Deck 7: Business Statistics

Question 1

A common mistake when making conclusions or inferences from statistical measures is to examine only one statistic.

Answer 1

True

Question 2

A visual aid that is divided into two or more sections to illustrate how partial data relates to th? whole is a:

A) circle graph
B) range graph
C) line graph
D) bar graph

Answer 2

A

Question 3

In constructing a circle graph, the circle represents 360% of whatever quantity the graph represents.

Answer 3

False

Question 4

A circle graph is divided into two or more sections to give a visual picture of how some whole quantity is being divided.

Question 5

In a normal distribution, 95% of the data will fall within three standard deviations of the mean.

Question 6

A circle graph consists of 480 degrees.

Question 7

An entire circle has 280 degrees.

Question 8

A frequency distribution attempts to organize numbers into meaningful patterns.

Question 9

Statistical information is usually more effective if it can be presented visually.

Question 10

The deviation from the mean can be shown by the standard deviation.

Question 11

To find the standard deviation you only need to know the mode.

Question 12

Which of the following would be best used to demonstrate sales trends:

A) bar graph
B) circle graph
C) frequency distribution
D) line graph

Question 13

Ryan would like to compare how his various investment choices within his company's 401(k) plan have performed over the last year. This would be best done using a:

A) line graph
B) circle graph
C) frequency distribution
D) bar graph

Question 14

Intervals in a grouped frequency should be of equal size.

Question 15

In business, statistics might be used for which of the following:

A) to budget for future spending and expenses
B) to help improve or increase sales
C) all are appropriate uses of statistics in business
D) to gather information about customers

Question 16

In a circle graph, the circle itself represents 100% and each section of the circle illustrates a part of the total quantity.

Question 17

The mean is a form of measurement for central tendency.

Question 18

The difference between the smallest value in a set and the largest value is called the:

A) median
B) mode
C) range
D) mean

Question 19

There is no median when all of the values in a set are different.

Question 20

A pie chart is normally used to illustrate trends.

Question 21

In a bar graph presentation, the height or length of each bar represents a specific value.

Question 22

When compared to a frequency distribution, a relative frequency distribution represents:

A) the number of tallies in the largest class interval.
B) the total number of tallies in all class intervals.
C) the percent that each class interval is of the whole.
D) the percent that each class interval is of the mean.

Question 23

If no number appears more frequently in a series of numbers, there is no mode.

Question 24

An example of non-visual data presentation is the bar graph.

Question 25

The sum of the values of a set divided by the number of members in that set is the:

A) mean
B) mode
C) median
D) range

Question 26

To find the mean, total the values in a group and multiply the sum by the number of values added.

Question 27

If you were considering purchasing an average-priced home in a new community with home values ranging from $100,000 - $1,000,000, which of the following would give the most realistic picture of how much that home is likely to cost?

A) class interval
B) mean
C) median and mode
D) grouped data

Question 28

Frequency of occurrence is a factor when calculating the weighted average mean.

Question 29

A graph shows one or more lists of numerical information grouped in some meaningful form.

Question 30

Adding the values in a set of numbers and then dividing the sum by the number of members in the set results in the:

A) mode
B) median
C) range
D) mean

Question 31

Graphs can be used to illustrate changes or trends in business.

Question 32

The mode is the middle value in a series of numbers.

Question 33

The median will distort the average of a set of numbers that has one or more extreme values.

Question 34

The mode is the total of a set of values divided by the number of values in the set.

Question 35

The mean of grouped data is:

A) exactly equal to the midpoint of the interval.
B) the sum of the frequencies of the intervals.
C) the sum of the products of the intervals.
D) a reasonable approximation.

Question 36

A table is a symbolic or pictorial display of numerical information.

Question 37

In a set with an even number of values, the median is the mean of the middle two numbers.

Question 38

The median is a better indicator of the average than the mean.

Question 39

If no value occurs most frequently in a group, then the mode is considered to be the middle number.

Question 40

When describing employee performance, a human resource professional would say it follows a normal distribution if the graph of the data set:

A) when folded at the highest point of the bell-shaped curve, the two halves would match
B) shows that 95% of the data will fall within three standard deviations of the mean
C) all of these apply to normal distribution
D) the bell-shaped curve is asymmetrical

Question 41

Calculating a batting average is an example of using the mode.

Question 42

A symbolic or pictorial display of numeric information is known as a:

A) range
B) statistic
C) table
D) graph

Question 43

The statistical term "the mean" is a totally different function than the arithmetic average.

Question 44

A number that describes numerical data is a statistic.

Question 45

A graph designed to quickly illustrate to the reader whether a set of data is increasing, decreasing, or fluctuating is a:

A) line graph
B) circle graph
C) bar graph
D) range graph

Question 46

A visual aid used to illustrate trends is a:

A) range graph
B) circle graph
C) line graph
D) bar graph

Question 47

Grade point average calculations are an example of using the mode.

Question 48

When comparing electrical usage among utility customers, a small standard deviation indicates that the mean:

A) is not a typical value in the data set
B) shows that electrical usage is increasing
C) shows that electrical usage is decreasing
D) is a typical value in the data set

Question 49

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

Question 50

The mean should always be rounded to the nearest hundredth.

Question 51

The sum of all values divided by the number of values equals the:

A) mode
B) mean
C) weighted mean
D) median

Question 52

A large (wide) range indicates that the values in a group are similar in value to one another.

Question 53

A line graph may be used to demonstrate trends.

Question 54

When locating the mode, you must arrange the values in descending or ascending order.

Question 55

The median is the value that occurs most frequently in a group of values.

Question 56

When creating a grouped frequency distribution, each class interval:

A) will always have different tallies
B) will have the same number of tallies
C) should be created appropriately, given the data set
D) will have the same mean

Question 57

A visual aid often used to compare related data is a:

A) bar graph
B) mode graph
C) range graph
D) line graph

Question 58

Bar graphs make use of intervals to clarify the illustration of data.

Question 59

Statistical data cannot be presented in tables or graphs.

Question 60

If a group or series of numbers has an even number of members, there is no median.

Question 61

The mean, median, and mode show the tendency of a group of numbers to cluster together in the center of a series of numbers.

Question 62

18% of a circle graph is shown by a section of:

A) 48 degrees
B) 64.8 degrees
C) 36 degrees
D) 18 degrees

Question 63

Use this graph to answer the question


-Which month in 2010 had the lowest sales?

A) Month 7
B) Month 12
C) Month 2
D) Month 3

Question 64

A list of numerical information grouped in some meaningful form is called a:

A) statistic
B) range
C) table
D) graph

Question 65

Christine is currently taking college astronomy. The instructor often gives quizzes. On the past seven quizzes, Christine got the following scores. Find the standard deviation. 53 12 41 29 18 42 57

A) 9072
B) 10,812
C) 17
D) 41

Question 66

Which of the following statements is incorrect?

A) A circle graph contains 360 degrees.
B) Using only the statistical mean could result in distortions.
C) The line graph and bar graph are identical.
D) The mode is a statistical measurement that records value that occurs the most in a data set.

Question 67

Line graphs are often used to compare several related values.

Question 68

A number that describes numerical data is a:

A) graph
B) statistic
C) pie chart
D) table

Question 69

Find the mean for the amounts: $7760, $5050, $5050, $6690, $3020, $2880. Round to the nearest whole number.

A) $5075
B) $5074
C) $5050
D) $6690

Question 70

A smaller standard deviation indicates that the mean is a typical value in the data set.

Question 71

The mode appears most frequently in a series of numbers.

Question 72

Use the graph to determine how many hours were needed to prepare for Test 2.

A) 5
B) 2
C) 3
D) 1

Question 73

This graph is more complex to construct, because you must perform a number of calculations before you begin the actual graph.

A) range graph
B) circle graph
C) line graph
D) bar graph

Question 74

The middle value in a series of numbers arranged in order from smallest to largest is the:

A) range
B) mode
C) mean
D) median

Question 75

On a bar graph, the bars are always vertical.

Question 76

The range is the result of subtracting the smallest value from the largest value in a group of numbers.

Question 77

The mean is the arithmetic average of a series of numbers.

Question 78

The following test scores were recorded for a student: 97, 89, 85, 85, 97, 99. Find the mean, median, and mode.

A) mean: 92 median: 93 mode: 85 and 97
B) mean: 93 median: 92 mode: 97
C) mean: 92 median: 85 mode: 99
D) mean: 93 median: 93 mode: 85

Question 79

Frequency is represented by the height of a bar chart.

Question 80

A good statistical indicator to avoid the distortion of extreme values is the:

A) weighted mean
B) mode
C) mean
D) median