Deck 1: A Preview of Business Statistics

Question 1

Which of the following statements involve inferential statistics as opposed to descriptive statistics?

A) A total of 4,785 people voted for Mike Johnson in a local election.
B) The FAA reported there were 200 near misses among airplanes last year.
C) A class of fifty statistics students earned an average grade of 75.5.
D) The city business office reported 40 building permits for new single-family housing units.
E) Based on a sample of 500 subscribers,a local cable system estimates that forty percent of its subscribers watch a premium channel at least once per day.

Answer 1

Based on a sample of 500 subscribers,a local cable system estimates that forty percent of its subscribers watch a premium channel at least once per day.

Question 2

Which of the following sample statistics is a measure of spread (dispersion)?

A) Sample mean
B) Sample standard deviation
C) Sample median
D) Sample proportion
E) Sample mode

Answer 2

Sample standard deviation

Question 3

True or False Business statistics can be described as the collection,summarization,analysis,and reporting of numerical findings relative to a business decision or situation.

Answer 3

True

Question 4

A summary measure that is computed from a sample to describe a characteristic of the population is called:

A) a parameter
B) a statistic
C) a population
D) inferential statistics

Question 5

Which of the following statements involve descriptive statistics as opposed to inferential statistics?

A) The Alcohol,Tobacco and Firearms Department reported that Houston had 1,791 registered gun dealers in 1997.
B) Based on a survey of 400 magazine readers,the magazine reports that 45% of its readers prefer double column articles.
C) The FAA samples 500 traffic controllers in order to estimate the percent retiring due to job stress related illness.
D) Based on a sample of 300 professional tennis players,a tennis magazine reported that 25% of the parents of all professional tennis players did not play tennis.
E) The admission's office in a southern university samples 200 college students in business in order to estimate the percentage of business majors who prefer accounting to economics.

Question 6

True or False Unlike many other pursuits,improper actions in business statistics can sometimes work in your favor.

Question 7

True or False The population is sometimes referred to as the universe and is the entire set of people or objects of interest.

Question 8

True or False Six classmates told you their scores on the last statistics exam.Based on this information,you conclude that the average exam score for the entire class was 82.This is an example of descriptive statistics.

Question 9

True or False Prior to making decisions,companies often collect information through a series of steps called the research process.

Question 10

True or False The sole purpose of the U.S.Census Bureau is to simply count how many people live in the United States.

Question 11

True or False Quantitative variables usually represent membership in groups or categories.

Question 12

True or False The sample statistic is a characteristic of the sample that the population parameter attempts to estimate.

Question 13

True or False Improperly used,statistics can become an effective weapon with which to persuade or manipulate others into beliefs or behaviors that we would like them to adopt.

Question 14

True or False Regardless of your eventual career destination,whether it is accounting or marketing,finance or human resource management,you will find statistics relevant to your field.

Question 15

True or False In inferential statistics,we simply summarize and describe the data we've collected.

Question 16

True or False Stating that Wal-Mart's sales increased 6.2% this quarter when compared to last quarter is an example of descriptive statistics.

Question 17

The difference between the highest and lowest values in the sample is known as the sample:

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

Question 18

A summary measure that is computed using the entire population is called:

A) a parameter
B) a statistic
C) a sample
D) inferential statistics

Question 19

True or False ATP singles rankings for tennis players rank Rafael Nadal as 2 and Roger Federer as 1.This is an example of an interval scale.

Question 20

True or False In the nominal measurement scale numbers represent "greater than" or "less than" measurements,such as rankings or preferences.

Question 21

Match the terms with the definitions.(Note: there are more definitions than terms)
population

A)a characteristic of the population
B)indicates that a person or object belongs in a category
C)the entire set of people or objects of interest
D)the arithmetic average of the data
E)a measurement scale with an absolute zero
F)a measured characteristic of a sample
G)helps us determine how much of something is possessed
H)a subset of people or objects that exist within the entire set

Question 22

Match the terms with the definitions.(Note: there are more definitions than terms)
sample

A)a characteristic of the population
B)indicates that a person or object belongs in a category
C)the entire set of people or objects of interest
D)the arithmetic average of the data
E)a measurement scale with an absolute zero
F)a measured characteristic of a sample
G)helps us determine how much of something is possessed
H)a subset of people or objects that exist within the entire set

Question 23

Which of the following is not the goal of descriptive statistics?

A) Summarizing data
B) Displaying aspects of the collected data
C) Reporting numerical findings
D) Estimating characteristics of the population

Question 24

Which of the following statements is false?

A) Statistics can be divided into two branches: descriptive and inferential.
B) The mean,median and mode,are measures of typicalness or central tendency.
C) The range and standard deviation are measures of spread or dispersion or variability.
D) A discrete quantitative variable can take on a value at any point along an interval.
E) The four scales of measurement are important in determining appropriate methods for data description and analysis.

Question 25

Match the terms with the definitions.(Note: there are more definitions than terms)
parameter

A)a characteristic of the population
B)indicates that a person or object belongs in a category
C)the entire set of people or objects of interest
D)the arithmetic average of the data
E)a measurement scale with an absolute zero
F)a measured characteristic of a sample
G)helps us determine how much of something is possessed
H)a subset of people or objects that exist within the entire set

Question 26

Prior to making decisions,companies often collect information through a series of steps called the ___________________________________.

Question 27

The temperature of the room in which you are taking this test is a ____________________ quantitative variable.

Question 28

Match the terms with the definitions.(Note: there are more definitions than terms)
quantitative variable

A)a characteristic of the population
B)indicates that a person or object belongs in a category
C)the entire set of people or objects of interest
D)the arithmetic average of the data
E)a measurement scale with an absolute zero
F)a measured characteristic of a sample
G)helps us determine how much of something is possessed
H)a subset of people or objects that exist within the entire set

Question 29

Daily ambient temperatures in degrees Fahrenheit are being recorded for a global warming study.This scale of measurement for this data would be:

A) nominal
B) ordinal
C) interval
D) ratio

Question 30

When data are collected in a statistical study for only a portion or subset of all elements of interest we are using a:

A) sample
B) parameter
C) statistic
D) population

Question 31

The statistic that describes the midpoint of the data which has just as many values above it as below it is known as the sample:

A) mean
B) median
C) mode
D) range
E) standard deviation

Question 32

A recent Wall Street Journal poll asked a group of American voters to rate economic conditions in the United States.22% of the respondents rated economic conditions as "favorable." Identify the population,sample,sample statistic,and population parameter in this survey.
Population: ________________________________________
Sample: ________________________________________
Sample statistic: ________________________________________
Population parameter: ________________________________________.

Question 33

A survey that asks the respondent to indicate the number of cats in the household is an example of which type of variable?

A) discrete qualitative
B) continuous qualitative
C) discrete quantitative
D) continuous quantitative

Question 34

When a sample is so large as to include all members of the population,it is referred to as a completed ____________________.

Question 35

Which of the following is most likely a continuous quantitative variable?

A) The number of gallons of paint purchased.
B) The number of quarts of milk purchased.
C) The population of Egypt.
D) The number of miles of interstate highways.
E) The number of times you sharpen your pencil working statistics problems.

Question 36

Match the terms with the definitions.(Note: there are more definitions than terms)
statistic

A)a characteristic of the population
B)indicates that a person or object belongs in a category
C)the entire set of people or objects of interest
D)the arithmetic average of the data
E)a measurement scale with an absolute zero
F)a measured characteristic of a sample
G)helps us determine how much of something is possessed
H)a subset of people or objects that exist within the entire set

Question 37

Match the terms with the definitions.(Note: there are more definitions than terms)
qualitative variable

A)a characteristic of the population
B)indicates that a person or object belongs in a category
C)the entire set of people or objects of interest
D)the arithmetic average of the data
E)a measurement scale with an absolute zero
F)a measured characteristic of a sample
G)helps us determine how much of something is possessed
H)a subset of people or objects that exist within the entire set

Question 38

A customer service survey asks respondents for their birthdates,which are used to calculate their ages.Which scale of measurement does age represent?

A) nominal
B) ordinal
C) interval
D) ratio

Question 39

The distinguishing feature of discrete variables is that ____________________ exist between the possible values.

Question 40

An automobile insurance agent believes that company A is more reliable than company B.Which scale of measurement does this information represent?

A) Nominal
B) Ordinal
C) Interval
D) Ratio

Question 41

A manufacturer of children toys claims that less than 5% of his products are defective.When 500 toys were drawn from a large production run,7% were found to be defective.

Question 42

What kinds of statistical data play a role in a life insurance firm's decision on the annual premium you will pay for your policy?

Question 43

The authors of the text claim that a company might actually benefit when one of its employees uses statistics incorrectly.How can this be?

Question 44

What is business statistics?

Question 45

A research firm observes that men are twice as likely as women to hunt.Does this information represent descriptive statistics or inferential statistics? Why?

Question 46

In what ways can statistics be useful in today's business environment?

Question 47

Car dealers sometimes provide surveys so that customers can evaluate their purchasing experience at the establishment.What kinds of decisions might be made on the basis of this information?

Question 48

A businesswoman who is running for the vacant City Commission seat with 20,000 registered voters conducts a survey.In the survey,56% of the 500 registered voters interviewed say they planned to vote for her.

A)What is the population of interest?
B)What is the sample?
C)Is the 56% a parameter or a statistic?

Question 49

List the steps included in the research process.

Question 50

What was the primary use of statistics in ancient times?

Question 51

Identify each of the following studies as either descriptive statistics or inferential statistics:

Question 52

For each of the following indicate whether the variable of interest would be qualitative or quantitative.

A)Whether you are a US citizen
B)Your marital status
C)Number of cars in a parking lot
D)Amount of time you spend per week on your homework
E)Lily's travel time from her apartment to the student union at Central Michigan University
F)Heidi's favorite brand of tennis balls

Question 53

As a business person,in what ways may you find yourself involved with statistics?

Question 54

Before leaving a particular restaurant,customers are asked to respond to the questions listed below.For each question,determine whether the possible responses are discrete or continuous variables.

A)What is the approximate distance of the restaurant from your residence?
B)How many minutes did you wait until your server greeted you?
C)How many times a month do you typically dine out?
D)How many people were in your dinner party tonight?

Question 55

A store's inventory of party supplies consists of 600 red balloons,200 white balloons,and 200 blue balloons.Your boss asks you to choose a representative sample of 75 balloons for a window display.How many red balloons should you place in the display? Explain your answer.