Question 1

The measurement in a sample or a population that occurs most frequently is the ___________.

Accepted Answer

A)  mode 
B)  mean 
C)  median 
D)  outlier 
E)  average 
A)  mode 
B)  mean 
C)  median 
D)  outlier 
E)  average

Question 2

Suppose that annual sales for a company were $3.6 million at the beginning of a three-year period and at the end had increased to $6.1 million.Find the geometric growth rate of sales.

Accepted Answer

.19 3.6(1 + R_g)³ = 6.1

Question 3

When using Chebyshev'sTheorem to obtain the bounds for 99.73 percent of the values in a population,the interval generally will be ___________ the interval obtained for the same percentage if a normal distribution is assumed (Empirical Rule).

Accepted Answer

A)  shorter than 
B)  wider than 
C)  the same as 
A)  shorter than 
B)  wider than 
C)  the same as

Question 4

At the end of 2007,the IRA owned by Joe Smith had a value of $1.2 million.With a rate of return of −29.75 percent in 2008 and a rate of return of 2.98 percent in 2009,calculate the geometric mean rate of return for the two-year period.

Accepted Answer

−.1495 R_g =

Question 5

A quantity that measures the variation of a population or a sample relative to its mean is called the ____________.

Accepted Answer

A)  range 
B)  standard deviation 
C)  coefficient of variation 
D)  variance 
E)  interquartile range 
A)  range 
B)  standard deviation 
C)  coefficient of variation 
D)  variance 
E)  interquartile range

Question 6

The median is the value below which and above which approximately 50 percent of the measurements lie.

Accepted Answer

A) True 
 B)False

Question 7

The population variance is the average of the squared deviations of the individual population measurements from the population mean.

Accepted Answer

A) True 
 B)False

Question 8

As the coefficient of variation _______________,risk ______________.

Accepted Answer

A)  increases,decreases 
B)  decreases,increases 
C)  increases,increases 
D)  remains constant,increases 
A)  increases,decreases 
B)  decreases,increases 
C)  increases,increases 
D)  remains constant,increases

Question 9

An initial investment of $10,000 is observed over 3 years with a geometric mean return at the end of year 3 of 0.512.Determine the value of the investment after 3 years.

Accepted Answer

$34,566
$10,000 (1 +

Question 10

The population mean is the average of the population measurements.

Accepted Answer

A) True 
 B)False

Question 11

All of the following are measures of central tendency except the ____________.

Accepted Answer

A)  range 
B)  mode 
C)  mean 
D)  median 
A)  range 
B)  mode 
C)  mean 
D)  median

Question 12

If the mean,median,and mode for a given population all equal 25,then we know that the shape of the distribution of the population is ____________.

Accepted Answer

A)  bimodal 
B)  skewed to the right 
C)  symmetrical 
D)  skewed to the left 
A)  bimodal 
B)  skewed to the right 
C)  symmetrical 
D)  skewed to the left

Question 13

Range is a better measure of variation than standard deviation.

Accepted Answer

A) True 
 B)False

Question 14

Chebyshev's Theorem is only of practical use when analyzing a non-mound-shaped population that is not very skewed.

Accepted Answer

A) True 
 B)False

Question 15

The population mean is the point estimate of the sample mean.

Accepted Answer

A) True 
 B)False

Question 16

The line that minimizes the sum of the squared horizontal (x)distances between the points on the scatter plot and the line is the least squares line.

Accepted Answer

A) True 
 B)False

Question 17

The mode is the measurement in a sample or population that occurs most frequently.

Accepted Answer

A) True 
 B)False

Question 18

A disadvantage of using grouping (a frequency table)with sample data is that

Accepted Answer

A)  calculations involving central tendency and variation are more complicated than central tendency and variation calculations based on ungrouped data. 
B)  the descriptive statistics are less precise than the descriptive statistics obtained using ungrouped data. 
C)  the interpretation of the grouped data descriptive statistics is meaningless. 
D)  it is much more difficult to summarize the information than it is with the ungrouped data. 
A)  calculations involving central tendency and variation are more complicated than central tendency and variation calculations based on ungrouped data. 
B)  the descriptive statistics are less precise than the descriptive statistics obtained using ungrouped data. 
C)  the interpretation of the grouped data descriptive statistics is meaningless. 
D)  it is much more difficult to summarize the information than it is with the ungrouped data.

Question 19

A manufacturer of Product X has developed a model for predicting monthly sales of their product based on the sales from the same month of the previous year and the forecasted average daily temperature for the month.Using the regression tree below based on a random sample of 30 observations,predict sales for a future where the previous year's monthly sales were $15 million dollars and the forecasted average daily temperature for the month will be 45 degrees.

Accepted Answer

$15.4 Million
Monthl

Question 20

It is appropriate to use the Empirical Rule to describe a population that is extremely skewed.

Accepted Answer

A) True 
 B)False

The measurement in a sample or a population that occurs most frequently is the ___________.

Suppose that annual sales for a company were $3.6 million at the beginning of a three-year period and at the end had increased to $6.1 million.Find the geometric growth rate of sales.

When using Chebyshev'sTheorem to obtain the bounds for 99.73 percent of the values in a population,the interval generally will be ___________ the interval obtained for the same percentage if a normal distribution is assumed (Empirical Rule).

At the end of 2007,the IRA owned by Joe Smith had a value of $1.2 million.With a rate of return of −29.75 percent in 2008 and a rate of return of 2.98 percent in 2009,calculate the geometric mean rate of return for the two-year period.

A quantity that measures the variation of a population or a sample relative to its mean is called the ____________.

The median is the value below which and above which approximately 50 percent of the measurements lie.

The population variance is the average of the squared deviations of the individual population measurements from the population mean.

As the coefficient of variation _,risk .

An initial investment of $10,000 is observed over 3 years with a geometric mean return at the end of year 3 of 0.512.Determine the value of the investment after 3 years.

The population mean is the average of the population measurements.

All of the following are measures of central tendency except the ____________.

If the mean,median,and mode for a given population all equal 25,then we know that the shape of the distribution of the population is ____________.

Range is a better measure of variation than standard deviation.

Chebyshev's Theorem is only of practical use when analyzing a non-mound-shaped population that is not very skewed.

The population mean is the point estimate of the sample mean.

The line that minimizes the sum of the squared horizontal (x)distances between the points on the scatter plot and the line is the least squares line.

The mode is the measurement in a sample or population that occurs most frequently.

A disadvantage of using grouping (a frequency table)with sample data is that

It is appropriate to use the Empirical Rule to describe a population that is extremely skewed.

An Introduction to Business Statistics

Descriptive Statistics: Tabular and Graphical Methods

Probability

Discrete Random Variables

Continuous Random Variables

Sampling and Sampling Distributions

Confidence Intervals

Hypothesis Testing

Statistical Inferences for Means and Proportions

Statistical Inferences for Population Variances

Experimental Design and Analysis of Variance

Chi-Square Tests

Simple Linear Regression Analysis

Multiple Regression and Model Building

Time Series Forecasting and Index Numbers

Nonparametric Methods

Decision Theory

Filters

Exam 3: Descriptive Statistics: Numerical Methods

The measurement in a sample or a population that occurs most frequently is the ___________.

Suppose that annual sales for a company were $3.6 million at the beginning of a three-year period and at the end had increased to $6.1 million.Find the geometric growth rate of sales.

When using Chebyshev'sTheorem to obtain the bounds for 99.73 percent of the values in a population,the interval generally will be ___________ the interval obtained for the same percentage if a normal distribution is assumed (Empirical Rule).

At the end of 2007,the IRA owned by Joe Smith had a value of $1.2 million.With a rate of return of −29.75 percent in 2008 and a rate of return of 2.98 percent in 2009,calculate the geometric mean rate of return for the two-year period.

A quantity that measures the variation of a population or a sample relative to its mean is called the ____________.

The median is the value below which and above which approximately 50 percent of the measurements lie.

The population variance is the average of the squared deviations of the individual population measurements from the population mean.

As the coefficient of variation _______________,risk ______________.

An initial investment of $10,000 is observed over 3 years with a geometric mean return at the end of year 3 of 0.512.Determine the value of the investment after 3 years.

The population mean is the average of the population measurements.

All of the following are measures of central tendency except the ____________.

If the mean,median,and mode for a given population all equal 25,then we know that the shape of the distribution of the population is ____________.

Range is a better measure of variation than standard deviation.

Chebyshev's Theorem is only of practical use when analyzing a non-mound-shaped population that is not very skewed.

The population mean is the point estimate of the sample mean.

The line that minimizes the sum of the squared horizontal (x)distances between the points on the scatter plot and the line is the least squares line.

The mode is the measurement in a sample or population that occurs most frequently.

A disadvantage of using grouping (a frequency table)with sample data is that

It is appropriate to use the Empirical Rule to describe a population that is extremely skewed.

An Introduction to Business Statistics

Descriptive Statistics: Tabular and Graphical Methods

Probability

Discrete Random Variables

Continuous Random Variables

Sampling and Sampling Distributions

Confidence Intervals

Hypothesis Testing

Statistical Inferences for Means and Proportions

Statistical Inferences for Population Variances

Experimental Design and Analysis of Variance

Chi-Square Tests

Simple Linear Regression Analysis

Multiple Regression and Model Building

Time Series Forecasting and Index Numbers

Nonparametric Methods

Decision Theory

Filters

As the coefficient of variation _,risk .