# Statistics for Business and Economics

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1. To answer the question, refer to the following data. Ten students were sampled at random from a student population. Each was asked how many courses he or she was planning on studying in the upcoming year. The following is a list of the reported data values: 1, 2, 2, 3, 4, 5, 5, 5, 5, 6 What is the standard deviation for the data values? A. 1.44 B. 2.84 C. 2.56 D. 1.687 2. Several ways to make a bar graph deceptive appear below. Which of these is sometimes used to exaggerate differences from one data value to the next? A. Making the graph taller than it needs to be B. Making the graph shorter than it needs to be C. A gap in the vertical axis D. Starting the vertical axis at a point greater than zero 3. To answer the question, refer to the following data. Ten students were sampled at random from a student population. Each was asked how many courses he or she was planning on studying in the upcoming year. The following is a list of the reported data values: 1, 2, 2, 3, 4, 5, 5, 5, 5, 6 What is the variance for the data values? A. 2.844 B. 1.6 C. 2.56 D. 1.687 4. To answer the question, refer to the following list of raw data. 63, 71, 72, 77, 77, 78, 86, 77, 88, 88 What is the median for the data? A. 77.5 B. 77.7 C. 77 D. 88 5. Use the following data sample to answer the question. 4, 14, 6, 9, 21, 3, 7, 10 What is the median of this data sample? A. 9.25 B. There’s no median value. C. 8 D. 7 6. Which of the following statements about interpreting standard deviation is true? A. The Empirical Rule can’t be applied unless the frequency distribution is mound-shaped and symmetric. Chebyshev’s Rule can be applied to any data set, regardless of the shape of its frequency distribution. B. Chebyshev’s Rule can’t be applied unless the frequency distribution is mound-shaped and symmetric. The Empirical Rule can be applied to any data set, regardless of the shape of its frequency distribution. C. Neither the Empirical Rule nor Chebyshev’s Rule can be applied to data unless the frequency distribution is mound-shaped and symmetrical. D. Neither Chebyshev’s Rule nor the Emprical Rule require any assumptions about the frequency distribution. 7. A particular sample contains 50 data values. According to Chebyshev’s theorem, which of the following is the number of values you would expect to fall within 3.0 standard deviations of the mean? A. 5 B. 25 C. 45 D. 35 8. When creating a histogram, it’s important to ensure that the classes of data satisfy which properties? A. They must include each interval on the number line. B. No requirements are made; the individual creating the graph is free to choose any classes. C. They must be all the same size. D. They must be mutually exclusive and exhaustive. 9. Which of the following are parameters of a population? A. α and σ B. σ and n C. μ and σ D. μ and x 10. Which type of plot takes quantitative data and forms classes out of it, thus turning it into qualitative data? A. Histogram B. Dot plot C. Stem-and-leaf plot D. Pie chart 11. When a sample is taken from a larger population, this suggests that which of the following will be used? A. Descriptive statistics B. Computation of a sample mean C. Independent events D. Inferential statistics 12. Use the following data sample to answer the question. 4, 14, 6, 9, 21, 3, 7, 10 What is the variance of this data sample? A. 34.79 B. 243.5 C. 5.90 D. 4.31 13. Which of the following statements is true about a stem-and-leaf plot? A. Stem-and-leaf plots are histograms whose bars have been arranged in decreasing order of frequency. B. It separates data at the decimal point, creating horizontal rows whose values are close together. C. It involves creating columns of dots, one for each datum in the sample. D. It uses vertical bars to illustrate a probability distribution. 14. If there are an odd number of data values in a set, the median will be the A. value that appears in the center. B. average of all of the values divided by the number of values in the set. C. value that appears the greatest number of times. D. average of the two end values. 15. Which of the following involves inferential statistics as opposed to descriptive statistics? A. A class of 50 statistics students earned an average grade of 73.5. B. The city business office reported 35 building permits for new single-family housing units. C. The Alcohol, Tobacco and Firearms department reported that Houston had 1,791 registered gun dealers in 1997. D. A local cable system, using a sample of 500 subscribers, estimates that 40 percent of its subscribers watch a premium channel at least once per day. 16. If a great many data values cluster to the left of a data distribution, which then tails off to the right, the distribution is referred to as A. leftward skewed. B. normal. C. rightward skewed. D. uniform. 17. A population is a collection of _______ about which we will measure certain characteristics or properties, called _______. A. individuals, sample values B. data, numbers C. experimental units, variables D. people, traits 18. In a sample with mean x = 12 and standard deviation s = 3.5, a data point at 16.8 would have what sample z-score? A. 1.4 B. 4.8 C. We can’t know the answer without knowing the population mean μ and standard deviation σ. D. 1.37 19. Consider the following chart: Which of the measures of central tendency would best represent that data? Bus Planning Software Price ($) GOFAR 61,500 SIMPLE Software 4,600 E-Manger 335 LAND-O 49 Entre-2 117 Year-to-Date 405 Yale Business Planner 233 In the Black 710 SYBIL 20/20 375 Macroficient 606 Orion11 299 Pathmaker 250 Proplanner 999 Quickstepper 798 Selectronic 196 Taskmaster 311 A. Standard deviation B. Median C. Mode End of exam D. Mean 20. What is the difference between a histogram and a bar chart? A. A histogram reflects qualitative data, while the bar chart represents quantitative data. B. The adjacent rectangles in a histogram have a gap, while those for a bar chart don’t. C. A histogram and a bar chart both reflect qualitative data. D. The adjacent rectangles in a bar chart have a gap, while those for a histogram don’t

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