Question 1

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

Accepted Answer

Two standard deviations from the mean in a normal distribution includes values between mean - 2*standard deviation and mean + 2*standard deviation. Here, that's 2000 - 2*300 to 2000 + 2*300, or 1400 to 2600 hours.

Question 2

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

Accepted Answer

Mean is calculated as the sum of all values divided by the number of values.

Question 3

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

Accepted Answer

17, 18, 25, 29, 40.

Question 4

The range of 17, 24, 24, 27, 29, 31, and 36 is:
A)17
B)26
C)24
D)19

Accepted Answer

To find the range, we need to subtract the smallest value from the largest value in the set. The smallest value is 17 and the largest value is 36. Therefore, the range is 36 - 17 = 19. Option D (19) is the correct choice.

Question 5

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

Accepted Answer

Height represents frequency

Question 6

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

Accepted Answer

The answer of Match the following terms with their definitions.
-Weighted...

Question 7

What is the mode of 22, 22, 27, 29, 34, 34, and 38?
A)22
B)29
C)34
D)22 and 34

Accepted Answer

The mode is the number that appears most frequently in a data set. In this case, both 22 and 34 appear twice, making them the modes.

Question 8

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.

Accepted Answer

The answer of Jim's Donut Shop reported the following sales...

Question 9

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

Accepted Answer

A line graph is a type of chart used to show information that changes over time, making it an effective tool for displaying trends.

Question 10

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

Accepted Answer

Price relative is calculated by taking the current price of an item, multiplying it by 100, and then dividing by the price of the same item in a base year. This helps in understanding how the price of an item has changed over time relative to a base period.

Question 11

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

Accepted Answer

Circle graphs are represented in degrees, and a full circle represents 360 degrees, which is why the correct match for "Circle graphs" is "360."

Question 12

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

Accepted Answer

Mean is calculated as the sum of all values divided by the number of values.

Question 13

The range of 105, 108, 117, 122, 129, and 129 is:
A)129
B)117
C)122
D)24

Accepted Answer

The range is the difference between the highest and lowest values in the set. In this case, the highest value is 129 and the lowest value is 105. The difference between them is 129-105=24. Therefore, the answer is D.

Question 14

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

Accepted Answer

The number 6 appears the most frequently.

Question 15

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

Accepted Answer

The mode is the value that occurs most often in a data set.

Question 16

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

Accepted Answer

The answer of Match the following terms with their definitions.
-Tally
A)Value...

Question 17

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

Accepted Answer

The answer of Match the following terms with their definitions.
-Median
A)Value...

Question 18

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

Accepted Answer

(.015 + .082 + .839 + .851)/4 = .4.

Question 19

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

Accepted Answer

($300 + $600 + $500 + $300 + $300 + $600 + $500 + $500)= $3,600 / 8 = $450.

Question 20

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

Accepted Answer

The middle number in a set of values is the median, which is relevant when there is an odd number of values.

Quiz 22: Business Statistics

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.

Match the following terms with their definitions. -Mean

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

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

Match the following terms with their definitions. -Bar chart

Match the following terms with their definitions. -Weighted mean

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

Match the following terms with their definitions. -Shows trends

Match the following terms with their definitions. -Price relative

Match the following terms with their definitions. -Circle graphs

Match the following terms with their definitions. -Mean

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

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

Match the following terms with their definitions. -Mode

Match the following terms with their definitions. -Tally

Match the following terms with their definitions. -Median

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

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

Match the following terms with their definitions. -Odd number of values