Question 1

Consider a population with data values of 12 8 28 22 12 30 14.
The mode is ____.

Accepted Answer

The mode is the value that appears most frequently in the data set. In this case, the value 12 appears twice, which is more than any other value. Therefore, the mode is 12.

Question 2

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5.
The interquartile range of the data is the closest to ________.

Accepted Answer

1. Find the median: (2, 3, 3, 5, 12) → median = 3
2. Find the quartiles:
- Q1: median of the lower half (2, 3) → Q1 = 2.5
- Q3: median of the upper half (5, 12) → Q3 = 8.5
3. Find the interquartile range (IQR): Q3 - Q1 = 8.5 - 2.5 = 6. Therefore, the closest answer choice is B) 6 hours.

Question 3

Consider a population with data values of 12 8 28 22 12 30 14.
The population variance is the closest to ______.

Accepted Answer

The answer of Consider a population with data values of...

Question 4

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The 75^th percentile of the data is the closest to _________.

Accepted Answer

To find the 75th percentile, first arrange the data in ascending order: 2, 3, 3, 5, 12. The 75th percentile position is calculated as 0.75*(n+1) = 0.75*(5+1) = 4.5. The 4th value is 5, and the 5th value is 12. The 75th percentile is the average of these two values: (5+12)/2 = 8.5.

Question 5

What is(are)the most widely used measure(s)of dispersion?

Accepted Answer

Variance and standard deviation are the most widely used measures of dispersion. Range and interquartile range only consider the extreme values and quartiles, respectively, while variance and standard deviation take all the data into consideration, providing a more accurate representation of the spread of the data. Covariance and the correlation coefficient measure the relationship between two variables, but not the dispersion of individual data points.

Question 6

The range is defined as ____________.

Accepted Answer

The range is defined as the difference between the maximum and minimum values in a data set. Therefore, the correct option is C, which says Max - Min. Option A is the formula for interquartile range, option B is the range from Q1 to the maximum value, and option D is the range from the median to the maximum value.

Question 7

An analyst gathered the following information about the net profit margins of companies in two industries:  Compared with the other industry,the relative dispersion of net profit margins is smaller for Industry ___________________________________________.

Accepted Answer

The coefficient of variation (CV) is a measure of the relative dispersion of a data set, calculated by dividing the standard deviation by the mean. A smaller CV indicates that the data points are more tightly clustered around the mean, and therefore have a smaller relative dispersion. Therefore, Industry A has a smaller relative dispersion of net profit margins compared to Industry B because it has a smaller coefficient of variation.

Question 8

What is the relationship between the variance and the standard deviation?

Accepted Answer

The standard deviation is the positive square root of the variance. This means that if we know the variance, we can easily calculate the standard deviation by taking the square root of the variance. Similarly, if we know the standard deviation, we can easily calculate the variance by squaring the standard deviation.

Question 9

Which of the following statements about the mean absolute deviation (MAD)is themost accurate?

Accepted Answer

The mean absolute deviation (MAD) is the average distance between each data point and the mean of the data set. It is always a positive number and is denominated in the same units as the original data. Choice A is incorrect because the square root of the variance gives the standard deviation, not the MAD. Choice B is incorrect because the MAD is always positive. Choice D is incorrect because it describes the formula for the variance, not the MAD.

Question 10

Which of the following statements about variance is the most accurate?

Accepted Answer

Variance is calculated as the average of the squared deviations from the mean. It is a measure of how spread out the data is from the mean. The standard deviation is the square root of variance and gives a measure of the spread in the same units as the original data. Variance cannot be negative as it involves squaring the deviations.

Question 11

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5.
The sample standard deviation of the number of hours spent by the five students is the closest to _________.

Accepted Answer

First, we need to find the mean of the sample data:
Mean = (3 + 12 + 2 + 3 + 5)/5 = 5 hours
Next, we can find the difference between each data point and the mean, and square it:
(3-5)^2 = 4
(12-5)^2 = 49
(2-5)^2 = 9
(3-5)^2 = 4
(5-5)^2 = 0
Then, we can find the sum of these squared differences:
4 + 49 + 9 + 4 + 0 = 66
To find the sample standard deviation, we need to divide this sum by the sample size minus one (n-1), and then take the square root:
s = sqrt(66/4) = 4.08 hours
Therefore, the closest answer is B) 4.1 hours.

Question 12

A portfolio manager generates a 5% return in 2008,a 12% return in 2009,a negative 6% return in 2010,and a return of 2% (nonannualized)in the first quarter of 2011.The annualized return for the entire period is theclosest to _______.

Accepted Answer

The annualized return for the entire period is closest to 3.77%. This is calculated by taking the geometric mean of the returns for each period. The geometric mean is calculated by multiplying the returns together and then taking the nth root, where n is the number of periods. In this case, the geometric mean is calculated as follows:(1.05 * 1.12 * 0.94 * 1.02)^(1/4) = 1.0377This is closest to 3.77%.

Question 13

The following data represent monthly returns (in percent): -7.24 1.64 3.48 -2.49 9.30
The geometric mean return is the closest to ________.

Accepted Answer

The geometric mean return is calculated by multiplying all the returns (converted to decimal form), taking the nth root (where n is the number of returns), and subtracting 1. The calculation is: [(1-0.0724)*(1+0.0164)*(1+0.0348)*(1-0.0249)*(1+0.0930)]^(1/5) - 1 = 0.0078 or 0.78%.

Question 14

What is(are)characteristic(s)of the geometric mean?

Accepted Answer

The characteristic of the geometric mean is that it is always less than or equal to the arithmetic mean. Option A is incorrect because the geometric mean can be less than, equal to, or greater than the arithmetic mean depending on the data set. Option B is incorrect because the geometric mean is not the same as the median, although it can be close in some cases.

Question 15

Consider a population with data values of 12 8 28 22 12 30 14.
The median is ____.

Accepted Answer

To find the median, we need to arrange the data in order: 8 12 12 14 22 28 30. The median is the middle value, which in this case is 14. Therefore the correct answer is B.

Question 16

Sales for Adidas grew at a rate of 0.5196 in 2006,0.0213 in 2007,0.0485 in 2008,and -0.0387 in 2009.The average growth rate for Adidas during these four years is the closest to _______.

Accepted Answer

The answer of Sales for Adidas grew at a rate...

Question 17

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5.
The mean and the median of the numbers of hours spent by the five students are _______________.

Accepted Answer

To find the mean, we add up all the hours and divide by 5 (the number of students).

Mean = (3 + 12 + 2 + 3 + 5) / 5 = 25 / 5 = 5 hours

To find the median, we need to first put the hours in order from least to greatest:

2, 3, 3, 5, 12

The middle number is 3, so the median is 3 hours.

Therefore, the answer is D: 5 hours for the mean and 3 hours for the median.

Question 18

Consider a population with data values of 12 8 28 22 12 30 14.
The population standard deviation is the closest to _____.

Accepted Answer

The answer of Consider a population with data values of...

Question 19

Total revenue for Apple Computers(in millions)was $42,905 in 2009,$65,225 in 2010,and $108,249 in 2011.The average growth rate of revenue during these three years is the closest to _______.

Accepted Answer

The answer of Total revenue for Apple Computers(in millions)was $42,905...

Question 20

Consider a population with data values of 12 8 28 22 12 30 14.
The population mean is ____.

Accepted Answer

To find the population mean, we add up all the values and divide by the total number of values. 
(12 + 8 + 28 + 22 + 12 + 30 + 14) / 7 = 126 / 7 = 18

Quiz 3: Numerical Descriptive Measures

Consider a population with data values of 12 8 28 22 12 30 14. The mode is ____.

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The interquartile range of the data is the closest to ________.

Consider a population with data values of 12 8 28 22 12 30 14. The population variance is the closest to ______.

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The 75^th percentile of the data is the closest to _________.

What is(are) the most widely used measure(s) of dispersion?

The range is defined as ____________.

An analyst gathered the following information about the net profit margins of companies in two industries: Compared with the other industry,the relative dispersion of net profit margins is smaller for Industry ___________________________________________.

What is the relationship between the variance and the standard deviation?

Which of the following statements about the mean absolute deviation (MAD) is themost accurate?

Which of the following statements about variance is the most accurate?

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The sample standard deviation of the number of hours spent by the five students is the closest to _________.

A portfolio manager generates a 5% return in 2008,a 12% return in 2009,a negative 6% return in 2010,and a return of 2% (nonannualized) in the first quarter of 2011.The annualized return for the entire period is theclosest to _______.

The following data represent monthly returns (in percent) : -7.24 1.64 3.48 -2.49 9.30 The geometric mean return is the closest to ________.

What is(are) characteristic(s) of the geometric mean?

Consider a population with data values of 12 8 28 22 12 30 14. The median is ____.

Sales for Adidas grew at a rate of 0.5196 in 2006,0.0213 in 2007,0.0485 in 2008,and -0.0387 in 2009.The average growth rate for Adidas during these four years is the closest to _______.

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The mean and the median of the numbers of hours spent by the five students are _______________.

Consider a population with data values of 12 8 28 22 12 30 14. The population standard deviation is the closest to _____.

Total revenue for Apple Computers(in millions) was $42,905 in 2009,$65,225 in 2010,and $108,249 in 2011.The average growth rate of revenue during these three years is the closest to _______.

Consider a population with data values of 12 8 28 22 12 30 14. The population mean is ____.

Quiz 3: Numerical Descriptive Measures

Consider a population with data values of 12 8 28 22 12 30 14. The mode is ____.

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The interquartile range of the data is the closest to ________.

Consider a population with data values of 12 8 28 22 12 30 14. The population variance is the closest to ______.

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The 75th percentile of the data is the closest to _________.

What is(are) the most widely used measure(s) of dispersion?

The range is defined as ____________.

An analyst gathered the following information about the net profit margins of companies in two industries: Compared with the other industry,the relative dispersion of net profit margins is smaller for Industry ___________________________________________.

What is the relationship between the variance and the standard deviation?

Which of the following statements about the mean absolute deviation (MAD) is themost accurate?

Which of the following statements about variance is the most accurate?

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The sample standard deviation of the number of hours spent by the five students is the closest to _________.

A portfolio manager generates a 5% return in 2008,a 12% return in 2009,a negative 6% return in 2010,and a return of 2% (nonannualized) in the first quarter of 2011.The annualized return for the entire period is theclosest to _______.

The following data represent monthly returns (in percent) : -7.24 1.64 3.48 -2.49 9.30 The geometric mean return is the closest to ________.

What is(are) characteristic(s) of the geometric mean?

Consider a population with data values of 12 8 28 22 12 30 14. The median is ____.

Sales for Adidas grew at a rate of 0.5196 in 2006,0.0213 in 2007,0.0485 in 2008,and -0.0387 in 2009.The average growth rate for Adidas during these four years is the closest to _______.

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The mean and the median of the numbers of hours spent by the five students are _______________.

Consider a population with data values of 12 8 28 22 12 30 14. The population standard deviation is the closest to _____.

Total revenue for Apple Computers(in millions) was $42,905 in 2009,$65,225 in 2010,and $108,249 in 2011.The average growth rate of revenue during these three years is the closest to _______.

Consider a population with data values of 12 8 28 22 12 30 14. The population mean is ____.

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5. The 75^th percentile of the data is the closest to _________.