Deck 1: Introduction to Business Mathematics and Statistics

Question 1

Which option represents the BEST order of activities in an investigation?

A) Definition of audience; selection of method; data collection; analysis
B) Selection of method; data collection; definition of audience; analysis
C) Definition of audience; data collection; selection of method; analysis
D) Data collection; analysis; selection of method; definition of audience

Answer 1

Definition of audience; selection of method; data collection; analysis

Question 2

Why is probability important?

A) It helps set limits on our uncertainty
B) It helps to convince managers that we know what we are doing
C) It impresses potential investors
D) It enables us to draw convincing diagrams

Answer 2

It helps set limits on our uncertainty

Question 3

When conducting an investigation, why is it important to conduct a pilot or trial survey?

A) To test whether it is worth running a larger-scale survey
B) In order to check the method of data collection
C) To convince managers to fund the rest of the work
D) To work out who is most likely to respond to a larger-scale survey

Answer 3

In order to check the method of data collection

Question 4

Fill in the gap…"The use of probability allows us to calculate a likely ____ for company profits next year."

A) Amount
B) Range
C) Limit
D) Total

Question 5

Which of the following statements about surveys is FALSE?

A) They may occur regularly or as a one-off
B) Data from one survey may be repurposed for several purposes
C) The may only ask questions of a small sub-group of the population
D) Valid surveys should be complicated and expensive undertakings

Question 6

What does the term 'population' mean in relation to the Statistical Method?

A) Everyone living in a particular country
B) Everyone employed in the company of interest
C) Everyone that is a member of the group of interest
D) Everyone that agrees to respond to a survey

Question 7

Why might managers find the use of the Statistical Method useful?

A) It allows them to compare their performance against competitors
B) It is the best way to present complex data
C) It helps organise facts into useful data that can be acted upon
D) It shows that they understand how the business works

Question 8

Which of these is NOT covered by Management Mathematics?

A) Interest and depreciation
B) Calculation of annual bonuses to senior staff
C) Analysis of investment opportunities
D) Profit maximisation strategies

Question 9

Why do researchers often make use of samples?

A) They often make surveys cheaper and easier
B) They generate better data
C) The results are more accurate
D) Managers are only interested in a few people's views

Question 10

The Statistical Method helps managers bridge which information gap?

A) Facts as they are recorded and information useful to managers
B) Facts as they are recorded and information desired by investors
C) Competitors' behaviour and potential strategies
D) Company sales data and sales team bonuses