Research Methods in Business Practice Exam
Course Introduction
Research Methods in Business explores the fundamental concepts, tools, and techniques required to conduct systematic and reliable research within the field of business. The course covers the entire research process, including problem formulation, literature review, research design, data collection methods (qualitative and quantitative), data analysis, and the interpretation and presentation of findings. Emphasis is placed on developing critical thinking and analytical skills that enable students to assess research quality, apply ethical principles, and contribute to evidence-based decision-making in various business contexts. By the end of the course, students will be equipped to design their own research projects, select appropriate methodologies, and critically evaluate business research studies.
Recommended Textbook
Statistical Techniques in Business and Economics 17th Edition by Douglas Lind
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Page 2
Chapter 1: What Is Statistics
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Q1) Statistics is defined as a body of techniques used to facilitate the collection,organization,presentation,analysis,and interpretation of information for the purpose of making better decisions.
A)True
B)False
Answer: True
Q2) The length of a bridge,measured in meters,is an example of
A)categorical data.
B)either categorical or quantitative data.
C)measurement data.
D)quantitative data.
Answer: D
Q3) What type of variable is the number of gallons of gasoline pumped by a filling station during a day?
A)Qualitative
B)Continuous
C)Attribute
D)Discrete
Answer: B
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Page 3
Chapter 2: Describing Data: Frequency Tables, Frequency
Distributions, and Graphic Presentation
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Q1) When a class interval is expressed as 100 up to 200,
A)observations with values of 100 are excluded from the class.
B)observations with values of 200 are included in the class.
C)observations with values of 200 are excluded from the class.
D)the class interval is 99.
Answer: C
Q2) A pie chart shows the
A)relative frequencies of a qualitative variable.
B)relative frequencies of a quantitative variable.
C)frequencies of a nominal variable.
D)frequencies of a ratio variable.
Answer: A
Q3) A frequency table for qualitative data has class limits. A)True
B)False
Answer: False
Q4) A pie chart is similar to a relative frequency distribution. A)True
B)False
Answer: True
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Chapter 3: Describing Data: Numerical Measures
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Sample Questions
Q1) A stockbroker placed the following order for a customer:
50 shares of Kaiser Aluminum at $104 a share
100 shares of GTE at $25.25 a share
20 shares of Boston Edison at $9.125 a share
What is the weighted arithmetic mean price per share?
A)$25.25
B)$79.75
C)$103.50
D)$46.51
Answer: D
Q2) The sum of the differences between sample observations and the sample mean is equal to ________.
A)zero
B)the mean deviation
C)the range
D)the standard deviation
Answer: A
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Page 5
Chapter 4: Describing Data: Displaying and Exploring Data
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Q1) What is the value of the Pearson coefficient of skewness for a distribution with a mean of 17,a median of 12,and a standard deviation of 6?
A)+2.5
B) 2.5
C)+0.83
D) 0.83
Q2) A stem-and-leaf diagram shows the actual data values.
A)True
B)False
Q3) A stem-and-leaf display includes the following row: 3 | 0 1 3 5 7 9. Assume that the data are rounded to the nearest whole number. Which of the following statements is true?
A)The frequency of the class is 7.
B)The minimum value in the class is 0.
C)The maximum value in the class is 39.
D)The class interval is 5.
Q4) A dot plot shows the symmetry of a distribution.
A)True
B)False
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Chapter 5: A Survey of Probability Concepts
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Q1) A method of assigning probabilities based upon judgment,opinions,and available information is referred to as the ________.
A)empirical method
B)probability method
C)classical method
D)subjective method
Q2) A study by the National Park Service revealed that 50% of the vacationers going to the Rocky Mountain region visit Yellowstone Park,40% visit the Grand Tetons,and 35% visit both. What is the probability that a vacationer will visit at least one of these magnificent attractions?
A)0.95
B)0.35
C)0.55
D)0.05
Q3) When are two experimental outcomes mutually exclusive?
A)When they overlap on a Venn diagram.
B)If one outcome occurs,then the other cannot.
C)When the probability of one affects the probability of the other.
D)When the joint probability of the two outcomes is not equal to zero.
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Page 7
Chapter 6: Discrete Probability Distributions
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Q1) The variance of a binomial distribution is found by n (1 ).
A)True
B)False
Q2) What kind of distributions are the binomial and Poisson probability distributions?
A)Discrete
B)Continuous
C)Both discrete and continuous
D)Neither discrete or continuous
Q3) What is the only variable in the Poisson probability formula?
A)
B)x
C)e
D)P
Q4) The variance measures the skewness of a probability distribution.
A)True
B)False
Q5) The binomial probability distribution is always negatively skewed.
A)True
B)False
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Chapter 7: Continuous Probability Distributions
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Q1) The mean amount spent by a family of four on food is $500 per month with a standard deviation of $75. Assuming that the food costs are normally distributed,what is the probability that a family spends less than $410 per month?
A)0.2158
B)0.8750
C)0.0362
D)0.1151
Q2) Which of the following is true in a normal distribution?
A)The mean equals zero.
B)The mode and the third quartile are equal.
C)The mean divides the distribution into two equal areas.
D)The area under the curve is 0.68.
Q3) The time to fly between New York City and Chicago is uniformly distributed with a minimum of 120 minutes and a maximum of 150 minutes. What is the distribution's standard deviation?
A)8.66 minutes
B)75 minutes
C)135 minutes
D)270 minutes
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9
Chapter 8: Sampling Methods and the Central Limit
Theorem
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Q1) When all the items in a population have an equal chance of being selected for a sample,the process is called ________.
A)simple random sampling
B)z-score
C)sampling error
D)nonprobability sampling
Q2) The true sampling error is usually not known because ________.
A)µ is unknown
B)µ is a random variable
C) <sup>2</sup> is unknown
D)The sample mean cannot be computed.
Q3) Mileage tests were conducted on a randomly selected sample of 100 newly developed automobile tires. The sample mean tread wear was 50,000 miles,with a population standard deviation of 3,500 miles. What is the best estimate of the average tread life in miles for the entire population of these tires?
A)50,000
B)3,500
C)500
D)35
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Chapter 9: Estimation and Confidence Intervals
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Q1) A bank wishes to estimate the mean credit card balance owed by its customers. The population standard deviation is estimated to be $300. If a 98% confidence interval is used and an interval of $75 is desired,how many customers should be sampled?
A)44
B)212
C)629
D)87
Q2) The finite population correction factor is applied when the population size is known.
A)True
B)False
Q3) A sample mean is the best point estimate of ________.
A)the population standard deviation
B)the population median
C)the population mean
D)the sample standard deviation
Q4) A point estimate is a range of values used to estimate a population parameter.
A)True
B)False
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11
Chapter 10: One-Sample Tests of Hypothesis
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Sample Questions
Q1) A machine is set to fill the small-size packages of M&M candies with 56 candies per bag. A sample revealed three bags of 56,two bags of 57,one bag of 55,and two bags of 58. To test the hypothesis that the mean candies per bag is 56,how many degrees of freedom are there?
A)9
B)1
C)8
D)7
Q2) A random sample of size 15 is selected from a normal population. The population standard deviation is unknown. Assume the null hypothesis indicates a two-tailed test and the researcher decided to use the 0.10 significance level. For what values of t will the null hypothesis not be rejected?
A)To the left of 1.282 or to the right of 1.282
B)To the left of 1.345 or to the right of 1.345
C)Between 1.761 and 1.761
D)To the left of 1.645 or to the right of 1.645
Q3) A p-value is a probability.
A)True
B)False
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Page 12
Chapter 11: Two-Sample Tests of Hypothesis
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Q1) If the null hypothesis states that there is no difference between the mean income of males and the mean income of females,then the test is one-tailed.
A)True
B)False
Q2) When dependent samples are used to test for differences in the means,we pool the sample variances.
A)True
B)False
Q3) Assuming the population variances are known,the population variance of the difference between two means is ________.
A)the sum of the two means
B)the sum of the two population variances
C)the sum of the two population standard deviations
D)the sum of the two sample sizes for each population
Q4) If the null hypothesis states that there is no difference between the mean net income of retail stores in Chicago and New York City,then the test is two-tailed.
A)True
B)False
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Chapter 12: Analysis of Variance
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Sample Questions
Q1) The alternative hypothesis used in ANOVA is H<sub>1</sub>: All population means are equal.
A)True
B)False
Q2) In an ANOVA table,k represents the total number of sample observations and n represents the total number of treatments.
A)True
B)False
Q3) A large department store examined a sample of 18 credit card sales and recorded the amounts charged for each of three types of credit cards: MasterCard,Visa,and Discover. Six MasterCard sales,seven Visa,and five Discover sales were recorded. The store used an ANOVA to test if the mean sales for each credit card were equal. What are the degrees of freedom for the F-statistic?
A)18 in the numerator,3 in the denominator
B)3 in the numerator,18 in the denominator
C)2 in the numerator,15 in the denominator
D)6 in the numerator,15 in the denominator
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Chapter 13: Correlation and Linear Regression
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Q1) A confidence interval can be determined for the mean value of Y for a given value of X.
A)True
B)False
Q2) The regression equation is used to estimate a value of the dependent variable Y based on a selected value of the independent variable X.
A)True
B)False
Q3) What does a coefficient of correlation of 0.70 infer?
A)There is almost no correlation because 0.70 is close to 1.0.
B)Seventy percent of the variation in one variable is explained by the other variable.
C)The coefficient of determination is 0.49.
D)The coefficient of nondetermination is 0.30.
Q4) An economist is interested in predicting the unemployment rate based on gross domestic product. Because the economist is interested in predicting unemployment,the independent variable is gross domestic product.
A)True
B)False
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Chapter 14: Multiple Regression Analysis
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Q1) Multiple regression analysis is used when one independent variable is used to predict values of two or more dependent variables.
A)True
B)False
Q2) Which statistic is used to test a global hypothesis about a multiple regression equation?
A)t-statistic
B)z-statistic
C)<sup> </sup><sup>2</sup> (chi-square statistic)
D)F
Q3) If the coefficient of multiple determination is 0.81,what percent of variation is not explained?
A)19%
B)90%
C)66%
D)81%
Q4) Stepwise regression analysis is also called a "backward elimination" method.
A)True
B)False
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Chapter 15: Nonparametric Methods: Nominal Level
Hypothesis Tests
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Sample Questions
Q1) A frequency distribution has a mean of 200 and a standard deviation of 20. The class limits for one class are 220 up to 240. Based on the normal distribution,what is the probability that an observation would be in this class?
A)0.1359
B)0.3413
C)0.4772
D)0.8185
Q2) What is the decision regarding the differences between the observed and expected frequencies if the critical value of the chi-square is 9.488 and the computed chi-square value is 6.079?
A)Fail to reject the null hypothesis; the difference is probably due to sampling error.
B)Reject the null hypothesis.
C)Fail to reject the alternate hypothesis.
D)It is too close; reserve judgment.
Q3) The shape of the chi-square distribution depends on the size of the sample.
A)True
B)False
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Page 17
Chapter 16: Nonparametric Methods: Analysis of Ordinal
Data
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Sample Questions
Q1) Which of the following tests is not a distribution-free test?
A)Rank correlation
B)Student's t
C)Kruskal-Wallis
D)Wilcoxon rank-sum
Q2) The decision rule for a small sample sign test is based on a(n)________.
A)binomial distribution
B)chi-square distribution
C)normal distribution
D)F-distribution
Q3) For the rank correlation coefficient,what test statistic is used to test the null hypothesis that the correlation is zero?
A)Chi-square
B)Student's t-statistic
C)z-statistic
D)H
Q4) The Wilcoxon rank-sum test compares two dependent populations.
A)True
B)False
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Chapter 17: Index Numbers
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Sample Questions
Q1) All indexes have the same base,namely 1982-84,written 1982-84 = 100.
A)True
B)False
Q2) A value index method computes a simple aggregate index.
A)True
B)False
Q3) Two methods of computing a weighted price index are the Laspeyres method and the Paasche method.
A)True
B)False
Q4) If the Consumer Price Index in June 2006 was about 202.9 (1982-84 = 100),what was the purchasing power of the dollar?
A)$1.00
B)$0.33
C)$0.58
D)$0.49
Q5) In the numerator of a value index,the price and quantity are both from the current period.
A)True
B)False
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Chapter 18: Time Series and Forecasting
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Q1) For the third quarter,the sales are 1,500 units; the seasonal index for the quarter is 1.15. What are the deseasonalized sales for the quarter?
A)115%
B)15%
C)1,304
D)1,500
Q2) To calculate monthly typical seasonal indexes,the specific seasonal indexes must be averaged for ________.
A)every month
B)every year
C)every quarter
D)every day
Q3) The Durbin-Watson statistic is used to test for correlated residuals.
A)True
B)False
Q4) A typical seasonal index of 103.7 for January indicates that sales for January are below the annual average.
A)True
B)False
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Chapter 19: Statistical Process Control and Quality Management
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Sample Questions
Q1) A chart used to show the results of a Pareto analysis is a ________.
A)range chart
B)bar chart
C)control chart
D)fishbone diagram
Q2) Which of the following statements about in-control and out-of-control processes are true?
I. The mean chart and range chart always show that processes are in control.
II. A mean chart can be in control,while a range chart can be out of control.
III. A mean chart can be out of control,while a range chart can be in control.
A)I only
B)II only
C)II and III
D)I and III
Q3) What chart helps to identify the relatively few factors that impact the performance of a manufacturing or service process?
A)SPC
B)Pareto analysis
C)Fishbone chart analysis
D)Diagnostic chart
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Chapter 20: An Introduction to Decision Theory
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Sample Questions
Q1) If the expected value of stock purchases under conditions of certainty is $1,900 and the expected value of stock purchases under conditions of uncertainty is $1,840,then the $60 difference is called the value of perfect information.
A)True
B)False
Q2) In decision making,if there are one or more unknown factors,then the decision is made under conditions of uncertainty.
A)True
B)False
Q3) The manager of Paul's fruit and vegetable store is considering the purchase of a new seedless watermelon from a wholesale distributor. Because this seedless watermelon costs $4,will sell for $7,and is highly perishable,he expects only to sell between six and nine of them. Based on a maximax strategy,what alternative is selected?
A)Order 6
B)Order 7
C)Order 8
D)Order 9
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