Statistics for Management Midterm
Exam
Course Introduction
Statistics for Management introduces the fundamental concepts and tools of statistical analysis as applied to business decision-making and management. The course covers topics such as data collection, organization, and presentation; measures of central tendency and dispersion; probability theory; sampling methods; hypothesis testing; correlation and regression analysis; and the use of statistical software. Emphasis is placed on interpreting statistical results to inform management strategies, improve operational efficiency, and support evidence-based decision making in various business contexts. Through real-world examples and case studies, students learn how to apply statistical reasoning to solve complex management problems.
Recommended Textbook
Modern Business Statistics with Microsoft Excel 5th Edition by David R. Anderson
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2226 Flashcards
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Chapter 1: Data and Statistics
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Sample Questions
Q1) Arithmetic operations are inappropriate for
A)categorical data
B)quantitative data
C)both categorical and quantitative data
D)large data sets
Answer: A
Q2) Data collected over several time periods are
A)time series data
B)time controlled data
C)cross-sectional data
D)time dependent data
Answer: A
Q3) Since a sample is a subset of the population, the sample mean
A)is always smaller than the mean of the population
B)is always larger than the mean of the population
C)must be equal to the mean of the population
D)can be larger, smaller, or equal to the mean of the population
Answer: D
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Chapter 2: Descriptive Statistics: Tabular and Graphical Displays
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Sample Questions
Q1) To construct a histogram using Excel's Chart Tools, choose __________ as the chart type.
A)column
B)pie
C)scatter
D)line
Answer: A
Q2) A common graphical display of quantitative data is a
A)histogram
B)bar chart
C)relative frequency
D)pie chart
Answer: A
Q3) The ages of employees at a company represent
A)categorical data
B)quantitative data
C)label data
D)time series data
Answer: B
Page 4
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Chapter 3: Descriptive Statistics: Numerical Measures
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Sample Questions
Q1) Generally, which one of the following is the least appropriate measure of central tendency for a data set that contains outliers?
A)mean
B)median
C)2<sup>nd</sup> quartile
D)50<sup>th</sup> percentile
Answer: A
Q2) The most frequently occurring value of a data set is called the A)range
B)mode
C)mean
D)None of the other answers are correct.
Answer: B
Q3) Chebyshev's theorem is applicable
A)only to large (n > 30) data sets
B)only to data sets with no outliers
C)only to bell-shaped data sets
D)to any data set
Answer: D
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Chapter 4: Introduction to Probability
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Sample Questions
Q1) An experiment consists of throwing two six-sided dice and observing the number of spots on the upper faces. Determine the probability that a. the sum of the spots is 3.
b. each die shows four or more spots.
c. the sum of the spots is not 3.
d. neither a one nor a six appear on each die.
e. a pair of sixes appears.
f. the sum of the spots is 7.
Q2) If A and B are independent events with P(A) = 0.38 and P(B) = 0.55, then P(A|B) =
A)0.209
B)0.000
C)0.550
D)None of the other answers is correct.
Q3) The probability of the intersection of two mutually exclusive events
A)can be any value between 0 to 1
B)must always be equal to 1
C)must always be equal to 0
D)can be any positive value
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) Which of the following is(are) required condition(s) for a discrete probability function?
A) \(\Sigma\)f(x) = 0
B)f(x) \(\ge\) 1 for all values of x
C)f(x) < 0
D)None of the answers is correct.
Q2) In a large university, 15% of the students are female. If a random sample of twenty students is selected,
a. what is the probability that the sample contains exactly four female students?
b. what is the probability that the sample will contain no female students?
c. what is the probability that the sample will contain exactly twenty female students?
d. what is the probability that the sample will contain more than nine female students?
e. what is the probability that the sample will contain fewer than five female students?
f. what is the expected number of female students?
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) X is a normally distributed random variable with a mean of 5 and a variance of 4. The probability that x is greater than 10.52 is
A)0.0029
B)0.0838
C)0.4971
D)0.9971
Q2) Refer to Exhibit 6-5. What percentage of items will weigh between 6.4 and 8.9 ounces?
A)0.1145
B)0.2881
C)0.1736
D)0.4617
Q3) Refer to Exhibit 6-5. What is the probability that a randomly selected item weighs exactly 8 ounces?
A)0.5
B)1.0
C)0.3413
D)None of the alternative answers is correct.
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) As the sample size increases, the
A)standard deviation of the population decreases
B)population mean increases
C)standard error of the mean decreases
D)standard error of the mean increases
Q2) Random samples of size 525 are taken from a process (an infinite population) whose population proportion is 0.3. The standard deviation of the sample proportions (i.e., the standard error of the proportion) is
A)0.0004
B)0.2100
C)0.3000
D)0.0200
Q3) Refer to Exhibit 7-4. The standard error of the mean equals
A)0.3636
B)0.0331
C)0.0200
D)4.000
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Chapter 8: Interval Estimation
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Sample Questions
Q1) A random sample of 81 students at a local university showed that they work an average of 100 hours per month. The population standard deviation is known to be 27 hours. Compute a 95% confidence interval for the mean hours per month all students at the university work.
Q2) Whenever using the t distribution in interval estimation, we must assume that the A)sample size is less than 30
B)degrees of freedom equals n - 1
C)population is approximately normal
D)finite population correction factor is necessary
Q3) As the number of degrees of freedom for a t distribution increases, the difference between the t distribution and the standard normal distribution
A)becomes larger
B)becomes smaller
C)stays the same
D)None of the other answers are correct.
Q4) In a random sample of 400 registered voters, 120 indicated they plan to vote for Candidate A. Determine a 95% confidence interval for the proportion of all the registered voters who will vote for Candidate A.
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Chapter 9: Hypothesis Tests
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Sample Questions
Q1) The smaller the p-value,
A)the greater the evidence against H<sub>0</sub>
B)the greater the chance of committing a Type II error
C)the greater the chance of committing a Type I error
D)the less likely you are to reject H<sub>0</sub>
Q2) Read the t statistic from the table of t distributions and circle the correct answer. A one-tailed test (upper tail), a sample size of 18 at a .05 level of significance t =
A)2.12
B)1.734
C)-1.740
D)1.740
Q3) A Type II error is committed when
A)a true alternative hypothesis is mistakenly rejected
B)a true null hypothesis is mistakenly rejected
C)the sample size has been too small
D)not enough information has been available
Q4) In a television commercial, the manufacturer of a toothpaste claims that at least 4 out of 5 dentists recommend its product. A consumer-protection group wants to test that claim. Identify the hypotheses.
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Chapter 10: Inference About Means and Proportions With
Two Populations
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Sample Questions
Q1) In a sample of 100 Republicans, 60 favored the President's anti-drug program. While in a sample of 150 Democrats, 84 favored his program. At 95% confidence, test to see if there is a significant difference in the proportions of the Democrats and the Republicans who favored the President's anti-drug program.
Q2) Refer to Exhibit 10-6. A 95% confidence interval estimate for the difference between the average purchases of the customers using the two different credit cards is
A)49 to 64
B)11.68 to 18.32
C)125 to 140
D)8 to 10
Q3) Refer to Exhibit 10-13. The p-value is
A)0.0035
B)0.007
C)0.49650
D)1.96
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Chapter 11: Inferences About Population Variances
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Sample Questions
Q1) Refer to Exhibit 11-10. At 95% confidence, the null hypothesis
A)should be rejected
B)should not be rejected
C)should be revised
D)None of these alternatives is correct.
Q2) An egg packing company has stated that the standard deviation of the weights of their grade A large eggs is 0.07 ounces or less. The sample variance for 51 eggs was 0.0065 ounces. Can this sample result confirm the company's claim? Use \(\alpha\) = 0.1.
Q3) Refer to Exhibit 11-8. If the test is to be performed at 95% confidence, the critical value(s) from the table is(are)
A)10.9823 and 36.7897
B)33.9244
C)12.3380
D)43.7729
Q4) The random variable for a chi-square distribution may assume
A)any value between -1 to 1
B)any value between - infinity to +infinity
C)any negative value
D)any value greater than zero
Page 13
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Chapter 12: Tests of Goodness of Fit, Independence and Multiple Proportions
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Sample Questions
Q1) Refer to Exhibit 12-2. The expected number of freshmen is A)83
B)90
C)30
D)10
Q2) Refer to Exhibit 12-5. With a .05 level of significance, the critical value for the test is
A)1.645
B)7.815
C)14.067
D)15.507
Q3) In a goodness of fit test, Excel's CHISQ.DIST.RT function returns a A)chi-square critical value
B)chi-square test statistic
C)p-value
D)confidence interval estimate
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Chapter 13: Experimental Design and Analysis of Variance
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Sample Questions
Q1) Refer to Exhibit 13-2. The test statistic to test the null hypothesis equals A)0.432
B)1.8
C)4.17
D)28.8
Q2) Refer to Exhibit 13-1. The mean square within treatments (MSE) equals
A)400
B)500
C)1,687.5
D)2,250
Q3) Refer to Exhibit 13-4. The sum of squares within treatments (SSE) is A)1,000
B)600
C)200
D)1,600
Q4) Refer to Exhibit 13-5. The mean square between treatments (MSTR) is A)20
B)60 C)300
D)15
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Chapter 14: Simple Linear Regression
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Sample Questions
Q1) A least squares regression line
A)may be used to predict a value of y if the corresponding x value is given
B)implies a cause-effect relationship between x and y
C)can only be determined if a good linear relationship exists between x and y
D)All of these answers are correct.
Q2) Refer to Exhibit 14-3. Based on the above estimated regression equation, if advertising is $3,000, then the point estimate for sales (in dollars) is
A)$66,000
B)$5,412
C)$66
D)$17,400
Q3) In simple linear regression, r<sup>2 </sup>is the
A)estimated regression equation
B)coefficient of correlation
C)sum of the squared residuals
D)coefficient of determination
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Chapter 15: Multiple Regression
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Sample Questions
Q1) Refer to Exhibit 15-4. Which equation describes the multiple regression model?
A)equation a
B)equation b
C)equation c
D)equation d
Q2) Refer to Exhibit 15-2. The coefficient of the unit price indicates that if the unit price is
A)increased by $1 (holding advertising constant), sales are expected to increase by $3
B)decreased by $1 (holding advertising constant), sales are expected to decrease by $3
C)increased by $1 (holding advertising constant), sales are expected to increase by $4,000
D)increased by $1 (holding advertising constant), sales are expected to decrease by $3,000
Q3) Refer to Exhibit 15-8. The yearly income of a 24-year-old female individual is
A)$19.80
B)$19,800
C)$49.80
D)$49,800
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Chapter 16: Regression Analysis: Model Building
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Sample Questions
Q1) What value of Durbin-Watson statistic indicates no autocorrelation is present?
A)1
B)2
C)-2
D)0
Q2) In multiple regression analysis, the general linear model
A)cannot be used to accommodate curvilinear relationships between dependent variables and independent variables
B)can be used to accommodate curvilinear relationships between the independent variables and dependent variable
C)must contain more than 2 independent variables
D)None of these alternatives is correct.
Q3) Refer to Exhibit 16-1. The model
A)is significant
B)is not significant
C)may or may not be significant
D)None of these alternatives is correct.
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Chapter 17: Time Series Analysis and Forecasting
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Sample Questions
Q1) In the linear trend equation, T<sub>t</sub> = b<sub>0</sub> + b<sub>1</sub>t b<sub>1</sub> represents the A)trend value in period t
B)intercept of the trend line
C)slope of the trend line D)point in time
Q2) The following linear trend expression was estimated using a time series with 17 time periods.T<sub>t</sub> = 129.2 + 3.8t The trend projection for time period 18 is A)68.4
B)193.8
C)197.6
D)6.84
Q3) The term exponential smoothing comes from
A)its emphasis on minimizing mean squared error
B)the exponential nature of the weighting scheme used
C)its use in fitting exponential trend lines
D)the nonlinear noise it attempts to remove
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Chapter 18: Nonparametric Methods
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Sample Questions
Q1) Refer to Exhibit 18-5. \(\mu\) in this situation is
A)60
B)30
C)41
D)2
Q2) Nonparametric methods which can be used to make inferences about a population without requiring an assumption about the distribution of the population are called
A)continuity-correction methods
B)non-probabilistic methods
C)distribution-free methods
D)non-quantitative methods
Q3) For the Wilcoxon signed-rank test, differences of 0 are
A)discarded
B)assigned a rank of n/2
C)assigned a rank of n
D)assigned a rank of n + 1
Q4) 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
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Chapter 19: Statistical Methods for Quality Control
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Sample Questions
Q1) The quality control department of a company has decided to select a sample of 20 items from each shipment of goods it receives and inspect them for defects. It has been decided that if the sample contains no defective parts, the entire lot will be accepted. Each shipment contains 1,000 items.
a.What is the probability of accepting a lot that contains 10% defective items?
b.What is the probability of accepting a lot that contains 5% defective items?
c.What is the probability of rejecting a lot that contains 15% defective items?
Q2) A graph showing the probability of accepting the lot as a function of the percent defective in the lot is
A)a power curve
B)a control chart
C)an operating characteristic curve
D)None of the other answers is correct.
Q3) We can examine the effect of the sampling plan on both types of risks by varying the assumed
A)percentage of defective items in the lot
B)number of defective items in the sample
C)probability of accepting the lot
D)number of units in the lot
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Chapter 20: Decision Analysis
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Sample Questions
Q1) The probability of one event given the known outcome of a (possibly) related event is known as
A)unconditional probability
B)joint probability
C)marginal probability
D)conditional probability
Q2) A decision criterion which weights the payoff for each decision by its probability of occurrence is known as the A)payoff criterion
B)expected value criterion
C)probability
D)expected value of perfect information
Q3) Refer to Exhibit 20-2. The expected value of the best alternative equals A)29
B)105
C)12
D)38.5
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Chapter 21: Sample Survey
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Sample Questions
Q1) A target population is
A)the population from which the sample is actually selected
B)the population for which inferences are to be made
C)always the same as the sampled population
D)the same as the sample
Q2) Stratified random sampling is a method of selecting a sample in which
A)the sample is first divided into strata, and then random samples are taken from each stratum
B)various strata are selected from the sample
C)the population is first divided into strata, and then random samples are drawn from each stratum
D)None of these alternatives is correct.
Q3) The population from which the sample is actually selected is
A)always the target population
B)the census
C)the selected sample
D)the sampled population
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