QMB MODUEL 1

Collecting data about the television viewers for the Summer Olympics is an example of using statistics in the field of ________.

Advertising

The first quartile represents the ________ percentile of the data set.

25th

The median is the ________ percentile in the data set.

50th

________ is a single value used to describe the center point of a data set.

Central tendency

________ data are values based on observations that can be counted and are typically represented by whole numbers.

Discrete

A method of gathering data when subjects are exposed to certain treatments and the data of interest is recorded is known as ________.

Experiments

A restaurant manager randomly selects tables at which customers have just been seated and records the amount of time it takes for the wait staff to greet these customers. This is an example of an experiment being used to collect data.

False

Education level is an example of nominal data.

False

Nominal data has all the features of interval data with the added benefit of having a true zero point.

False

The mathematical operation of multiplication can be performed on interval data.

False

Using income data to determine the credit worthiness of a consumer who wishes to purchase a new car is an example of using statistics in the field of ________.

Finance

A ________ is a table that shows the number of data observations that fall into specific intervals.

Frequency distribution

A ________ represents all possible subjects of interest.

Population

________ data has the benefit of a true zero point.

Ratio

________ display the proportion of observations of each class relative to the total number of observations.

Relative frequency distributions

Data that describe a characteristic about a sample is known as a ________.

Statistic

The following chart shows the percentage of adults from various countries who admitted to texting while driving in a recent survey.Which of the following statements is not correct?

The United Kingdom has a higher percentage of adults who admit to texting while driving when compared to Germany.

The table above shows the number of bagels sold at the Avalon Coffee and Bagel over the past seven days.Which of the following data types best describe these values?

Time series

A limitation of descriptive statistics is that, by summarizing large quantities of data, you lose information.

True

One of the major reasons to use statistics is to transform data into information.

True

Primary data is data collected by the person or organization that eventually uses the data.

True

The interval measurement level is considered quantitative data.

True

The number of pages in your business statistics textbook is an example of quantitative data.

True

The ________ measures the variability, or spread, of the data points in a set around the set's mean.

Variance

Some data sets may not have a mode.

true

The sample correlation coefficient can be equal to any value __________.

between -1.0 and +1.0

Comparing the consistency between two data sets when their means are very different is best done with the ________.

coefficient of variation

Porter Automotive is a car dealership that sells Buicks and Hondas. The following data shows the number of buyers this month according to the brand of car they purchased as well as their age group.This data is an example of a ________.

contingency table

________ are values that can take on any real numbers, including numbers that contain decimal points. This data is often the result of measuring observations rather than counting them.

continuous

The sample ____________ measures both the direction and strength of the linear relationship between two variables.

correlation coefficient

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

covariance

The following table shows the market share for flat-panel television sales in the second quarter of 2013. Company; Market Share Samsung26.5% LG16.3% Sony8.0% Panasonic5.3% Element5.1% Other38.8% Which of the following data types best describes these values?

cross-sectional

The results from a survey that collected annual household income is shown in the following table. Household Income (000s) ; Number of Households Under $30 67 $30 to under $40 111 $40 to under $50 125 $50 to under $60 21 $60 to under $70 38 Over $70 40 Which of the following data types best describe these values?

cross-sectional

Your business statistics class had an exam last week. The average exam score for the class is an example of ________.

descriptive statistics.

A method of gathering data while the subjects of interest are in their natural environment, often unaware they are being watched, is known as ________.

direct observation

Analyzing snowfall amounts in New York over the past 100 years to help predict future weather patterns is an example of using primary data.

false

Asking customers at the shopping mall about their voting intentions in the upcoming political election is an example of secondary data.

false

Data Analysis ToolPak in Excel can be used to determine the mode for categorical data.

false

In a quality control setting, the sample mean provides enough evidence to determine if a process is working properly.

false

Predicting election results by asking voters their intentions is an example of descriptive statistics.

false

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

false

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.

false

The mathematical operation of addition can be performed on nominal data.

false

The sample standard deviation for grouped data provides an exact value for the sample standard deviation.

false

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

false

Bridgestone would like to estimate the average tread life of a particular brand of automobile tire. Fifty customers who have purchased this tire are sampled and asked about the tread life of their tires. This is an example of using ________.

inferential statistics.

General Mills is considering offering a new type of yogurt. To gauge interest, they are performing taste tests at different locations around the country. Based on the results of these samples, they will decide whether or not to market the new yogurt. This is an example of using ________.

inferential statistics.

Holiday Inn would like to estimate the satisfaction level of its customers. A sample of 25 hotels were selected and the customers at these locations were asked to rate their experience on a scale of 1-10. Based on this sample data, Holiday Inn will draw a conclusion about the satisfaction level of their customers. This is an example of using ________.

inferential statistics.

The Graduate Management Admission Test (GMAT) is a standardized test used by schools to determine the aptitude of individuals who are applying for MBA programs. The range of the GMAT score is 200-800. Brian has recently taken the exam and scored 720. This is an example of ________ data.

interval

Which levels of measurement are considered quantitative data?

interval and ratio

A ________ chart is a special type of scatter plot in which the data points in the scatter plot are connected with a line.

line

The following graph shows the average grade point average for a particular college from 2006 until 2013.This graph is an example of a ________.

line chart

Gathering information from potential customers in an effort to determine their preferences is an example of using statistics in the field of ________.

marketing research

The ________ is the most commonly used measure of central tendency.

mean

The ________ is found by first determining the index point, i = 0.5(n), where n is the number of data points.

median

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

median

When outliers are present in the data set, the ________ is the best choice to measure central tendency.

median

When working with grouped data, the ________ is the value in the middle of the class and can be found by taking the average of the endpoints for each class.

mid point

The ________ is the best measure of central tendency for categorical data.

mode

________ classes are classes with boundaries that do not overlap.

mutually exclusive

A respondent of a survey indicates that he is a resident in the state of Ohio. This is an example of ________ data. nominal

nominal

Which levels of measurement are considered qualitative data?

nominal and ordinal

A respondent of a survey indicates that she is currently in her junior year at the University of Texas. This is an example of ________ data.

ordinal

A respondent of a survey is asked whether their most recent dining experience was excellent, good, fair, or poor. The person indicates that the experience was "good". This is an example of ________ data.

ordinal

The following table shows the percentage of e-mails that are sent each day of the business week according to an Intermedia survey.Which of the following best displays this data?

pie chart

A ________ is a portion of a population that is representative of the population from which it is selected.

sample

The following graph shows the square footage of 10 homes along with their corresponding heating cost for the most recent month.This graph is an example of a ________.

scatter plot

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

standard deviation

The following table shows the stock price for Facebook at the end of the past four quarters. QuarterYearStock Price42012$25.9112013$25.7322013$24.8832013$51.24 Which of the following data types best describe these values?

time series

A manager of an electronics store would like to investigate the impact that price has on the demand for laptop computers. Each week, the price of a Dell laptop is adjusted and the demand for each week is recorded. This is an example of an experiment being used to collect data.

true

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

true

A weighted mean allows you to assign more weight to certain values and less weight to others.

true

According to the empirical rule, we would expect approximately 68, 95, and 99.7 percent of the values to fall within one, two, and three standard deviations above and below the mean respectively for all distributions.

true

Bias can occur in a survey when a question is stated in a way that encourages or leads a respondent to a particular answer.

true

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 (equation).

true

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

true

Measures of variability show how much spread is in your data.

true

Outliers are extreme values above or below the mean that require special consideration.

true

Percentiles measure the approximate percentage of values in the data set that are below the value of interest.

true

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.

true

The central tendency is where the majority of the data points can be found in a histogram.

true

The purpose of inferential statistics is to make claims or conclusions about a population based on a sample.

true

The sample correlation coefficient can be a positive value, a negative value, or zero.

true

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

true

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

true

When calculating the sample mean of grouped data, the value represents an estimate of the true sample mean.

true

The main drawback to using secondary data is that ________.

you have no control over how the data were collected

The ________ identifies the number of standard deviations a particular value is from the mean of its distribution.

z score