of a computer science department is interested in estimating the proportion of students entering the department who will choose the new computer engineering option. Suppose there is no information about the proportion of students who might choose the option. What size sample should the department head take if she wants to be 95% confident that the estimate is within 0.10 of the true proportion?
Q3) Referring to Table 8-11, the critical value for a 99% confidence interval for this sample is ________.
Q4) Referring to Table 8-13, construct a 95% confidence interval estimate of the population proportion of managers who have caught salespeople working a second job on company time.
Q5) Referring to Table 8-14, what is the needed sample size to obtain a 90% confidence interval estimate of the percentage of the targeted young adults who will purchase the new game by allowing the same level of margin of error?
Q6) Referring to Table 8-2, the confidence interval goes from ________ to ________.
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Chapter 9: Fundamentals of Hypothesis Testing:
One-Sample Tests
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Sample Questions
Q1) The smaller the p-value, the stronger is the evidence against the null hypothesis. A)True
B)False
Q2) A proper methodology in performing hypothesis tests is to ask whether a random sample can be selected from the population of interest.
A)True
B)False
Q3) A manager of the credit department for an oil company would like to determine whether the mean monthly balance of credit card holders is equal to $75. An auditor selects a random sample of 100 accounts and finds that the mean owed is $83.40 with a sample standard deviation of $23.65. If you were to conduct a test to determine whether the auditor should conclude that there is evidence that the mean balance is different from $75, which test would you use?
A) Z test of a population mean
B) Z test of a population proportion
C) t test of population mean
D) t test of a population proportion
Q4) Referring to Table 9-1, state the alternative hypothesis for this study.
Page 11
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Chapter 10: Two-Sample Tests
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Sample Questions
Q1) Referring to Table 10-4, a two-tail test of the null hypothesis of no difference would ________ (be rejected/not be rejected) at the = 0.05 level of significance.
Q2) Referring to Table 10-13, suppose = 0.05. Which of the following represents the result of the test on a difference in the variabilities of the amount of time required to reach a customer service representative between the two hotels?
A) The alternative hypothesis is rejected.
B) The null hypothesis is rejected.
C) The null hypothesis is not rejected.
D) Insufficient information exists on which to make a decision.
Q3) When testing H : - 0 versus H : - < 0, the observed value of the Z test statistic was found to be -2.13. The p-value for this test is A) 0.0166.
B) 0.0332.
C) 0.9668.
D) 0.9834.
Q4) Referring to Table 10-15, what is the critical value for testing whether there is evidence of a difference in the variances at the 5% level of significance?
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Chapter 11: Analysis of Variance
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Sample Questions
Q1) Referring to Table 11-2, the within group sum of squares is
A) 1.0606.
B) 1.1825.
C) 3.1819.
D) 4.3644.
Q2) Referring to Table 11-2, the value of the test statistic for Levene's test for homogeneity of variances is
A) 0.25.
B) 0.37.
C) 4.36.
D) 10.76.
Q3) Referring to Table 11-7, the decision made at a 0.05 level of significance on the randomized block F test for the difference in means implies that all 4 means are significantly different.
A)True
B)False
Q4) Referring to Table 11-7, the amount of total variation or SST is ________.
Q5) Referring to Table 11-6, using an overall level of significance of 0.01, what is the critical range for the Tukey multiple comparison procedure?
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Chapter 12: Chi-Square Tests and Nonparametric Tests
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Sample Questions
Q1) Referring to Table 12-6, what is the value of the test statistic?
Q2) Referring to Table 12-7, the critical value of the test is ________.
Q3) Referring to Table 12-7, there is sufficient evidence to conclude that the proportions between New York and Paris are different at a 0.05 level of significance.
A)True
B)False
Q4) Referring to Table 12-16, in order to perform the test, you need to assume that the amount filled by the machine follows a normal distribution.
A)True
B)False
Q5) Referring to Table 12-5, what is the value of the critical range for the Marascuilo procedure to test for the difference in proportions between procedure A and procedure C using a 0.05 level of significance?
Q6) Referring to Table 12-13, which of the following statements is correct?
A) We cannot reject the null for any level of significance greater than 0.005.
B) We can reject the null for any level of significance greater than 0.005.
C) We cannot reject the null for any level of significance smaller than 0.005
D) We can reject the null for any level of significance smaller than 0.005.
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Chapter 13: Simple Linear Regression
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Sample Questions
Q1) Referring to Table 13-4, the managers of the brokerage firm wanted to test the hypothesis that the population slope was equal to 0. At a level of significance of 0.01, the decision that should be made implies that ________ (there is a or there is no) linear dependent relationship between the independent and dependent variables.
Q2) The width of the prediction interval for the predicted value of Y is dependent on A) the standard error of the estimate.
B) the value of X for which the prediction is being made.
C) the sample size.
D) All of the above.
Q3) If the correlation coefficient (r) = 1.00, then
A) all the data points must fall exactly on a straight line with a slope that equals 1.00.
B) all the data points must fall exactly on a straight line with a negative slope.
C) all the data points must fall exactly on a straight line with a positive slope.
D) all the data points must fall exactly on a horizontal straight line with a zero slope.
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Chapter 14: Introduction to Multiple Regression
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Sample Questions
Q1) Referring to Table 14-15, estimate the mean percentage of students passing the proficiency test for all the schools that have a daily mean of 95% of students attending class, an mean teacher salary of 40,000 dollars, and an instructional spending per pupil of 2,000 dollars.
Q2) Referring to 14-16, the error appears to be normally distributed.
A)True
B)False
Q3) Referring to Table 14-7, the department head wants to test H : = = 0. The appropriate alternative hypothesis is ________.
Q4) Referring to Table 14-15, the null hypothesis H : = = = = 0 implies that percentage of students passing the proficiency test is not related to any of the explanatory variables.
A)True
B)False
Q5) Referring to Table 14-15, there is sufficient evidence that the percentage of students passing the proficiency test depends on all of the explanatory variables at a 5% level of significance.
A)True
B)False
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Chapter 15: Multiple Regression Model Building
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Sample Questions
Q1) Referring to Table 15-6, the variable X should be dropped to remove collinearity.
A)True
B)False
Q2) The Cp statistic is used
A) to determine if there is a problem of collinearity.
B) if the variances of the error terms are all the same in a regression model.
C) to choose the best model.
D) to determine if there is an irregular component in a time series.
Q3) Which of the following is used to find a "best" model?
A) Odds ratio
B) Mallow's Cp
C) Standard error of the estimate
D) SST
Q4) Referring to Table 15-5, what is the value of the variance inflationary factor of SUV?
Q5) Referring to Table 15-6, what is the value of the variance inflationary factor of Job Yr?
Q6) Referring to Table 15-6, what is the value of the Mallow's Cp statistic for the model that includes X , X and X ?
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Chapter 16: Time-Series Forecasting
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Sample Questions
Q1) Referring to Table 16-13, what is your forecast for the 13 month using the second-order autoregressive model?
Q2) Referring to Table 16-7, the fitted trend value for 1995 is ________.
Q3) Referring to Table 16-13, what is the exponentially smoothed value for the second month using a smoothing coefficient of W = 0.25?
Q4) Referring to Table 16-13, what is the exponentially smoothed value for the first month using a smoothing coefficient of W = 0.25?
Q5) The principle of parsimony indicates that the simplest model that gets the job done adequately should be used.
A)True
B)False
Q6) Referring to Table 16-12, using the regression equation, what is the forecast for the revenues in the first quarter of 2012?
Q7) Referring to Table 16-4, a centered 3-year moving average is to be constructed for the wine sales. The result of this process will lead to a total of ________ moving averages.
Q8) Referring to Table 16-7, the forecast for the demand in 2009 is ________.
Page 18
Q9) Referring to Table 16-8, the forecast for profits in 2010 is ________.
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Chapter 17: Statistical Applications in Quality Management
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Sample Questions
Q1) Referring to Table 17-4, suppose the supervisor constructs an R chart to see if the variability in collection times is in-control. What is the center line of this R chart?
A) 20.00
B) 20.56
C) 20.40
D) 24.00
Q2) ________ causes of variation are correctable without modifying the system.
Q3) Referring to Table 17-8, construct an R chart for the time required to register.
Q4) Referring to Table 17-6, construct a p control chart for these data.
Q5) Referring to Table 17-8, an R chart is to be constructed for the time required to register. The upper control limit for this data set is ________.
Q6) Referring to Table 17-2, what is the numerical value of the lower control limit for the p chart?
A) 0.37
B) 0.41
C) 0.50
D) 0.71
Q7) Referring to Table 17-9, construct an R chart for the time required to register.
Page 19
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Chapter 18: A Roadmap for Analyzing Data
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Sample Questions
Q1) A survey claims that 9 out of 10 doctors recommend aspirin for their patients with headaches. To test this claim, a random sample of 100 doctors results in 83 who indicate that they recommend aspirin. Which of the following tests will you perform?
A) t test for the mean
B) Z test for the proportion
C) Pooled-variance t test
D) Separate-variance t test
Q2) An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the mean daily revenue was $675 with a standard deviation of $75. A sample of 30 days reveals a daily mean revenue of $625 and a standard deviation of $70. Which of the following tests will be the most appropriate?
A) t test for the mean
B) Z test for the proportion
C) Pooled-variance t test
D) Separate-variance t test
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Chapter 19: Questions that Involve Online Topics
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Sample Questions
Q1) One of the reasons that a correction for continuity adjustment is needed when approximating the binomial distribution with a normal distribution is because the normal distribution is used for a discrete random variable while the binomial distribution is used for a continuous random variable.
A)True
B)False
Q2) Referring to Table 19-1, if the probability of S1 is 0.5, then the coefficient of variation for A1 is
A) 0.231.
B) 0.5.
C) 1.5.
D) 2.
Q3) Referring to Table 9-2, if you select a sample of 20 compact microwave ovens and are willing to have a level of significance of 0.01, the probability of making a Type II error is ________ if the mean power consumption of all such microwave ovens is in fact 257.3 W.
Q4) Based on past experience, only 0.5% of the invoices of a company contain an error. Out of the 1,500 invoices that the company will issue, what is the approximate probability that zero invoices will contain an error?
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