Deck 22: Business Statistics

Question 1

Bar charts are nonvisual presentations of data.

Answer 1

False

Question 2

The median is the middle value for an even number of values.

Answer 2

False

Question 3

Calculating one's grade point average is an example of using the median.

Answer 3

False

Question 4

If all values are different, there is no mode.

Question 5

Frequency of occurrence is used in finding the weighted mean.

Question 6

A consumer price index is an example of a price relative.

Question 7

A line graph may be used to discover trends.

Question 8

A median will distort an average that has one or more extreme values.

Question 9

In a normal distribution, data is spread asymmetrically about the median.

Question 10

In finding the mode, you must arrange values from smallest to largest.

Question 11

A frequency distribution tries to avoid organizing numbers to show what patterns exist.

Question 12

To draw a circle graph, each part should be converted.

Question 13

The height of a bar chart represents the frequency.

Question 14

Intervals can be used with bar graphs.

Question 15

Intervals should be of unequal size.

Question 16

The median is a better indicator than the mean.

Question 17

The sum of products divided by the sum of frequencies equals the weighted mean.

Question 18

Value times frequency equals product.

Question 19

The range is the difference between the highest and lowest values in a series or group of values.

Question 20

All means should be rounded to the nearest tenth.

Question 21

Which is incorrect?

A)The mode is a measurement that records value
B)A bar graph is the same as a line graph
C)A mean may cause distortions
D)A circle graph is based on 360°
E)None of these

Question 22

Find the mean (do not round): 38 + 18.05 + 25 + 26 + 46

A)21.4
B)23
C)22.
D)30.61
E)None of these

Question 23

To avoid distortion of extreme values, a good indicator would be the:

A)Mean
B)Median
C)Weighted-mean
D)Mode
E)None of these

Question 24

Calculate the weighted mean from the following sales: $400, $700, $300, $600, $300, $400, $700

A)$700
B)$300
C)$400
D)$500
E)None of these

Question 25

The range of 35, 22, 43, 18, 22, 27, 48, 39, 31, and 16 is:

A)32
B)30
C)29
D)22

Question 26

From the following numbers, the median is: 16, 9, 10, 5, 4

A)9
B)4
C)5
D)10

Question 27

Calculate the mode from the following: 71, 3, 13, 33, 3, 71, 14, 33, 13, 33

A)3
B)13
C)33
D)71
E)None of these

Question 28

The range of 105, 100, 79, 86, 101, 94, 98, 87, and 83 is:

A)26
B)92
C)96
D)94

Question 29

Find the mode: 6, 6, 8, 9, 3, 9, 6, 3

A)4
B)3
C)9
D)6
E)None of these

Question 30

Assume the mean useful life of a particular lightbulb is 2,000 hours and is normally distributed with a standard deviation of 300 hours. Calculate the useful life of lightbulbs within two standard deviations of the mean.

A)Between 1,700 and 2,300 hours
B)Longer than 2,300 hours
C)Longer than 1,700 hours
D)Between 1,400 and 2,600 hours

Question 31

What is the weighted mean frequency for the following car sales? 2 sold at $25,090, 3 sold at $20,000, 1 sold at $21,475, and 1 sold at $39,638)

A)$24,740
B)$24,000
C)$21,241
D)$24,470
E)None of these

Question 32

Phil's Barbeque sold the following dinners in one hour: What was the average dollar mean?

A)$10.70
B)12.97
C)$6.35
D)$10.00

Question 33

The range of 55, 93, 48, 53, 55, 93, 63, 80, 75, and 55 is:

A)45
B)67
C)59
D)55

Question 34

Alvin's Bakery produced the following number of oat bran muffins each week: In a frequency distribution, which would have the lowest tally?

A)600
B)700
C)500
D)650
E)None of these

Question 35

Hector Rameriz received three A's and one B in his college courses. What is his grade point average? Assume each course is three credits. A = 4, B = 3, C = 2, D = 1.

A)3.0
B)3.25
C)3.75
D)3.80
E)None of these

Question 36

The mean of the following is: 14, 8, 3, 8, 5

A)7.2
B)7.1
C)7.4
D)7.5
E)None of these

Question 37

Find the median from the following numbers: 15, 8, 7, 5, 4, 1, 9, 16

A)7.5
B)7.0
C)8.0
D)8.5
E)None of these

Question 38

Professor Bowdidge taught four business statistics classes during the fall semester with the following grade averages for each class. Calculate the mean (round to the nearest hundredth): 82%, 86%, 91%, and 74%

A)83.25%
B)83.12%
C)83.00%
D)85.00%

Question 39

What is the range of 22, 22, 27, 29, 30, 34, and 38?

A)22
B)29
C)16
D)27

Question 40

Today the price of a Jeep is $25,000. In 1970 the price was $5,000. What is the price relative?

A)600
B)166
C)300
D)400
E)None of these

Question 41

The range of 105, 108, 117, 122, 129, and 129 is:

A)129
B)117
C)122
D)24

Question 42

Jim's Donut Shop reported the following sales for the first 20 days: Complete a frequency distribution.

Question 43

Given the following sales of Roe Co., prepare a line graph (run sales to $50,000 in increments of $10,000):

Question 44

Russell Co. reported sales of $400,000 in 2012. This compared to sales of $180,000 in 2011 and $100,000 in 2010. Construct a line graph for Russell Co.

Question 45

Paula's Printing Company produced the following number of bound books during the first five weeks of last year: Prepare a bar graph.

Question 46

The range of 17, 24, 24, 27, 29, 31, and 36 is:

A)17
B)26
C)24
D)19

Question 47

At the college bookstore, the following sales were rung up. Based on this, prepare a frequency distribution. Use intervals of 0-$5.99, $6.00-$11.99, $12.00-$17.99, and $18.00-$23.99.

Question 48

Art's Hardware reported the following sales for the first 20 days of October: Prepare a frequency distribution for Art.

Question 49

How many degrees on a pie chart would each be given from the following?

Question 50

Angie Corporation reported profits of 18%. It stated in the report that cost of sales was 42% with expenses of 40%. Prepare a circle graph for Angie.

Question 51

Calculate the standard deviation (to the nearest hundredth) for the following sample set of data (round mean to nearest hundredth):
82.5, 91.3, 57.4, 41.7, 76.9, 68.5

Question 52

At the college bookstore, the following sales were rung up. Based on this, prepare a bar graph. Use intervals of 0-$5.99, $6.00-$11.99, $12.00-$17.99, and $18.00-$23.99.