Statistical Analysis for Business Test Preparation
Course Introduction
Statistical Analysis for Business introduces students to the fundamental concepts and techniques of statistics as applied to business decision-making. The course covers descriptive statistics, probability distributions, sampling methods, hypothesis testing, correlation, and regression analysis. Emphasizing practical applications, students learn to interpret data, make inferences, and solve business problems using statistical software and real-world scenarios. By the end of the course, students acquire the analytical skills necessary to support data-driven decisions in various business functions such as marketing, finance, and operations.
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) Census refers to
A)an experimental study to collect data on the entire population
B)an experimental study to collect data on a sample
C)a survey to collect data on a sample
D)a survey to collect data on the entire population
Answer: D
Q2) Refer to Exhibit 1-4. How many variables are in this data set?
A)3
B)4
C)5
D)6
Answer: D
Q3) Which of the following variables use the ratio scale of measurement?
A)social security number
B)temperature
C)gender
D)income
Answer: D
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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) Categorical data can be graphically represented by using a(n)
A)histogram
B)frequency polygon
C)ogive
D)bar chart
Answer: D
Q2) A frequency distribution is a tabular summary of data showing the
A)fraction of items in several classes
B)percentage of items in several classes
C)relative percentage of items in several classes
D)number of items in several classes
Answer: D
Q3) The sum of the relative frequencies for all classes will always equal
A)the sample size
B)the number of classes
C)one
D)any value larger than one
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 difference between the largest and the smallest data values is the A)variance
B)interquartile range
C)range
D)coefficient of variation
Answer: C
Q2) The flashlight batteries produced by one of the northern manufacturers are known to have an average life of 60 hours with a standard deviation of 4 hours. Use Chebyshev's theorem to answer the following questions.
a.At least what percentage of flashlights will have a life of 54 to 66 hours?
b.At least what percentage of the batteries will have a life of 52 to 68 hours?
c.Determine an interval for the batteries lives that will be true for at least 80% of the batteries. (Hint: First compute the Z-score.)
Answer: a.56%
b.75%
c.60 + (2.236)(4). This indicates that at least 80% of the batteries will have lives of 51.056 to 68.944 hours.
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Page 5
Chapter 4: Introduction to Probability
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) If a six sided die is tossed two times and "3" shows up both times, the probability of "3" on the third trial is
A)much larger than any other outcome
B)much smaller than any other outcome
C)1/6
D)1/216
Q2) A method of assigning probabilities based on historical data is called the A)classical method
B)subjective method
C)relative frequency method
D)historical method
Q3) Assume you are taking two courses this semester (A and B). The probability that you will pass course A is 0.835, the probability that you will pass both courses is 0.276. The probability that you will pass at least one of the courses is 0.981.
a.What is the probability that you will pass course B?
b.Is the passing of the two courses independent events? Use probability information to justify your answer.
c.Are the events of passing the courses mutually exclusive? Explain.
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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) Refer to Exhibit 5-1. The expected daily demand is
A)1.0
B)2.2
C)2, since it has the highest probability
D)of course 4, since it is the largest demand level
Q2) Four percent of the customers of a mortgage company default on their payments. A sample of five customers is selected. What is the probability that exactly two customers in the sample will default on their payments?
A)0.2592
B)0.0142
C)0.9588
D)0.7408
Q3) Refer to Exhibit 5-8. The random variable x satisfies which of the following Discrete Probability Distributions?
A)normal
B)Poisson
C)binomial
D)Not enough information is given to answer this question.
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 length of time it takes students to complete a statistics examination is uniformly distributed and varies between 40 and 60 minutes.
a.Find the mathematical expression for the probability density function.
b.Compute the probability that a student will take between 45 and 50 minutes to complete the examination.
c.Compute the probability that a student will take no more than 40 minutes to complete the examination.
d.What is the expected amount of time it takes a student to complete the examination?
e.
What is the variance for the amount of time it takes a student to complete the examination?
Q2) Which of the following is not a characteristic of the normal probability distribution?
A)symmetry
B)The total area under the curve is always equal to 1.
C)99.72% of the time the random variable assumes a value within plus or minus 1 standard deviation of its mean
D)The mean is equal to the median, which is also equal to the mode.
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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) A population characteristic, such as a population mean, is called
A)a statistic
B)a parameter
C)a sample
D)the mean deviation
Q2) A population has a mean of 300 and a standard deviation of 18. A sample of 144 observations will be taken. The probability that the sample mean will be between 297 to 303 is
A)0.4332
B)0.8664
C)0.9332
D)0.0668
Q3) In point estimation
A)data from the population is used to estimate the population parameter
B)data from the sample is used to estimate the population parameter
C)data from the sample is used to estimate the sample statistic
D)the mean of the population equals the mean of the sample
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Chapter 8: Interval Estimation
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) A simple random sample of 144 items resulted in a sample mean of 1257.85 and a standard deviation of 480. Develop a 95% confidence interval for the population mean.
Q2) A local electronics firm wants to determine their average daily sales (in dollars.) A sample of the sales for 36 days revealed average sales of $139,000. Assume that the standard deviation of the population is known to be $12,000.
a.Provide a 95% confidence interval estimate for the average daily sales.
b.Provide a 97% confidence interval estimate for the average daily sales.
Q3) A sample of 20 items from a population with an unknown \(\sigma\) is selected in order to develop an interval estimate of \(\mu\). Which of the following is not necessary?
A)We must assume the population has a normal distribution.
B)We must use a t distribution.
C)Sample standard deviation must be used to estimate \(\sigma\).
D)The sample must have a normal distribution.
Q4) A random sample of 81 children with working mothers showed that they were absent from school an average of 6 days per term with a standard deviation of 1.8 days. Provide a 95% confidence interval for the average number of days absent per term for all the children.
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Chapter 9: Hypothesis Tests
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) The p-value is a probability that measures the support (or lack of support) for the A)null hypothesis
B)alternative hypothesis
C)either the null or the alternative hypothesis
D)sample statistic
Q2) Refer to Exhibit 9-3. If the test is done at the 5% level of significance, the null hypothesis should A)not be rejected
B)be rejected
C)Not enough information given to answer this question.
D)None of these alternatives is correct.
Q3) Refer to Exhibit 9-3. The p-value is between
A)0.01 to 0.025
B)0.025 to 0.05
C).05 to 0.1
D)0.1 to 0.2
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11
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 10-1. The 95% confidence interval for the difference between the means of the two populations is
A)0 to 6.92
B)-2 to 2
C)-1.96 to 1.96
D)-0.92 to 6.92
Q2) Refer to Exhibit 10-9. At 90% confidence the null hypothesis
A)should not be rejected
B)should be rejected
C)should be revised
D)None of these alternatives is correct.
Q3) Refer to Exhibit 10-12. If at 95% confidence we want to determine whether or not the means of the five populations are equal, the p-value is
A)between 0.05 to 0.10
B)between 0.025 to 0.05
C)between 0.01 to 0.025
D)less than 0.01
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Page 12
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) Refer to Exhibit 11-1. The expected frequency for each group is
A)0.333
B)0.50
C)1/3
D)50
Q2) 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.
Q3) Refer to Exhibit 11-6. The calculated value for the test statistic equals A)300
B)4
C)0
D)8
Q4) A goodness of fit test is always conducted as a A)lower-tail test
B)upper-tail test
C)middle test
D)None of these alternatives is correct.
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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) Refer to Exhibit 12-4. The t statistic for testing the significance of the slope is
A)1.80
B)1.96
C)6.708
D)0.555
Q2) Refer to Exhibit 12-3. The least squares estimate of b<sub>0</sub> equals A)1
B)-1
C)-11
D)11
Q3) 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.
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14
Chapter 13: Multiple Regression
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) Refer to Exhibit 13-4. Which equation describes the multiple regression model?
A)Equation A
B)Equation B
C)Equation C
D)Equation D
Q2) Refer to Exhibit 13-6. Carry out the test to determine if there is a relationship among the variables at the 5% level. The null hypothesis should A)be rejected
B)not be rejected
C)revised
D)None of these alternatives is correct.
Q3) Refer to Exhibit 13-11. The critical t value obtained from the table to test an individual parameter at the 5% level is
A)2.06
B)2.069
C)2.074
D)2.080
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