QNT 275 FINAL EXAM NEW 2016
What is the name of the variable that’s used
to predict another variable?
Explanatory
Standard
error of the estimate
Response
Coefficient of determination
Professors at a local university earn an average salary of $80000 with a standard deviation of $6000. The salary distribution is approximately bell-shaped. What can be said about the percentage of salaries that are at least $74,000?
Professors at a local university earn an average salary of $80000 with a standard deviation of $6000. The salary distribution is approximately bell-shaped. What can be said about the percentage of salaries that are at least $74,000?
About
97.5 percent
About
84 percent
About
68 percent
About
95 percent
What type of relationship is indicated in the
scatterplot?
A
positive linear or curvilinear relationship
No
relationship
A
negative curvilinear relationship
A
negative linear relationship
The study of statistics can be defined as:
the
art and science of getting information from data.
All
of the answers
the
language of data.
the
study of collecting, analyzing, presenting, and interpreting data.
In the accompanying stem-and-leaf diagram the
values in the stem and leaf portions represent 10s and 1s digits, respectively.
The stem-and-leaf diagram shows that the
distribution is ___________.
symmetric
positively
skewed
negatively
skewed
None
of the answers
Which of the following is most influenced by
outliers?
Median
Mode
75th
percentile
Mean
serial correlation is typically observed
in:
sparse
data
outliers
cross-sectional
data
time
series data
In the sample regression
equation what is ?
The
value of y when x = 0
The
predicted value of y, given a specific x value
The
slope of the equation
The y-intercept
bias can occur in sampling Bias refers to
_____________________.
the
use of cluster sampling instead of stratified random sampling
the
division of the population into overlapping groups
the
tendency of a sample statistic to systematically over-or underestimate a
population parameter
the
creation of strata, which are proportional to the stratum’s size
the manager of a retail shoe store has applied
statistics to analyze sales purchasing, and data and reached the
conclusion that the store could reduce costs by reducing inventory of very
small and very large sizes, and substituting an online ordering service to
drop-ship rare sizes directly from suppliers. How should the manager
communicate those results to the store owner?
Provide
the complete data set and all statistical analyses to the owner in
spreadsheets.
Schedule
a conference call with the owner and suppliers to discuss online ordering
options.
Project
the future online sales data using a line graph.
Summarize
the recommendations, supported by visual representation of the data and
statistics.
Which of the following can be represented by a
continuous random variable?
The
number of typos found on a randomly selected page of this test bank
The
number of customers who visit a department store between 10:00 a.m. and 11:00
a.m. on Mondays
The
number of students who will get financial assistance in a group of 50 randomly
selected students
The
average temperature in Tampa, Florida, during the month of July
Consider a population with data values
of 12, 8, 28, 22, 12, 30, 14.
The
median is:
18
12
14
22
The salaries of teachers in a particular
school district are normally distributed with a mean of $50,000 and a standard
deviation of $2,500. Due to budget limitations, it has been decided that the
teachers who are in the top 2.5% of the salaries would not get a raise. What is
the salary level that divides the teachers into one group that gets a raise and
one that doesn’t?
-1.96
54,900
1.96
45,100
The two branches of the study of statistics
are generally referred to as ___________.
descriptive
and referential statistics
inferential
and differential statistics
differential
and descriptive statistics
descriptive
and inferential statistics
The estimation of which of the following
requires sampling?
U.S.
unemployment rate
The
Cleveland Indians’ hitting percentage in 2010
The
average SAT score of incoming freshmen at a university
Total
rainfall in Phoenix, Arizona, in 2010
Which of the following meets the requirements
of a stratified random sample?
A
population contains 10 members under the age of 25 and 20 members over the age
of 25. The sample will include six people chosen at random, without regard to
age.
A
population contains 10 members under the age of 25 and 20 members over the age
of 25. The sample will include two people chosen at random under the age of 25
and four people chosen at random over 25.
A population
contains 10 members under the age of 25 and 20 members over the age of 25. The
sample will include six males chosen at random, without regard to age.
A
population contains 10 members under the age of 25 and 20 members over the age
of 25. The sample will include six people who volunteer for the sample.
manager of a fast food restaurant wants to
ensure that staff are scheduled with the sufficient hours required to meet
customer demands without overspending on labor costs. The manager has daily
guest counts, sales data, and staff hours for the prior year. What should the
manager do next in order to reach conclusions about scheduling restaurant
staff?
Perform
descriptive statistics, inferential statistics, and time series analysis.
Schedule
staff based on the staffing levels used on the same date the prior year.
Provide
the data sets to the restaurant owner for analysis by the owner’s staff.
Create
a graph of the data and extend the graph forward in time to set the schedule.
-Plus Dry Cleaners wants to understand its
customers’ perceptions of the quality of the company’s customer service. They
plan to survey a sample of its customer base. What will A-Plus need to do to
ensure that their data is valid and reliable?
The
survey must include items that ask customers to rate the appearance of the dry
cleaning store, the survey must include all customers, and the survey method
must include setting up a table outside the local dollar store.
The
survey must include items that ask customers about their dry cleaning
experiences, the survey sample must include the first 15 customers off the
customer database, and the survey method must be repeatable.
The
survey must include items that ask customers to rate the quality of the
company’s customer service, the survey sample must represent all parts of the
customer population, and the survey method must be repeatable.
The
survey must include items that ask customers to rate the friendliness of the
staff, the survey must include all customers from the north side of the city,
and the survey method must appeal to all respondents.
Which scales of data measurement are
associated with quantitative data?
Interval
and ratio
Nominal
and ordinal
Ratio
and nominal
Ordinal
and interval
The owner of a company has recently decided to
raise the salary of one employee, who was already making the highest salary, by
20%. Which of the following is(are) expected to be affected by this raise?
Median
only
Mean
only
Mean
and median only
Mean, median, and mode
Which of the following violates the assumptions of regression analysis?
Which of the following violates the assumptions of regression analysis?
The
error term does not have the normal distribution.
The
error term is uncorrelated with an explanatory variable.
The
error term has a constant variance.
The
error term has a zero mean.
A hedge fund returns on average 26% per year
with a standard deviation of 12%. Using the empirical rule, approximate the
probability the fund returns over 50% next year.
0.5%
2.5%
1%
5%
Mutually exclusive events
______________.
may
share common outcomes
do
not share common outcomes
contain
all possible outcomes
do
not contain all possible outcomes
What is (are) the most widely used measure(s)
of dispersion?
Range
Covariance
and the correlation coefficient
Variance
and standard deviation
Interquartile range
Frequency distributions may be used to describe which of the following types of data?
Frequency distributions may be used to describe which of the following types of data?
Nominal
and interval data only
Nominal,
ordinal, interval, and ratio data
Nominal,
ordinal, and interval data only
Nominal and ordinal data only
A company wants to estimate the mean price of oil over the past 10 years. What kind of data does the company need?
A company wants to estimate the mean price of oil over the past 10 years. What kind of data does the company need?
Descriptive
statistics
Inferential
statistics
Time
series data
Cross-sectional data
Horizontal bar charts are constructed by placing:
Horizontal bar charts are constructed by placing:
each
category on the horizontal axis and the appropriate range of values on the
vertical axis.
None
of the Answers.
each
category on the vertical axis and the appropriate range of values on the
horizontal axis.
each
interval of values on the vertical axis and the appropriate range of values on the
horizontal axis.
Which of the following can be represented by a
discrete random variable?
The
time of a flight between Chicago and New York
The
average distance achieved in a series of long jumps
The
number of defective light bulbs in a sample of five
The
circumference of a randomly generated circle
Which of the following is a quantitative
variable?
House
age
All
the answers
House
price
House
size
QNT 275
FINAL EXAM NEW 2016
QNT 275
FINAL EXAM NEW 2016
QNT 275
FINAL EXAM NEW 2016
QNT 275 FINAL
EXAM NEW 2016
QNT 275
FINAL EXAM NEW 2016
QNT 275
FINAL EXAM NEW 2016
What is the name of the variable that’s used
to predict another variable?
Explanatory
Standard
error of the estimate
Response
Coefficient of determination
Professors at a local university earn an average salary of $80000 with a standard deviation of $6000. The salary distribution is approximately bell-shaped. What can be said about the percentage of salaries that are at least $74,000?
Professors at a local university earn an average salary of $80000 with a standard deviation of $6000. The salary distribution is approximately bell-shaped. What can be said about the percentage of salaries that are at least $74,000?
About
97.5 percent
About
84 percent
About
68 percent
About
95 percent
What type of relationship is indicated in the
scatterplot?
A
positive linear or curvilinear relationship
No
relationship
A
negative curvilinear relationship
A
negative linear relationship
The study of statistics can be defined as:
the
art and science of getting information from data.
All
of the answers
the
language of data.
the
study of collecting, analyzing, presenting, and interpreting data.
In the accompanying stem-and-leaf diagram the
values in the stem and leaf portions represent 10s and 1s digits, respectively.
The stem-and-leaf diagram shows that the
distribution is ___________.
symmetric
positively
skewed
negatively
skewed
None
of the answers
Which of the following is most influenced by
outliers?
Median
Mode
75th
percentile
Mean
serial correlation is typically observed
in:
sparse
data
outliers
cross-sectional
data
time
series data
In the sample regression
equation what is ?
The
value of y when x = 0
The
predicted value of y, given a specific x value
The
slope of the equation
The y-intercept
bias can occur in sampling Bias refers to
_____________________.
the
use of cluster sampling instead of stratified random sampling
the
division of the population into overlapping groups
the
tendency of a sample statistic to systematically over-or underestimate a
population parameter
the
creation of strata, which are proportional to the stratum’s size
the manager of a retail shoe store has applied
statistics to analyze sales purchasing, and data and reached the
conclusion that the store could reduce costs by reducing inventory of very
small and very large sizes, and substituting an online ordering service to
drop-ship rare sizes directly from suppliers. How should the manager
communicate those results to the store owner?
Provide
the complete data set and all statistical analyses to the owner in
spreadsheets.
Schedule
a conference call with the owner and suppliers to discuss online ordering
options.
Project
the future online sales data using a line graph.
Summarize
the recommendations, supported by visual representation of the data and
statistics.
Which of the following can be represented by a
continuous random variable?
The
number of typos found on a randomly selected page of this test bank
The
number of customers who visit a department store between 10:00 a.m. and 11:00
a.m. on Mondays
The
number of students who will get financial assistance in a group of 50 randomly
selected students
The
average temperature in Tampa, Florida, during the month of July
Consider a population with data values
of 12, 8, 28, 22, 12, 30, 14.
The
median is:
18
12
14
22
The salaries of teachers in a particular
school district are normally distributed with a mean of $50,000 and a standard
deviation of $2,500. Due to budget limitations, it has been decided that the
teachers who are in the top 2.5% of the salaries would not get a raise. What is
the salary level that divides the teachers into one group that gets a raise and
one that doesn’t?
-1.96
54,900
1.96
45,100
The two branches of the study of statistics
are generally referred to as ___________.
descriptive
and referential statistics
inferential
and differential statistics
differential
and descriptive statistics
descriptive
and inferential statistics
The estimation of which of the following
requires sampling?
U.S.
unemployment rate
The
Cleveland Indians’ hitting percentage in 2010
The
average SAT score of incoming freshmen at a university
Total
rainfall in Phoenix, Arizona, in 2010
Which of the following meets the requirements
of a stratified random sample?
A
population contains 10 members under the age of 25 and 20 members over the age
of 25. The sample will include six people chosen at random, without regard to
age.
A
population contains 10 members under the age of 25 and 20 members over the age
of 25. The sample will include two people chosen at random under the age of 25
and four people chosen at random over 25.
A
population contains 10 members under the age of 25 and 20 members over the age
of 25. The sample will include six males chosen at random, without regard to
age.
A
population contains 10 members under the age of 25 and 20 members over the age
of 25. The sample will include six people who volunteer for the sample.
manager of a fast food restaurant wants to
ensure that staff are scheduled with the sufficient hours required to meet
customer demands without overspending on labor costs. The manager has daily
guest counts, sales data, and staff hours for the prior year. What should the
manager do next in order to reach conclusions about scheduling restaurant
staff?
Perform
descriptive statistics, inferential statistics, and time series analysis.
Schedule
staff based on the staffing levels used on the same date the prior year.
Provide
the data sets to the restaurant owner for analysis by the owner’s staff.
Create
a graph of the data and extend the graph forward in time to set the schedule.
-Plus Dry Cleaners wants to understand its
customers’ perceptions of the quality of the company’s customer service. They
plan to survey a sample of its customer base. What will A-Plus need to do to
ensure that their data is valid and reliable?
The
survey must include items that ask customers to rate the appearance of the dry
cleaning store, the survey must include all customers, and the survey method
must include setting up a table outside the local dollar store.
The
survey must include items that ask customers about their dry cleaning
experiences, the survey sample must include the first 15 customers off the
customer database, and the survey method must be repeatable.
The
survey must include items that ask customers to rate the quality of the
company’s customer service, the survey sample must represent all parts of the
customer population, and the survey method must be repeatable.
The
survey must include items that ask customers to rate the friendliness of the
staff, the survey must include all customers from the north side of the city,
and the survey method must appeal to all respondents.
Which scales of data measurement are
associated with quantitative data?
Interval
and ratio
Nominal
and ordinal
Ratio
and nominal
Ordinal
and interval
The owner of a company has recently decided to
raise the salary of one employee, who was already making the highest salary, by
20%. Which of the following is(are) expected to be affected by this raise?
Median
only
Mean
only
Mean
and median only
Mean, median, and mode
Which of the following violates the assumptions of regression analysis?
Which of the following violates the assumptions of regression analysis?
The
error term does not have the normal distribution.
The
error term is uncorrelated with an explanatory variable.
The
error term has a constant variance.
The
error term has a zero mean.
A hedge fund returns on average 26% per year
with a standard deviation of 12%. Using the empirical rule, approximate the
probability the fund returns over 50% next year.
0.5%
2.5%
1%
5%
Mutually exclusive events
______________.
may
share common outcomes
do
not share common outcomes
contain
all possible outcomes
do
not contain all possible outcomes
What is (are) the most widely used measure(s)
of dispersion?
Range
Covariance
and the correlation coefficient
Variance
and standard deviation
Interquartile range
Frequency distributions may be used to describe which of the following types of data?
Frequency distributions may be used to describe which of the following types of data?
Nominal
and interval data only
Nominal,
ordinal, interval, and ratio data
Nominal,
ordinal, and interval data only
Nominal and ordinal data only
A company wants to estimate the mean price of oil over the past 10 years. What kind of data does the company need?
A company wants to estimate the mean price of oil over the past 10 years. What kind of data does the company need?
Descriptive
statistics
Inferential
statistics
Time
series data
Cross-sectional data
Horizontal bar charts are constructed by placing:
Horizontal bar charts are constructed by placing:
each
category on the horizontal axis and the appropriate range of values on the
vertical axis.
None
of the Answers.
each
category on the vertical axis and the appropriate range of values on the
horizontal axis.
each
interval of values on the vertical axis and the appropriate range of values on
the horizontal axis.
Which of the following can be represented by a
discrete random variable?
The
time of a flight between Chicago and New York
The
average distance achieved in a series of long jumps
The
number of defective light bulbs in a sample of five
The
circumference of a randomly generated circle
Which of the following is a quantitative
variable?
House age
All the answers
House price
House
size
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