Deck 5: Business Statistics

Question 1

All means should be rounded to the nearest tenth.

Answer 1

False

Question 2

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

Answer 2

True

Question 3

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

Answer 3

True

Question 4

A line graph may be used to discover trends.

Question 5

The median is a better indicator than the mean.

Question 6

Intervals can be used with bar graphs.

Question 7

The height of a bar chart represents the frequency.

Question 8

Value times frequency equals product.

Question 9

Intervals should be of unequal size.

Question 10

Frequency of occurrence is used in finding the weighted mean.

Question 11

360 $\degree$ represents 100% of a circle graph.

Question 12

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

Question 13

If all values are different, there is no mode.

Question 14

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

Question 15

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

Question 16

Bar charts are nonvisual presentations of data.

Question 17

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

Question 18

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

Question 19

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

Question 20

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

Question 21

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 22

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 23

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

Question 24

9.1% of a circle graph represents

A) 32.76 $\degree$
B) 37.26 $\degree$
C) 42 $\degree$
D) 45 $\degree$
E) None of these

Question 25

Find the median:
25, 18, 17, 29, 40

Question 26

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 27

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

Question 28

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 29

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 30

Sonny Industries reported in 2010 record profits of 37%. Cost of sales was 38%, and operating expenses were 25%. Could you prepare a pie graph for Sonny Industries?

Question 31

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

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

Question 32

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

Question 33

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 $\degree$
E) None of these

Question 34

Calculate the weighted mean:
$300, $600, $500, $300, $300, $600, $500, $500

Question 35

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

Question 36

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

A) 9
B) 4
C) 5
D) 10
E) None of these

Question 37

At North Shore Community College, Bill Martin took four three-credit courses. He received an A in Economics and three B's (Business Math, Accounting, and Psychology). What is his grade point average (to the hundredth)? Assume A = 4, B = 3.

Question 38

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

Question 39

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 40

Find the mean (to the nearest tenth):
.015, .082, .839, .851

Question 41

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 42

Calculate the grade point average: A = 4, B = 3, C = 2, D = 1, F = 0.

Question 43

Find the (A) mean, (B) median, and (C) mode:
18 25 16 29 38 18

Question 44

Joyce Rath predicted that over the Memorial Day weekend the following will visit the Children's Museum: How many degrees would each represent if a circle graph were made (to the nearest tenth of a percent)?

Question 45

Calculate the grade point average: A = 4, B = 3, C = 2, D = 1, F = 0.

Question 46

Indicate the number of degrees on a pie chart each would be given:
A. 42.5% of Jones's investments are in stocks
B. 23% of Jones's investments are in bonds
C. 34.5% of Jones's investments are in money market funds

Question 47

Abby McDonald took five three-credit courses at Glenn Community College. She received a C in Accounting and 4 B's (Management, Logic, Algebra, and Business Law). What is her grade point average? (Assume A = 4, B = 3, C = 2.)

Question 48

Sales at Regan Real Estate totaled 10 homes for the month. They were as follows: $115,000, $119,000, $150,000, $175,000, $160,000, $104,000, $118,000, $148,000, $165,000, $195,000. Calculate the mean and the median.

Question 49

Alice's Hardware's sales for the first two weeks were as follows: What would be the mode?

Question 50

Janet's Bake Shop produced the following number of oat bran muffins each week for the first 10 weeks of 2014. Prepare a bar graph.

Question 51

Moe's Department Store counted the number of customers entering the store for the week. The results showed 1,150, 1,281, 550, 900, 1,150, 550, 1,150. What is the mode?

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.

Question 53

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

Question 54

Find the (A) mean (B) median, and (C) mode:
9, 20, 15, 9, 17, 28, 26

Question 55

Ed Sullivan manufactures bean bags. From the following daily production for the first 20 days of July, find the weighted mean (to the nearest whole number).

Question 56

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

Question 57

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 58

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 59

Indicate the number of degrees on a pie chart each would be given:
A. 62% favor low-cholesterol bacon
B. 30% favor traditional bacon
C. 8% have no preference

Question 60

This semester Alice Front took four three-credit courses at North Shore Community College. She received an A in Business Math and C's in History, Computers, and Accounting. What is her cumulative grade point average (assume A = 4, B = 3, C = 2) to the nearest hundredth?

Question 61

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 62

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

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

Question 63

Kathleen sold chemicals for DuPont with the following sales results. Calculate the weighted mean.
Value Frequency Product
$177.16 7 $1,240.12
$37.25 2 $74.50
$78.00 3 $234.00
$150.00 2 $300.00

Question 64

Today, a new truck costs $18,000. In 1980, the truck cost $9,000. What is the price relative?

Question 65

Calculate the standard deviation (to the nearest hundredth) for the following sample set of data:
66, 101, 71, 48, 78, 71

Question 66

Today, a new Ford costs $24,000. In 1970, the car cost $6,000. What is the price relative?

Question 67

Calculate the standard deviation (to the nearest hundredth) for the following sample set of data:
80, 92, 59, 46, 82, 74

Question 68

Calculate the range for the following June temperatures:
95.6, 69.2, 78.1, and 88.0

Question 69

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

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

Question 70

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

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

Question 71

Wayne Myrick's salaries at the beginning of each decade for five years are listed below. What was the mean of his salaries?
$98,500, $84,600, $79,300, $69,000, $48,750

Question 72

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 73

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

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

Question 74

Tracy received the following grades during the spring semester (three semester credits for all grades): A = 4.0, B = 3.0, C = 2.0, D = 1.0, F = 0.
Business Stat I B
Business Calculus C
Marketing B
Biology A
Art B
What was her semester GPA?

Question 75

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

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

Question 76

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

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