BUSI STAT

You have a point-of-sale data set that provides information on time of sale, products bought, and payment methods customers used to complete their purchases. You want to compare purchases made by cash versus those made by credit card. How should the data be best prepared to make comparisons between the two types of purchases?

Subset the data by method of payment

When using the empirical rule, which of the following assumptions is made?

The data are approximately symmetric and bell-shaped.

When using a polygon to visualize a numerical variable, what does each point represent?

The midpoint of a particular class and its associated frequency or relative frequency

Which of the following variables is not continuous?

The number of obtained heads when a fair coin is tossed 20 times

For both categorical and numerical variables, what is the difference between the relative frequency and the percent frequency?

The percent frequency equals the relative frequency multiplied by 100.

The Fahrenheit scale for measuring temperature would be classified as a(n)

interval scale.

The advantage of using mean absolute deviation rather than variance as a measure of dispersion is that mean absolute deviation __________.

is less sensitive to extreme deviations

Which of the following is an example of cross-sectional data?

Results of market research testing consumer preferences for soda

A city in California spent $6 million repairing damage to its public buildings in Year 1. The following table shows the categories where the money was directed. Cause Percent Termites 22% Water Damage 6% Mold 12% Earthquake 27% Other 33% How much did the city spend to fix damage caused by mold?

$720,000

Consider the following frequency distribution. Class Frequency 12 up to 15 =3 15 up to 18 =6 18 up to 21 =3 21 up to 24 =4 24 up to 27 =4 What proportion of the observations are at least 15 but less than 18?

0.30

Consider the following frequency distribution. Class Frequency 12 up to 15 =3 15 up to 18 =6 18 up to 21 =3 21 up to 24 =4 24 up to 27=4 How many observations are less than 21?

12

The accompanying chart shows the number of books written by each author in a collection of cookbooks. What type of data is being represented?

Qualitative, nominal

An analyst constructed the following frequency distribution on the monthly returns for 50 selected stocks. Class (in percent) Frequency −10 up to 0= 8 0 up to 10 =25 10 up to 20= 15 20 up to 30 =2 The number of stocks with returns of 0% up to 10% is __________.

25

An analyst constructed the following frequency distribution on the monthly returns for 50 selected stocks. Class (in percent). Frequency −10 up to 0 =8 0 up to 10 =25 10 up to 20 =15 20 up to 30= 2 The number of stocks with returns of less than 10% is __________.

33

The following is a list of five of the world's busiest airports by passenger traffic for Year 1. NameLocationNumber of Passengers (in millions)Hartsfield-JacksonAtlanta, Georgia, United States89Capital InternationalBeijing, China74London HeathrowLondon, United Kingdom67O'HareChicago, Illinois, United States66TokyoTokyo, Japan64 The percentage of passenger traffic in the five busiest airports that occurred in Asia is the closest to ___________.

38%

The statistics professor has kept attendance records and recorded the number of absent students per class. The recorded data is displayed in the following bar chart with the frequency of each number of absent students shown above the bars. How many statistics classes had three or more students absent?

43

The mean grade of the 30 students in Section 1 is 80. The mean grade of the 40 students in Section 2 is 85. The mean grade of the 30 students in Section 3 is 80. What is the mean grade of all students from the three sections combined?

82.00

What may NOT be revealed from a scatterplot?

A causal relationship between two variables

Which of the following relationships cannot be concluded from examining the correlation coefficient?

A curvilinear relationship

What type of relationship is indicated in the scatterplot?

A positive linear or curvilinear relationship

When interpreting the covariance between variables x and y, which of the following statements is the most accurate?

A positive value of covariance indicates that, on average, if x is above its mean, then y tends to be above its mean.

Which of the following methods best describe the relationship between two categorical variables?

A stacked column chart

Which of the following is an example of time series data?

Quarterly housing stats collected over the last 60 years

Which of the following scales represents the strongest level of measurement?

Ratio

Which of the following represents a population and a sample from that population?

Residents of Albany, New York, and registered voters in Albany, New York

Which of the following statements is most accurate when defining percentiles?

Approximately (100 − p)% of the observations are greater than the pth percentile.

Which of the following is the most influenced by outliers?

Arithmetic mean

In what way(s) is(are) the concept of geometric mean useful?

Both in evaluating investment returns and in calculating average growth rates

What is the difference between Chebyshev's Theorem and the Empirical Rule?

Chebyshev's theorem applies to all data sets, whereas the empirical rule is only appropriate when the data have approximately a symmetric and bell-shaped distribution.

Which of the following is a data preparation task?

Counting relevant variables

When visualizing a numerical variable, what is an ogive used to plot?

Cumulative frequency or cumulative relative frequency of each class against the upper limit of the corresponding class

What graphical tool is best used to display the relative frequency of a numerical variable?

Histogram

Which of the following best describes a frequency distribution for a categorical variable?

It groups data into categories and records the number of observations in each category.

What is(are) characteristic(s) of the geometric mean?

It is always less than or equal to the arithmetic mean.

The Boom company has recently decided to raise the salaries of all employees by 10%. Which of the following is (are) expected to be affected by this raise?

Mean, median, and mode

Which five values are graphed on a box plot?

Min, Quartile 1, Median, Quartile 3, Max

Which of the following scales represents the least sophisticated level of measurement?

Nominal

Frequency distributions may be used to describe which of the following types of data?

Nominal, ordinal, interval, and ratio data

An undergraduate student's status (freshman, sophomore, junior, or senior) is an example of which scale of measurement?

Ordinal scale

For which of the following data sets will a pie chart be most useful?

Percentage of net sales by product for Lenovo in Year 1

What is the relationship between the variance and the standard deviation?

The standard deviation is the positive square root of the variance.

Which of the following capabilities does Analysis of Relative Location provide?

They make statements regarding the percentage of data values that fall within some number of standard deviations from the mean.

The data represents the stock price for Google at the end of the past four quarters. Which of the following types of data best describe these values?

Time series

Which type of data, cross-sectional versus time series, is more important to research?

Time series data and cross-sectional data are equally as valuable in different types of research.

What is(are) the most widely used measure(s) of dispersion?

Variance and standard deviation

Which of the following statements about variance is the most accurate?

Variance is the average of the squared deviations from the mean.

Is it possible for a data set to have more than one mode?

Yes, if two or more values in a data set occur with the most frequency and the frequency is greater than one.

The coefficient of variation is best described as __________.

a relative measure of dispersion

Chebyshev's theorem is applicable when the data are __________.

any shape

Population parameters are difficult to calculate due to

both cost prohibitions on data collection and the infeasibility of collecting data on the entire population.

When constructing a frequency distribution for a numerical variable, it is important to remember that __________.

classes are mutually exclusive

A(n) __________ variable is characterized by infinitely uncountable values and can take any value within interval.

continuous

The two branches of the study of statistics are generally referred to as

descriptive and inferential statistics.

In order to summarize a categorical variable, a useful tool is a __________.

frequency distribution

A recent survey of 200 small firms (annual revenue less than $10 million) asked whether an increase in the minimum wage would cause the firm to decrease capital spending. Possible responses to the survey question were: "Yes," "No," or "Don't Know." This data is best classified as

nominal scale.

When reading published statistics (numerical facts), you should

only believe those statistics that are adequately supported.

A sample statistic is an estimate of

population parameter.

An analyst collects data on the weekly closing price of gold throughout a year. The scale of this data is

ratio scale.

The study of statistics is NOT about

the study of mind and consciousness.

The empirical rule can be used to estimate some proportions __________.

when it is approximately symmetric and bell-shaped.