Deck 22: Business Statistics

Question 1

All means should be rounded to the nearest tenth.

Answer 1

False

Question 2

Frequency of occurrence is used in finding the weighted mean.

Answer 2

True

Question 3

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

Answer 3

False

Question 4

360° represents 100% of a circle graph.

Question 5

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

Question 6

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

Question 7

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

Question 8

Value times frequency equals product.

Question 9

Intervals should be of unequal size.

Question 10

The median is a better indicator than the mean if there are extreme values.

Question 11

Bar charts are nonvisual presentations of data.

Question 12

A line graph may be used to discover trends.

Question 13

The height of a bar chart represents the frequency.

Question 14

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

Question 15

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

Question 16

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

Question 17

Intervals can be used with bar graphs.

Question 18

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

Question 19

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

Question 20

If all values are different, there is no mode.

Question 21

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%
E)None of these

Question 22

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 23

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

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

Question 24

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

A)$472.11
B)$500.00
C)$550.33
D)$485.71
E)None of these

Question 25

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

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

Question 26

What is the weighted mean frequency for the following car sales (round answer to nearest whole dollar)? 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 27

Which is incorrect?

A)The highest bar in a bar graph shows the category with greatest frequency
B)A bar graph is the same as a line graph
C)Circle graphs have sectors based on categories
D)A circle graph is based on 360°
E)None of these

Question 28

9.1% of a circle graph represents

A)32.76°
B)37.26°
C)42°
D)45°
E)None of these

Question 29

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

Question 30

Alvin's Bakery produced the following number of oat bran muffins each week: $$\begin{array} { l l } \text { Week 1 } & 700 \\\text { Week 2 } & 700 \\\text { Week 3 } & 600 \\\text { Week 4 } & 500 \\\text { Week 5 } & 700 \\\text { Week 6 } & 600\end{array}$$ In a frequency distribution, which would have the lowest tally?

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

Question 31

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

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

Question 32

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 33

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 34

Hector Ramirez received three A's and one B in his college courses. What is his grade point average? Assume each course is three credits. A = 4.0, B = 3.0, C = 2.0, D = 1.0

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

Question 35

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 36

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 37

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 38

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 39

Phil's Barbeque sold the following dinners in one hour. $$\begin{array} { l r r } 3 \text { rib slabs } & \$ 14.95 & \text { each } \\2 \text { pork steaks } & 9.95 & \text { each } \\3 \text { harmburgers } & 6.95 & \text { each }\end{array}$$ What was the average dollar mean?

A)$10.70
B)$12.97
C)$6.35
D)$10.00
E)None of these

Question 40

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

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

Question 41

Assume the mean useful life of a particular light bulb is 2,000 hours and is normally distributed with a standard deviation of 300 hours. Calculate the useful life of the light bulb 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 42

Match the following terms with their definitions.

-Mean

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 43

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

Question 44

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

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

Question 45

Match the following terms with their definitions.

-Bar chart

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 46

Match the following terms with their definitions.

-Weighted mean

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 47

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

A)22
B)29
C)34
D)22 and 34

Question 48

Jim's Donut Shop reported the following sales for the first 20 days:
$$\begin{array} { | l | l | l | l | } \hline 100 & \$ 200 & \$ 100 & \$ 300 \\\hline 100 & 300 & 200 & 100 \\\hline 400 & 100 & 400 & 100 \\\hline 200 & 400 & 100 & 400 \\\hline 500 & 300 & 500 & 200 \\\hline\end{array}$$ Complete a frequency distribution.

Question 49

Match the following terms with their definitions.

-Shows trends

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 50

Match the following terms with their definitions.

-Price relative

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 51

Match the following terms with their definitions.

-Circle graphs

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 52

Match the following terms with their definitions.

-Mean

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 53

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

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

Question 54

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

Question 55

Match the following terms with their definitions.

-Mode

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 56

Match the following terms with their definitions.

-Tally

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 57

Match the following terms with their definitions.

-Median

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 58

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

Question 59

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

Question 60

Match the following terms with their definitions.

-Odd number of values

A)Value that occurs most often
B)Used in a frequency distribution
C)Middle number is median
D)Line graph
E)Sum of all values / Number of values
F)Does not distort an average that has one or more extreme values
G)Height represents frequency
H)Current price x 100 base year price
I)360
J)Sum of products + sum of frequencies

Question 61

Sonny Industries reported record profits of 37% this fiscal year. Cost of sales was 38%, and operating expenses were 25%. How many degrees on a circle graph would each be given (round to the nearest tenth degree)?

Question 62

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

Question 63

The students in Professor Jim's Chemistry class had the following scores on their exams (out of 100 pts):
13, 77, 77, 78, 80, 80, 83, 85, 90, 93, 94, 94, and 94. Find the following (round answer to nearest tenth where necessary):
A. Mean
B. Median
C. Mode
D. Which method seems to give the best estimate of average? Why?

Question 64

Given the following sales of Roe Co., prepare a line graph (run sales to $50,000 in increments of $10,000):
$\begin{array} { l l } 2015 & \$ 8,000 \\2016 & \$ 26,000 \\2017 & \$ 48,000 \\2018 & \$ 44,000\end{array}$

Question 65

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, and 1,150. What is the mode?

Question 66

This semester Alice Front took four three-credit courses at North Shore Community College. She received an A in Business Math, a B in History, a C in Communications and a C in Composition, and a D in Accounting. What is her cumulative grade point average to the nearest hundredth, given that A = 4.0, B = 3.0, C = 2.0, D = 1.0, and F = 0.0?

Question 67

Indicate the number of degrees on a pie chart each would be given (round to the nearest tenth degree):
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 68

Calculate the grade point average: A = 4.0, B = 3.0, C = 2.0, D = 1.0, F = 0.0
$$\begin{array} { | l | l | l | } \hline \begin{array} { l } \text { Course } \\\text { Attempted }\end{array} & \text { Credits } & \text { Grade } \\\hline \text { Accounting II } & 3 & \text { B } \\\hline \text { Business Math } & 3 & \text { A } \\\hline \text { Chemistry } & 4.5 & \text { C } \\\hline \text { Biology } & 4.5 & \text { D } \\\hline\end{array}$$

Question 69

Prepare a frequency table for the books produced for the first 20 days in January.
$$\begin{array} { | l | l | l | l | l | } \hline 600 & 800 & 900 & 100 & 300 \\\hline 900 & 200 & 800 & 900 & 600 \\\hline 1,000 & 400 & 600 & 800 & 700 \\\hline 300 & 500 & 500 & 600 & 900 \\\hline\end{array}$$

Question 70

How many degrees on a pie chart would each be given from the following (round to the nearest tenth)?
Wears Nike 42%
Wears Reebok 38%
Never wears sneakers 20%

Question 71

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

Question 72

Paula's Printing Company produced the following number of bound books during the first five weeks of last year. Prepare a bar graph:
$\begin{array} { l c } \text { Week } & \text { Books Bound } \\1 & 300 \\2 & 200 \\3 & 700 \\4 & 600 \\5 & 800\end{array}$

Question 73

Art's Hardware reported the following sales for the first 20 days of October:
$$\begin{array} { | l | l | l | l | } \hline\$ 200 & \$ 700 & \$ 300 & \$ 100 \\\hline \$ 200 & \$ 400 & \$ 600 & \$ 200 \\\hline \$ 400 & \$ 200 & \$ 200 & \$ 500 \\\hline \$ 600 & \$ 300 & \$ 600 & \$ 400 \\\hline 600 & \$ 300 & \$ 200 & \$ 100 \\\hline\end{array}$$ Prepare a frequency distribution for Art.

Question 74

Find the weighted salary for the company PawstoYou:
$$\begin{array} { | l | l | } \hline \text { President/CEO, 1 } & \$ 140,000 \\\hline \text { Groomers, 10 } & \$ 33,000 \\\hline \text { Administrative, 3 } & \$ 45,000 \\\hline \text { Custodial, 2 } & \$ 24,000 \\\hline\end{array}$$

Question 75

Prepare a frequency distribution of the following data, showing the number of popsicles produced:
$$\begin{array} { | l | l | l | l | l | } \hline 1,000 & 8,000 & 4,000 & 6,000 & 5,000 \\\hline 6,000 & 2,000 & 7,000 & 6,000 & 6,000 \\\hline 9,000 & 3,000 & 9,000 & 5,000 & 2,000 \\\hline 10,000 & 7,000 & 10,000 & 7,000 & 6,000 \\\hline\end{array}$$

Question 76

Prepare a bar chart of the following data:
$$\begin{array} { | l | l | l | l | l | } \hline 600 & 800 & 900 & 100 & 300 \\\hline 900 & 200 & 800 & 900 & 600 \\\hline 1,000 & 400 & 600 & 800 & 700 \\\hline 300 & 500 & 500 & 600 & 900 \\\hline\end{array}$$

Question 77

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 = 4.0, B = 3.0.

Question 78

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 79

Angie Corporation reported profits of 18%. It stated in the report that cost of sales was 42% with expenses of 40%. How many degrees on a circle graph would each be given (round to the nearest tenth)?

Question 80

Janet's Bake Shop produced the following number of oat bran muffins each week for the first 10 weeks. Prepare a bar graph.
$\begin{array} { l c } \text { Week } & \text { \# Muffins } \\1 & 450 \\2 & 300 \\3 & 600 \\4 & 800 \\5 & 850 \\6 & 300 \\7 & 100 \\8 & 900 \\9 & 1,000 \\10 & 700\end{array}$