Question 1

The ------- is the most common and most important measure of variability in the field of statistics.

Accepted Answer

A) standard deviation 
B) range 
C) median 
D) variance

Question 2

When there are an odd number of data values, the median is halfway between the two middle values in the data set.

Accepted Answer

A) True 
 B)False

Question 3

The average monthly rent for a two-bedroom apartment in City A is $820 with a standard deviation of $86. The average monthly rent for a two-bedroom apartment in City B is $790 with a standard deviation of $75. Based on this data, we can conclude that the rent for two-bedroom apartments in City A is more consistent when compared to City B.

Accepted Answer

A) True 
 B)False

Question 4

When comparing two samples, the smaller coefficient of variation indicates more consistency (or less variability)within the sample or population.

Accepted Answer

A) True 
 B)False

Question 5

The sample ------ measures the direction of the linear relationship between two variables but does not measure the strength of the relationship.

Accepted Answer

A) variance 
B) z- score 
C) correlation coefficient 
D) covariance

Question 6

The sample covariance measures the strength of the linear relationship between two variables.

Accepted Answer

A) True 
 B)False

Question 7

The median of a data set is found by adding all the values in the data set and then dividing the result by the number of observations.

Accepted Answer

A) True 
 B)False

Question 8

Chebyshev's Theorem states that for any number z greater than 1, the percent of the values that fall within z standard deviations from the mean will be at least (1 - 1 )× 100.
z2

Accepted Answer

A) True 
 B)False

Question 9

Which one of the following statements is true for a right-skewed distribution?

Accepted Answer

A) The mean is roughly equal to the median. 
B) The mean is less than the median. 
C) The mean is greater than the mode. 
D) The mean is greater than the median.

Question 10

The unit of measure for the variance is the same as the unit of measure for the original data.

Accepted Answer

A) True 
 B)False

Question 11

The sample variance is a biased estimator of the population variance because we would expect the average of many sample variances taken from a population would be equal to the true population variance.

Accepted Answer

A) True 
 B)False

Question 12

The average month end closing stock price for Company A over the past year is $34.57 with a standard deviation of $4.65. The average month end closing stock price for Company B over the same period is $26.15 with a standard deviation of $7.45. Based on this data, we can conclude that the stock price for Company A is more consistent when compared to the stock price for Company B.

Accepted Answer

A) True 
 B)False

Question 13

If the data set does not have a mode, Data Analysis ToolPak in Excel displays "#N/A" in the spreadsheet cell.

Accepted Answer

A) True 
 B)False

Question 14

When using the index point, i, to determine the pth percentile of a data set, round i to the next whole number, if i = P (n)is not a whole number.
100

Accepted Answer

A) True 
 B)False

Question 15

A negative sample covariance indicates that as one variable increases in value, the second variable tends to decrease.

Accepted Answer

A) True 
 B)False

Question 16

The MODE SNGL function in Excel will correctly identify more than one mode in a data set.

Accepted Answer

A) True 
 B)False

Question 17

There can be more than one mode in a data set.

Accepted Answer

A) True 
 B)False

Question 18

The range is a measure of central tendency.

Accepted Answer

A) True 
 B)False

Question 19

When the index point, i, is not a whole number, round i up to the next highest whole number to find the position of the median in a sorted data set.

Accepted Answer

A) True 
 B)False

Question 20

The ------------ is the value in the data set for which half the observations are higher and half the observations are lower.

Accepted Answer

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

Exam 3: Stress

The ------- is the most common and most important measure of variability in the field of statistics.

When there are an odd number of data values, the median is halfway between the two middle values in the data set.

When comparing two samples, the smaller coefficient of variation indicates more consistency (or less variability)within the sample or population.

The sample ------ measures the direction of the linear relationship between two variables but does not measure the strength of the relationship.

The sample covariance measures the strength of the linear relationship between two variables.

The median of a data set is found by adding all the values in the data set and then dividing the result by the number of observations.

Chebyshev's Theorem states that for any number z greater than 1, the percent of the values that fall within z standard deviations from the mean will be at least (1 - 1 )× 100. z2

Which one of the following statements is true for a right-skewed distribution?

The unit of measure for the variance is the same as the unit of measure for the original data.

The sample variance is a biased estimator of the population variance because we would expect the average of many sample variances taken from a population would be equal to the true population variance.

If the data set does not have a mode, Data Analysis ToolPak in Excel displays "#N/A" in the spreadsheet cell.

When using the index point, i, to determine the pth percentile of a data set, round i to the next whole number, if i = P (n)is not a whole number. 100

A negative sample covariance indicates that as one variable increases in value, the second variable tends to decrease.

The MODE SNGL function in Excel will correctly identify more than one mode in a data set.

There can be more than one mode in a data set.

The range is a measure of central tendency.

When the index point, i, is not a whole number, round i up to the next highest whole number to find the position of the median in a sorted data set.

The ------------ is the value in the data set for which half the observations are higher and half the observations are lower.