Question 1

Match between columns
                        Premises: Sample variance
Standard deviation
Skewness
Kurtosis
Standard error

Accepted Answer

The Answer of Used to determine how accurate the sample is...

Question 2

Although Excel can automatically generate evenly distributed bin values based on the minimum and maximum values of the input range,it is often better to define your own bins.

Accepted Answer

A) True 
 B)False

Question 3

Match between columns
                        Premises: Observational unit
Sample population
Data set
Data
Probability distribution

Accepted Answer

The Answer of Collection of related data and Values that is...

Question 4

To calculate the mean in Excel,the ________ function is used.

Accepted Answer

The answer of To calculate the mean in Excel,the ________...

Question 5

A summary function is a function that can perform multiple calculations on one or more items in an array.

Accepted Answer

A) True 
 B)False

Question 6

If there are seven variables,the ________ value is the 4th variable in the list where there are three variables above and three variables below.

Accepted Answer

The answer of If there are seven variables,the ________ value...

Question 7

In business,time between sales transactions,the weight of a package for shipping,and the amount of money a customer spends in any given visit are all examples of ________ variables.

Accepted Answer

The answer of In business,time between sales transactions,the weight of...

Question 8

The ________ function generates a random number between 0 and 1.

Accepted Answer

The answer of The ________ function generates a random number...

Question 9

All of the following statements are TRUE about the language of statistics EXCEPT:

Accepted Answer

A) Business professionals rely heavily on inferential distributions. 
B) Statistics often refer to populations and samples. 
C) Businesses can use various statistical methods in many areas to get a better understanding of the organization. 
D) Statistics can be used to determine effectiveness of advertising campaigns, to understand what factors contribute to the demand for your products, to spot seasonal trends in the sales of certain products, and much more.

Question 10

________ is the likelihood that some event will occur based on what is already known.

Accepted Answer

The answer of ________ is the likelihood that some event...

Question 11

________ is the process of deriving meaningful information from raw data.

Accepted Answer

The answer of ________ is the process of deriving meaningful...

Question 12

Mathematically,the ________ is calculated by taking the square root of the variance.

Accepted Answer

The answer of Mathematically,the ________ is calculated by taking the...

Question 13

The FREQUENCY function in Excel is a(n)________ function that creates a frequency distribution that calculates how often values occur within a bin.

Accepted Answer

The answer of The FREQUENCY function in Excel is a(n)________...

Question 14

In business,performance classifications of employees,number of soaps in a box,and the number of different services a spa offers its customers are all examples of ________ variables.

Accepted Answer

The answer of In business,performance classifications of employees,number of soaps...

Question 15

Inferential statistics is the process of deriving meaningful information from raw data.

Accepted Answer

A) True 
 B)False

Question 16

________ is a method used to predict future values by analyzing the relationships between two or more variables.

Accepted Answer

A) Standard deviation 
B) Kurtosis 
C) Regression analysis 
D) Intercept coefficient

Question 17

Match between columns
                        Premises: Exponential distribution
R Square
Intercept coefficient
Poisson distribution
Hypergeometric distribution

Accepted Answer

The Answer of Calculates the probability that a specified number is...

Question 18

A ________ graph is a statistical graph that summarizes the distribution of data and how the data fits into defined bins.

Accepted Answer

A) Histogram 
B) Kurtosis 
C) Bin 
D) Sample variance

Question 19

The spa manager surveys 100 random customers about their opinions on a new service being offered at the spa.Based on the results of that random sample,managers at the spa can make assumptions about whether or not the new spa service would go over well.This is an example of ________.

Accepted Answer

A) descriptive statistics 
B) probability 
C) inferential statistics 
D) statistics

Question 20

The ________ distribution is a discrete probability function that has wide business applications.

Accepted Answer

A) normal 
B) exponential 
C) binomial 
D) Poisson

Exam 12: Business Statistics and Regression Analysis

Match the following terms with their description.

Although Excel can automatically generate evenly distributed bin values based on the minimum and maximum values of the input range,it is often better to define your own bins.

Match the following terms with their description.

To calculate the mean in Excel,the ________ function is used.

A summary function is a function that can perform multiple calculations on one or more items in an array.

If there are seven variables,the ________ value is the 4th variable in the list where there are three variables above and three variables below.

In business,time between sales transactions,the weight of a package for shipping,and the amount of money a customer spends in any given visit are all examples of ________ variables.

The ________ function generates a random number between 0 and 1.

All of the following statements are TRUE about the language of statistics EXCEPT:

________ is the likelihood that some event will occur based on what is already known.

________ is the process of deriving meaningful information from raw data.

Mathematically,the ________ is calculated by taking the square root of the variance.

The FREQUENCY function in Excel is a(n)________ function that creates a frequency distribution that calculates how often values occur within a bin.

In business,performance classifications of employees,number of soaps in a box,and the number of different services a spa offers its customers are all examples of ________ variables.

Inferential statistics is the process of deriving meaningful information from raw data.

________ is a method used to predict future values by analyzing the relationships between two or more variables.

Match the following terms with their description.

A ________ graph is a statistical graph that summarizes the distribution of data and how the data fits into defined bins.

The spa manager surveys 100 random customers about their opinions on a new service being offered at the spa.Based on the results of that random sample,managers at the spa can make assumptions about whether or not the new spa service would go over well.This is an example of ________.

The ________ distribution is a discrete probability function that has wide business applications.