Question 1

Which of the following measurement processes is least likely to yield usable data?

Accepted Answer

A)  Counting the number of shoppers entering the department store between 12 pm and 2 pm.
B)  Studying cell phone bills and recording the number of text messages sent per month.
C)  Performing a consumer survey of preferences in fast food chains.
D)  Asking students to list three things that are important to them.
E)  Calculating the percent of college students who work at least 20 hours while attending school. D

Question 2

You are the owner of a camping site that has a small pond with fish, and you want to know approximately how many fish are currently in the pond.For this purpose, you catch 30 fish and mark them with a special ink that will take a few days to be washed away.The ink doesn't affect the fish in any way.The fish are returned promptly to the pond after being marked.The next day at the same time of day you return and catch 30 fish, and you find out that 5 of these fish are marked.

Accepted Answer

A)  This is an example of descriptive statistics, because you are describing the number of fish in the pond.
B)  This is not an example of statistics.
C)  This is an example of inferential statistics, because you will use the catch on the second day to infer the population of fish.
D)  This is an example of descriptive statistics as the goal was to determine the proportion marked out of the 30 caught the second day.
E)  This procedure would not allow you to estimate the population of fishes. C

Question 3

Which types of data are normally called metric data?

Accepted Answer

A)  Interval or ratio level data
B)  Ordinal or nominal level data
C)  Nominal or ratio level data
D)  Ratio or ordinal level data
E)  Relative or ratio level data A

Question 4

Statistics can be used to predict business in the future.

Accepted Answer

A) True 
 B)False

Question 5

The potential misuse of statistical data relates to the area of:

Accepted Answer

A)  statistical inference
B)  computer interpretation
C)  descriptive analytics
D)  business ethics
E)  nonparametric behavior

Question 6

With interval data, the zero point is a matter of convention and does not mean the absence of the phenomenon under observation.

Accepted Answer

A) True 
 B)False

Question 7

A variable is a numerical description of each of the possible outcomes of an experiment.

Accepted Answer

A) True 
 B)False

Question 8

On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered an inspection of every fifth casting drilled during the evening shift.Less than 1% of the sampled castings were defective; so, Jack released the evening shift's production to assembly.This is an example of _______________.

Accepted Answer

A)  nonparametric statistics
B)  nominal data
C)  descriptive statistics
D)  inferential statistics
E)  judgmental statistics

Question 9

The business phrase "garbage in, garbage out" would most likely be attributed to _____________.

Accepted Answer

A)  veracity of data
B)  spectrum mining of data
C)  volume of data
D)  exponential growth of data
E)  employment opportunities in data

Question 10

What proportion of San Diego's registered voters favors trade restrictions with China? In an effort to determine this, a research team calls every registered voter in San Diego and contacts them.The proportion determined from the data gathered is a _______.

Accepted Answer

A)  parameter
B)  sample
C)  population
D)  statistic
E)  frame

Question 11

During the Valentine's season, different offices in a company are encouraged to decorate their doors.A committee then goes around and ranks the doors according to how well the doors are decorated.The best door gets a ranking of "1"; the second best gets a ranking of "2", etc.The numbers of these rankings represent which level of data?

Accepted Answer

A)  Interval level
B)  Ordinal level
C)  Nominal level
D)  Ratio level
E)  Relative level

Question 12

You are the owner of a camping site and want to estimate the level of customer satisfaction among your clients.For this purpose, you select a representative sample of your clients and offer them a discount on their next visit as compensation for filling out a short questionnaire.One question specifically says, "How satisfied are you with your experience, on a scale from (1)to (5), where (1)is 'very dissatisfied' and (5)is 'very satisfied'?" This is an example of _______.

Accepted Answer

A)  interval level data
B)  ordinal level data
C)  nominal level data
D)  ratio level data
E)  relative level data

Question 13

A student makes an 82 on the first test in a statistics course.From this, she estimates that her average at the end of the semester (after other tests)will be about 82.This is an example of _______.

Accepted Answer

A)  descriptive statistics
B)  inferential statistics
C)  population derivation
D)  sample persuasion
E)  relative level data

Question 14

Predictive analytics focus on how past patterns might occur in the future.These analyses often rely on patterns that are _______ the future.

Accepted Answer

A)  repeated into
B)  decreasing in
C)  increasing in
D)  steady in
E)  extrapolated into

Question 15

The manner in which numerical data can be analyzed statistically depends on the level of data measurement represented by numbers being analyzed.

Accepted Answer

A) True 
 B)False

Question 16

A list of final grades in an introductory class in business is an example of statistics

Accepted Answer

A) True 
 B)False

Question 17

Velocity refers to the speed with which data are available to the business for analysis.

Accepted Answer

A) True 
 B)False

Question 18

Which is not a primary goal of data mining.

Accepted Answer

A)  turning raw data into useful information
B)  discovering and interpreting useful information
C)  converting data into useful forms
D)  making date accessible to business analytics users
E)  deriving results that build a consensus

Question 19

Morningstar Mutual Funds analyzes the risk and performance of mutual funds.Each mutual fund is assigned an overall rating of one to five stars.One star is the lowest rating, and five stars is the highest rating.This level of measurement is __________.

Accepted Answer

A)  ordinal level
B)  interval level
C)  nominal level
D)  ratio level
E)  relative level

Question 20

If the U.S.Census indicated that in general, the population was moving to the northern states, what business decisions might that information impact?

Accepted Answer

A)  How much inventory to hold
B)  Whether to increase product prices
C)  Whether to build a new plant
D)  How much to spend on a new plant
E)  Where to locate a new plant

Exam 1: Introduction to Statistics and Business Analytics

Which of the following measurement processes is least likely to yield usable data?

Which types of data are normally called metric data?

Statistics can be used to predict business in the future.

The potential misuse of statistical data relates to the area of:

With interval data, the zero point is a matter of convention and does not mean the absence of the phenomenon under observation.

A variable is a numerical description of each of the possible outcomes of an experiment.

The business phrase "garbage in, garbage out" would most likely be attributed to _____________.

What proportion of San Diego's registered voters favors trade restrictions with China? In an effort to determine this, a research team calls every registered voter in San Diego and contacts them.The proportion determined from the data gathered is a _______.

A student makes an 82 on the first test in a statistics course.From this, she estimates that her average at the end of the semester (after other tests) will be about 82.This is an example of _______.

Predictive analytics focus on how past patterns might occur in the future.These analyses often rely on patterns that are _______ the future.

The manner in which numerical data can be analyzed statistically depends on the level of data measurement represented by numbers being analyzed.

A list of final grades in an introductory class in business is an example of statistics

Velocity refers to the speed with which data are available to the business for analysis.

Which is not a primary goal of data mining.

Morningstar Mutual Funds analyzes the risk and performance of mutual funds.Each mutual fund is assigned an overall rating of one to five stars.One star is the lowest rating, and five stars is the highest rating.This level of measurement is __________.

If the U.S.Census indicated that in general, the population was moving to the northern states, what business decisions might that information impact?