BS

Q.No.
Question Options
1.
2.
1. Since the mode is the most frequently occurring data value, it 3.
4.
5.
1.
2.
For any continuous random variable, the probability that the
2. 3.
random variable takes on exactly a specific value is
4.
5.
1.
2.
For the standard normal probability distribution, the area to the left
3. 3.
of the mean is
4.
5.
1.
2.
Which of the following is not a characteristic of the normal
4. 3.
probability distribution?
4.
5.
1.
2.
If arrivals at a bank follow a Poisson distribution, then the time
5. 3.
between arrivals would be -------.
4.
5.
1.
2.
6. If X and Y are mutually exclusive, then --------. 3.
4.
5.
1.
Abel Alonzo, Director of Human Resources, is exploring employee
absenteeism at the Plano Power Plant. Ten percent of all plant 2.
employees work in the finishing department; 20% of all plant 3.
employees are absent excessively; and 7% of all plant employees 4.
7.
work in the finishing department and are absent excessively. A plant
employee is selected randomly; F is the event ,,works in the finishing
department;,, and A is the event ,,is absent excessively.,, P(A|F) = 5.
------------.
Abel Alonzo, Director of Human Resources, is exploring employee 1.
absenteeism at the Plano Power Plant. Ten percent of all plant 2.
employees work in the finishing department; 20% of all plant 3.
employees are absent excessively; and 2% of all plant employees
8. 4.
work in the finishing department and are absent excessively. A plant
employee is selected randomly; F is the event ,,works in the finishing
department;,, and A is the event ,,is absent excessively.,, Which of 5.
the following is true?
1.
2.
9. Given P(A) = 0.40, P(B) = 0.50, P(A ∩ B) = 0.15. Find P(B|A). 3.
4.
5.
1.
2.
Given P(A) = 0.25, P(B) = 0.40, P(A ∩ B) = 0.10. Which of the
10. 3.
following is true?
4.
5.
An automobile dealer wishes to investigate the relation between the
gender of the buyer and type of vehicle purchased. The following
joint probability table was developed from the dealer,s records for
the previous year.
1.
11.
2.
3.
4.
P(Male) = -------. 5.
An automobile dealer wishes to investigate the relation between the
the previous year.
1.
12.
2.
3.
4.
Are ,,Female,, and ,,SUV,, independent and why or why not? 5.
success. Suppose that there is a 50% chance that any new product
1.
would be successful (and a 50% chance that it would fail). In the
past, for all new products that ultimately were successful, 80% were 2.
13. predicted to be successful (and the other 20% were inaccurately 3.
predicted to be failures). Also, for all new products that were 4.
ultimately failures, 70% were predicted to be failures (and the other
5.
30% were inaccurately predicted to be successes). If the market
1.
2.
For an exponential distribution with lambda (λ) equal to 4 per
14.
minute, the mean (μ) is --------.
For an exponential distribution with lambda (λ) equal to 4 per
14. 3.
minute, the mean (μ) is --------.
4.
5.
Meagan Dubean manages a portfolio of 200 common stocks. Her
staff classified the portfolio stocks by ,industry
sector, and ,investment objective., 1.
15. 2.
3.
4.
If a stock is selected randomly from Meagan,s portfolio, P(Airlines|
5.
Income) = ---------.
1.
Of 10 people on a student newspaper staff, 6 are familiar with a
particular word processing package. If three people are randomly 2.
16. selected and assigned to work as a team, how many ways could a 3.
team be selected in which no one was familiar with the word 4.
processing package?
new products. The company is not always perfect in predicting the 5.
success. Suppose that there is a 50% chance that any new product 1.
would be successful (and a 50% chance that it would fail). In the 2.
past, for all new products that ultimately were successful, 80% were
17. 3.
predicted to be successful (and the other 20% were inaccurately
predicted to be failures). Also, for all new products that were 4.
ultimately failures, 70% were predicted to be failures (and the other 5.
30% were inaccurately predicted to be successes). What is the a
A market research team compiled the following discrete probability
distribution for families residing in Randolph County. In this
distribution x represents the number of evenings the family dines
outside their home during a week. 1.
18.
2.
3.
4.
Which of the following statements is true? 5.
1.
The unemployment rate is often used as an indicator of a 2.
19. community,s economic vitality. An unemployment rate is best 3.
described as what level of measurement? 4.
5.
A business is attempting to find the best small town in the United 1.
States in which to relocate. As part of the investigation, the 2.
elevations of all small towns in the United States are researched. 3.
Some towns are located high in the Rockies with elevations over 4.
20.
8,000 feet. There are even some towns located in the south central
valley of California with elevations below sea level (for
example,elevations of around 100 feet). These levations can best be 5.
described as what level of data?
1.
2.
A consumer has been asked to rank five cars based upon their
21. 3.
desirability. This level of measurement is -----.
4.
5.
1.
Morningstar Mutual Funds analyzes the risk and performance of 2.
mutual funds. Each mutual fund is assigned an overall rating of one
22. 3.
to five stars. One star is the lowest rating, and five stars is the
highest rating. This level of measurement is -----. 4.
5.
1.
2.
A level of data measurement that has an absolute zero is called
23. 3.
-----.
4.
5.
1.
A market researcher is interested in determining the average
income for families in Duval County, Florida. To accomplish this, she 2.
24. takes a random sample of 400 families from the county and uses the 3.
data gathered from them to estimate the average income for 4.
families of the entire county. This process is an example of -----.
5.
1.
25.
2.
3.
According to the following graphic, "Bent Pins" account for -----% of 4.
PCB Failures. 5.
The staff of Mr. Wayne Wertz, VP of Operations at Portland Peoples
Bank, prepared a cumulative frequency ogive of waiting time for
walk-in customers.
1.
26.
1.
26.
2.
3.
4.
The percentage of walk-in customers waiting more than 6 minutes
5.
was -----.
Each day, the office staff at Oasis Quick Shop prepares a frequency
distribution and a histogram of sales transactions by dollar value of
the transactions. Friday,s histogram follows.
1.
27.
2.
3.
4.
On Friday, the approximate number of sales transactions between
5.
$100 and $150 was -----.
Each day, the office staff at Oasis Quick Shop prepares a frequency
distribution and an ogive of sales transactions by dollar value of the
transactions. Saturday,s cumulative frequency ogive follows.
1.
28.
2.
3.
4.
The percentage of sales transactions on Saturday that were
5.
between $100 and $150 was -----.
1.
The Worlwide PC market is very competitive. In 1998 unit-shipment
market shares were: Dell 8.2%; Compaq 13.4%; Gateway 3.8%;
Hewlett-Packard 5.9%; IBM 8.4%; and others 60.3%. In 1999 unit-
29.
shipment market shares were: Dell 10.8%; Compaq 12.8%;
Gateway 4.3%; Hewlett-Packard 6.2%; IBM 7.6%; and others
The Worlwide PC market is very competitive. In 1998 unit-shipment
market shares were: Dell 8.2%; Compaq 13.4%; Gateway 3.8%; 2.
Hewlett-Packard 5.9%; IBM 8.4%; and others 60.3%. In 1999 unit- 3.
29.
shipment market shares were: Dell 10.8%; Compaq 12.8%; 4.
Gateway 4.3%; Hewlett-Packard 6.2%; IBM 7.6%; and others
58.3%.The best graphic depiction of these data would be -----. 5.
The 1999 and 2000 market share data of the three competitors (A,
B, and C) in an oligopolistic industry are presented in the following
pie charts.
1.
30.
2.
3.
4.
Which of the following is true? 5.
Consider the following stem and leaf plot:
1.
31.
2.
Suppose that a frequency distribution was developed from this, and 3.
there were 5 classes (10-under 20, 20-under 30, etc.). What is the
cumulative frequency for the 30-under 40 class interval? 4.
5.
1.
2.
The lowest appropriate level of measurement for the median is
32. 3.
-----.
4.
5.
1.
Which of the following is NOT a commonly used measure of
33.
variability?
2.
Which of the following is NOT a commonly used measure of
33. 3.
variability?
4.
5.
1.
2.
If the median of a distribution is greater than mean, then the
34. 3.
distribution is -----.
4.
5.
1.
2.
35. Which of the following is a measure of relative dispersion? 3.
4.
5.
1.
2.
Chebyshev,s Theorem says that the number of values within 3
36. 3.
standard deviations of the mean will be -----.
4.
5.
1.
A commuter travels many miles to work each morning. She has
timed this trip 5 times during the last month. The time (in minutes) 2.
37. required to make this trip was 44, 39, 41, 35, and 41. The mean 3.
time required for this trip was 40 minutes. What is the mean 4.
deviation for this sample data?
5.
1.
Jessica Salas, president of Salas Products, is reviewing the warranty 2.
policy for her company,s new model of automobile batteries. Life 3.
tests performed on a sample of 100 batteries indicated: (1) an 4.
38.
average life of 75 months, (2) a standard deviation of 5 months, and
(3) battery life is approximately normally distributed. Approximately
95% of the batteries will last between -----. 5.
1.
In its Industry Norms and Key Business Ratios, Dun & Bradstreet 2.
reported that Quartiles Q1, Q2, and Q3 for 2,037 gasoline service
39.
stations, sales to inventory ratios were 20.8, 33.4, and 53.8, 3.
respectively. From this we can conclude that -----.
4.
5.
Liz Chapa manages a portfolio of 250 common stocks. Her staff
compiled the following performance statistics for two new stocks.
1.
40.
1.
40.
2.
3.
4.
The coefficient of variation for Salas Products, Inc. is -----. 5.
Banks (AFB), is reviewing the employee training programs of AFB
banks. His staff compiled the following table of regional statistics on
1.
41.
2.
3.
4.
What can David conclude from these statistics? 5.
questionnaire distributed to 100 of Plano,s customers asked them to
rate the importance of "ease of maintenance" and "efficiency of
1.
42.
2.
3.
4.
What can Manuel conclude from these statistics? 5.
Let A be the event that a student is enrolled in an accounting
course, and let S be the event that a student is enrolled in a 1.
statistics course. It is known that 30% of all students are enrolled in 2.
an accounting course and 40% of all students are enrolled in
43. 3.
statistics. Included in these numbers are 15% who are enrolled in
both statistics and accounting. A student is randomly selected, what 4.
is the probability that the student is enrolled in either accounting or 5.
statistics or both? 1.
2.
Given P(A) = 0.40, P(B) = 0.50, P(A ∩ B) = 0.15. Which of the
44. 3.
following is true?
4.
5.
1.
A baseball player has a .300 batting average (i.e. there is a 30% 2.
45. chance of a hit on any at bat). What is the probability that this 3.
player gets hits on each of his next 3 at bats? 4.
5.
1.
46.
2.
3.
4.
Are "Female" and "SUV" independent and why or why not?
Meagan Dubean manages a portfolio of 200 common stocks. Her 5.
staff classified the portfolio stocks by ,industry
sector, and ,investment objective.
1.
47.
2.
3.
4.
If a stock is selected randomly from Meagan,s portfolio,P(Airlines|
5.
Income) = -----.
Ten percent of all personal loans granted by First Easy Money Bank 1.
are defaulted in the fourth re-payment month. One-hundred four- 2.
month old personal loans are randomly selected from a population
48. 3.
of 3,000. The number of defaulted loans in this sample has a
binomial distribution. If we use the normal distribution to 4.
approximate probabilities for this, we would use a mean of -----. 5.
You are offered an investment opportunity. Its outcomes and
probabilities are presented in the following table.
1.
49.
2.
3.
4.
The mean of this distribution is -----. 5.
The following graph is a binomial distribution with n = 6.
1.
50.
2.
3.
4.
This graph reveals that -----. 5.
Max Sandlin is exploring the characteristics of stock market
1.
investors. He found that sixty percent of all investors have a net
worth exceeding $1,000,000; 20% of all investors use an online 2.
51.
worth exceeding $1,000,000; 20% of all investors use an online
51. brokerage; and 10% of all investors a have net worth exceeding 3.
$1,000,000 and use an online brokerage. If an investor is selected 4.
randomly, and E is the event "networth exceeds $1,000,000," then
5.
P(E) = -----.
1.
2.
52. The lowest level of data measurement is the ratio level. 3.
4.
5.
1.
With interval-level data, the zero point is a matter of convention 2.
53. and does not mean the absence of the phenomenon under 3.
observation. 4.
5.
1.
2.
54. The highest level of data measurement is 3.
4.
5.
1.
Which scale of measurement has these two properties: linear 2.
55. distance is meaningful and the location of origin (or zero point) is 3.
arbitrary? 4.
5.
1.
Which scale of measurement has these two properties: linear 2.
56. distance is meaningful and the location of origin (or zero point) is 3.
absolute (or natural)? 4.
5.
1.
Value Research analyzes mutual funds on several parameters
including risk and performance of mutual funds. Each mutual fund is 2.
57. assigned an overall rating of one to five stars. One star is the lowest 3.
rating, and five stars is the highest rating. This level of 4.
measurement is
5.
1.
A person has decided to code a particular set of sales data. A value 2.
58. of 0 is assigned if the sales occurred on a weekday, and a value of 1 3.
means it happened on a weekend. This is an example of 4.
5.
1.
2.
59. Scores on a test range from 0 to 100. This level of data is 3.
4.
5.
1.
2.
60. Which types of data are normally used in parametric statistics?
60. Which types of data are normally used in parametric statistics? 3.
4.
5.
1.
2.
Which types of data are normally used with nonparametric
61. 3.
statistics?
4.
5.
The Chamber of Commerce wants to assess its membership s ,
1.
opinions of the North American Free Trade Agreement. One- 2.
hundred of the 2,000 members are randomly selected and contacted
62. 3.
by telephone. Seventy-five reported an overall favorable opinion,
and twenty-five reported an overall unfavorable opinion. The 4.
proportion, 0.75, is a 5.
1.
What proportion of San Diego,s registered voters favor trade 2.
restrictions with China? In an effort to determine this, a research
63. 3.
team calls every registered voter in San Diego and contacts them.
The proportion determined from the data gathered is a 4.
A marketing demographic survey is undertaken to determine the 5.
market potential for a new product. One of the questions asked is: 1.
What type of residence do you live in? Respondents are offered 2.
several possible answers including: house, apartment, or
64. 3.
condominiums. In order to computerize the survey answers, the
responses are coded as a 1 if the answer is ,,house,,, a 2 if the 4.
answer is an ,,apartment,,, and a 3 if the answer is a ,,condominium,,. 5.
A business is attempting to find the best small town in the United
These numbers, 1, 2, and 3, are examples of which level of data? 1.
States in which to relocate. As part of the investigation, the
elevations of all small towns in the United States are researched. 2.
65. Some towns are located high in the Rockies with elevations over 3.
8,000 feet. There are even some towns located in the south central 4.
valley of California with elevations below sea level. These elevations
5.
can best be described as which level of data?
Consider the following frequency distribution:
Class Interval Frequency 1.

10-under 20 15
66. 20-under 30 25
30-under 40 10 2.
3.
4.
What is the relative frequency of the first class? 5.
Stem Leaf
1 0, 2, 5, 7 1.
2 2, 3, 4, 4
67. 3 0, 4, 6, 6, 9
4 5, 8, 8, 9
5 2, 7, 8 2.
67.
3.
there were 5 classes (10-under 20, 20-under 30, etc.). What would 5.
the frequency be for class 30-under 40?
Stem Leaf
1 0, 2, 5, 7 1.
2 2, 3, 4, 8
68. 3 0, 4, 6, 6, 9
4 5, 8, 8, 9
5 2, 7, 8 2.
3.
there were 5 classes (10-under 20, 20-under 30, etc.). What would 5.
The staffs of the accounting and the quality control departments
be the relative frequency of the class 20-under 30?
rated their respective supervisor ,
s leadership style as either (1) 1.
authoritarian or (2) participatory. Sixty-eight percent of the 2.
accounting staff rated their supervisor ,,authoritarian,,, and thirty-two
69. 3.
percent rated him ,,participatory.,, Forty percent of the quality control
staff rated their supervisor ,,authoritarian,,, and sixty percent rated 4.
her ,,participatory.,, The best graphic depiction of these data would 5.
be 1.
The empirical rule says that approximately what percentage of the 2.
70. values would be within 2 standard deviations of the mean in a bell 3.
shaped set of data? 4.
5.
1.
The mean life of a particular brand of light bulb is 1000 hours and 2.
71. the standard deviation is 50 hours. We can conclude that at least 3.
75% of this brand of bulbs will last between 4.
5.
1.
2.
72. The list of all elementary events for an experiment is called 3.
4.
5.
1.
2.
73. If X and Y are mutually exclusive events, then if X occurs 3.
4.
5.
1.
2.
74. Given P(A) = 0.40, P(B) = 0.50, P(A ∩ B) = 0.15. Find P(A ∪ B). 3.
4.
5.
1.
75. The following graphic of PCB failures is a
2.
75. The following graphic of PCB failures is a 3.
4.
5.
The following box and whisker plot was constructed for the age of
1.
accounts receivable.
2.
76. 3.
4.
The box and whisker plot reveals that the accounts receivable ages
5.
are
1.
2.
77. According to the following graphic, X and Y have 3.
4.
5.
Options
can never be larger than the mean
is always larger than the median
is always larger than the mean
None of these alternatives is correct.
-
1.00
0.50
any value between 0 to 1
almost zero
-
-0.5
0.5
any value between 0 to 1
1
-
The mean, median, and the mode are equal
The mean of the distribution can be negative, zero, or positive
The distribution is symmetrical
The standard deviation must be 1
-
normally distributed
exponentially distributed
a binomial distribution
equal to lambda
-
the probability of the union is zero
P(X) = 1 - P(Y)
the probability of the intersection is zero
the probability of the union is one
-
0.37
0.70
0.13
0.35
-
A and F are collectively exhaustive
A and F are mutually exclusive
A and F are dependent
A and F are independent
-
0.20
0.80
0.30
0.375
-
A and B are independent
A and B are mutually exclusive
A and B are collectively exhaustive
A and B are not independent
-
0.48
0.50
0.20
0.02
-
no, because P(Female ? SUV) = P(Female) . P(SUV)
no, because P(SUV) cannot be calculated from this information
yes, because P(Female | SUV) = P(Female)
yes, because P(Female ∩ SUV) ≠ 0
-
0.27
0.73
0.80
0.24
-
4
0.25
0.5
1
-
0.10
0.40
0.25
0.67
-
120
4
6
24
-
0.50
0.80
0.70
0.60
-
This distribution is skewed to the right.
This distribution is skewed to the left.
This is a binomial distribution.
This is a normal distribution.
-
nominal
ordinal
interval
ratio
-
nominal
ordinal
interval
ratio
-
nominal
ratio
ordinal
interval
-
nominal
ratio
ordinal
interval
-
nominal
ordinal
interval
ratio
-
descriptive statistics
inferential statistics
intermediate statistics
a census
-
10
20
30
40
-
22%
22%
11%
67%
10%
-
100
200
300
400
-
20%
40%
60%
80%
-
a histogram
two histograms
a pie chart
two pie charts
-
Only company B gained market share.
Only company C lost market share.
Company A lost market share.
Company B lost market share.
-
5
9
13
14
-
nominal
ordinal
interval
ratio
-
variance
standard deviation
mean absolute deviation
average deviation
-
not skewed
symmetrical about its mean
skewed to the left
skewed to the right
-
standard deviation
interquartile range
mean absolute deviation
coefficient of dispersion
-
at least 75%
at least 68%
at least 95%
at least 89%
-
0
12
3
2.4
-
70 and 80 months
60 and 90 months
65 and 85 months
55 and 95 months
-
68% of these service stations had sales to inventory ratios of 20.8
or less
or less
or more
or more
-
300%
300%
100%
33%
5%
-
the Southwest distribution has the greater relative dispersion
the Southwest distribution is skewed to the left
the Southeast distribution has the greater relative dispersion
the Southeast distribution is not skewed
-
the Ease of Maintenance distribution is skewed to the right
the Ease of Maintenance distribution is not skewed
the Efficiency of Operation distribution is skewed to the left
the Efficiency of Operation distribution is positively skewed
-
0.15
0.85
0.70
0.55
-
A and B are independent
A and B are mutually exclusive
A and B are collectively exhaustive
A and B are not independent
-
0.900
0.300
0.333
0.027
-
no, because P(Female ∩ SUV) = P(Female) . P(SUV)
no, because P(SUV) cannot be calculated from this information
yes, because P(Female | SUV) = P(Female)
yes, because P(Female ∩ SUV) ≠ 0
-
0.10
0.40
0.25
0.67
-
30
50
10
300
-
-$400
$0
$200
$400
-
p > 0.5
p = 1.0
p = 0
p < 0.5
-
0.17
0.10
0.60
0.20
-
True
False
-
-
-
True
False
-
-
-
Interval level
Ordinal level
Nominal level
Ratio level
Minimal level
Interval level
Ordinal level
Nominal level
Ratio level
Minimal level
Interval level
Ordinal level
Nominal level
Ratio level
Relative level
ordinal level
interval level
nominal level
ratio level
relative level
interval level data
ordinal level data
nominal level data
ratio level data
relative level data
interval level data
ordinal level data
nominal level data
ratio level data
relative level data
Interval or ratio level data
Ordinal or nominal level data
Nominal or ratio level data
Ratio or ordinal level data
Relative or ratio level data
Interval or ratio level data
Ordinal or nominal level data
Nominal or ratio level data
Ratio or ordinal level data
Relative or ratio level data
parameter
statistic
population
sample
frame
parameter
sample
population
statistic
frame
Interval level
Ordinal level
Nominal level
Ratio level
Relative level
Interval level
Ordinal level
Nominal level
Ratio level
Relative level
0.15
0.30
0.10
0.20
0.40
3
4
6
7
5
0.4
0.25
0.20
4
0.50
histograms
frequency polygons
ogives
pie charts
scatter plots
95%
68%
50%
97.7%
100%
900 and 1100 hours
950 and 1050 hours
850 and 1150 hours
800 and 1200 hours
1050 and 1250 hours
the sample space
the exhaustive list
the population space
the event union
a frame
Y must also occur
Y cannot occur
X and Y are independent
X and Y are complements
A and Y are collectively exhaustive
0.90
1.05
0.75
0.65
0.60
Scatter Plot
Pareto Chart
Pie Chart
Cumulative Histogram Chart
Line diagram
skewed to the left
skewed to the right
not skewed
normally distributed
symmetrical
strong negative correlation
virtually no correlation
strong positive correlation
moderate negative correlation
weak negative correlation
Answer
4 4
4 4
2
4
2
3
2
4
4
1
2
3
2
2
2
2
2
1
1
4
3
3
4
4
2
2
2
2
3
3
4
4
2
3
2
4
4
3
4
4
1
3
2
3
3
4
4
4
4
4
2
2
3
2
4
3
3
2
1
4
1
4
1
3
4
1
1
2
2
1
3
1
2
5
5
3
4
1
1
1
2
3
2
2
1
3

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Q.No.

Class Interval Frequency 1.

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