Business Statistics Final Exam
Income is an example of
Quantitative Data
Which of the following variables uses the interval scale of measurement?
SAT Scores
How to get from the Standard Deviation to the Variance
Square it
How to get from the Variance to the Standard Deviation
Take the Square Root
In a cumulative frequency distribution, the last class will always have a cumulative frequency equal to
The total number of elements in the data set
In a binomial experiment, the probability of success is 0.07. What is the probability of two successes in eight trials?
.0888
From the sample data, what is the variance? The mean is 6 2 9 12 5 2
19.5 First: Subtract all data by the mean 2-6=-4 2-6=-4 5-6=-1 9-6=3 12-6=6 Second: square each number -4^2=16 -4^2=16 -1^2=1 3^2=9 6^2=36 Third: Add them all up to get 78 Fourth: There are 5 things of data in the sample. Subtract 1 from 5 to get 4 Fifth: 78/4 = 19.5
From the sample data, what is the mode? 4 11 5 7 4 5 6 4 11 3
4 The number that presents itself the most
What percentage of the students do not plan to go to graduate school? Totals: No=260 Students=400
65% 260/400 = 0.65
In a cross-tabulation
Either or both variables can be categorical or quantitative
How to calculate the total number of experimental outcomes when it gives you multiple steps each with a different amount of outcomes
Multiply each amount of outcomes from each individual step together
An experiment consists of four outcomes with P(E 1) = 0.1, P(E 2) = 0.2, and P(E 3) = 0.4. The probability of outcome E 4 is _____.
0.3 is the answer 0.1+0.2+0.4 = 0.7 1-0.7 = 0.3
From the sample data, what is the mean? 3 10 4 6 3 4 5 3 10 2
5 Add up all the data and divide it by the amount of data present
From the sample data, what is the 75th percentile? 3 10 4 6 3 4 5 3 10 2
6 Set them in order from least to greatest and find the 25th, 50th, 75th and 100th percentile. 2 3 3 3 4 6 10 10
Of 800 students in a university, 360, or 45, live in dormitories. The 800 is an example of
A Population
A portion of the population selected to represent the population is called
A Sample
Quantitative Data
Are always numeric
If you are conducting an experiment where the probability of a success is .02 and you are interested in the probability of two successes in 15 trials, the correct probability function to use is the _____.
Binomial Probability Function
Highway patrol officers measure the speed of automobiles on a highway using radar equipment. The random variable in this experiment is speed, measured in miles per hour. This random variable is a _____.
Continuous Random Variable
The term ________ is used to refer to the process of capturing, storing, and maintaining data.
Data Warehousing
Which of the following is NOT an example of an existing source of data?
Data from an experiment
A marketing manager instructs his team to make 80 telephone calls to attempt to sell an insurance policy. The random variable in this experiment is the number of sales made. This random variable is a _____.
Discrete Random Variable
The relative frequency of a class is computed by
Dividing the frequency of the class by the sample size
Statistical inference ________.
Is the Process of drawing inferences about the population based on the information taken from the sample
The set of measurements collected for an element is called a(n)
Observation
A graphical device for presenting categorical data summaries based on subdivision of a circle into sectors that correspond to the relative frequency for each class is a
Pie Chart
The sum of frequencies for all classes will always equal
The number of elements in a data set
The Graph with the dollar bill is an example of
Time Series Graph
Information on the type of industry is provided for a sample of 50 Fortune 500 companies. Industry Type Frequency Banking 9 Consumer Products 15 Electronics 9 Retail 17 The Number of industries that are classified as retail is ________? a.) 17 b.) 33 c.) 34% d.) 0.34
a.) 17
From the table above, The percent frequency of industries that are classified as electronics is a.) 20 b.) 9 c.) 50 d.) 0.18
a.) 20