Question 1

A farmer records wheat production as being 2.5 tons per hectare. Which is NOT a potential source of error in this calculation?

Accepted Answer

A)  Mistakes in how the figures are recorded 
B)  Difficulties in accurately recording continuous data 
C)  Only recording information from two-thirds of his fields 
D)  Variation between yields on each field 
A)  Mistakes in how the figures are recorded 
B)  Difficulties in accurately recording continuous data 
C)  Only recording information from two-thirds of his fields 
D)  Variation between yields on each field D

Question 2

A colleague tells you that the average price of Zinc has increased by 33% in 3 years. In the same period, the price of Copper has increased by 25% Which of the following statements IS true?

Accepted Answer

A)  The price of Zinc has increased every year 
B)  The price of Zinc is higher than the price of Copper 
C)  The absolute increase in the price of Zinc is greater than the absolute increase in the price of Copper 
D)  The percentage increase in the price of Zinc is greater than the percentage increase in the price of Copper 
A)  The price of Zinc has increased every year 
B)  The price of Zinc is higher than the price of Copper 
C)  The absolute increase in the price of Zinc is greater than the absolute increase in the price of Copper 
D)  The percentage increase in the price of Zinc is greater than the percentage increase in the price of Copper D

Question 3

The average cost of a week-long holiday for 2 adults and 2 children is reported as being AED 10,200 (Emirati Dirham). You know the actual value was calculated as AED 10,197.89 but that it has been rounded. What is this process called?

Accepted Answer

A)  Biased rounding 
B)  Over rounding 
C)  Fair rounding 
D)  Discrete rounding 
A)  Biased rounding 
B)  Over rounding 
C)  Fair rounding 
D)  Discrete rounding C

Question 4

Which answer below IS an example of planned or predictable error?

Accepted Answer

A)  Incomplete records 
B)  Rounding of discrete data 
C)  Data collected from a sample 
D)  Over-complicated or poor survey questions 
A)  Incomplete records 
B)  Rounding of discrete data 
C)  Data collected from a sample 
D)  Over-complicated or poor survey questions

Question 5

As a researcher conducting work at a local visitor attraction you count the number of visitors every day for a week, recording gender and the number of adult and child tickets sold. How might this data be classified?

Accepted Answer

A)  Primary, discrete data 
B)  Primary, continuous data 
C)  Secondary, discrete data 
D)  Secondary, continuous data 
A)  Primary, discrete data 
B)  Primary, continuous data 
C)  Secondary, discrete data 
D)  Secondary, continuous data

Question 6

A ball-bearing factory makes 4,000,000 ±5% ball bearings each day. Which option below represents the minimum and maximum number of ball bearings actually produced each day?

Accepted Answer

A)  [3,600,000, 4,400,000] 
B)  [3,900,000, 4,100,000] 
C)  [3,800,000, 4,200,000] 
D)  [3,500,000, 4,500,000] 
A)  [3,600,000, 4,400,000] 
B)  [3,900,000, 4,100,000] 
C)  [3,800,000, 4,200,000] 
D)  [3,500,000, 4,500,000]

Question 7

What term is used when numbers are rounded in one direction only (e.g. ages are usually only rounded down)?

Accepted Answer

A)  Biased rounding 
B)  Rounding Down 
C)  Uni-directional rounding 
D)  Fair rounding 
A)  Biased rounding 
B)  Rounding Down 
C)  Uni-directional rounding 
D)  Fair rounding

Question 8

An insurance company reports the average number of transactions each day as 1,850 (n10). What is the correct range of possible true values?

Accepted Answer

A)  [1,849, 1,851] 
B)  [1,845, 1,855] 
C)  [1,800, 1,900] 
D)  [1,750, 1,950] 
A)  [1,849, 1,851] 
B)  [1,845, 1,855] 
C)  [1,800, 1,900] 
D)  [1,750, 1,950]

Question 9

Why is it usually considered preferable to use numbers subject to compensating errors rather than numbers subject to systematic errors?

Accepted Answer

A)  Compensating errors tend to cancel out when they are combined 
B)  Systematic errors are caused by errors in data collection 
C)  Compensating errors are more likely to be close to the true value 
D)  Systematic errors are inappropriate in a research setting 
A)  Compensating errors tend to cancel out when they are combined 
B)  Systematic errors are caused by errors in data collection 
C)  Compensating errors are more likely to be close to the true value 
D)  Systematic errors are inappropriate in a research setting

Question 10

You have been asked to estimate the number of books in school libraries in Izmir, Turkey. You know there exactly 85 schools and that on average each library has 12,500 (n100) books. What is the correct range of values?

Accepted Answer

A)  [1,054,000, 1,071,000] 
B)  [1,020,000, 1,105,000] 
C)  [1,062,075, 1,062,925] 
D)  [1,058,250, 1,066,750] 
A)  [1,054,000, 1,071,000] 
B)  [1,020,000, 1,105,000] 
C)  [1,062,075, 1,062,925] 
D)  [1,058,250, 1,066,750]

Exam 3: Data and Their Accuracy

A farmer records wheat production as being 2.5 tons per hectare. Which is NOT a potential source of error in this calculation?

A colleague tells you that the average price of Zinc has increased by 33% in 3 years. In the same period, the price of Copper has increased by 25% Which of the following statements IS true?

The average cost of a week-long holiday for 2 adults and 2 children is reported as being AED 10,200 (Emirati Dirham). You know the actual value was calculated as AED 10,197.89 but that it has been rounded. What is this process called?

Which answer below IS an example of planned or predictable error?

As a researcher conducting work at a local visitor attraction you count the number of visitors every day for a week, recording gender and the number of adult and child tickets sold. How might this data be classified?

A ball-bearing factory makes 4,000,000 ±5% ball bearings each day. Which option below represents the minimum and maximum number of ball bearings actually produced each day?

What term is used when numbers are rounded in one direction only (e.g. ages are usually only rounded down)?

An insurance company reports the average number of transactions each day as 1,850 (n10). What is the correct range of possible true values?

Why is it usually considered preferable to use numbers subject to compensating errors rather than numbers subject to systematic errors?

You have been asked to estimate the number of books in school libraries in Izmir, Turkey. You know there exactly 85 schools and that on average each library has 12,500 (n100) books. What is the correct range of values?

Introduction to Business Mathematics and Statistics

Sampling and Data Collection

Frequency Distributions and Charts

General Charts and Graphs

Arithmetic Mean

Median

Mode and Other Measures of Location

Measures of Dispersion and Skewness

Standard Deviation

Quantiles and the Quartile Deviation

Linear Functions and Graphs

Regression Techniques

Correlation Techniques

Time Series Model

Time Series Trend

Seasonal Variation and Forecasting

Index Relatives

Composite Index Numbers

Special Published Indices

Interest and Depreciation

Present Value and Investment Appraisal

Annuities

Functions and Graphs

Linear Equations

Quadratic and Cubic Equations

Differentiation and Integration

Cost, Revenue and Profit Functions

Set Theory and Enumeration

Introduction to Probability

Conditional Probability and Expectation

Combinations and Permutations

Binomial and Poisson Distributions

Normal Distribution

Linear Inequalities

Matrices

Inventory Control

Network Planning and Analysis

Filters