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