# Which of the following is a quantitative variable?

QNT 275 Week 5 Final Exam

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The
salaries of teachers in a particular school district are normally distributed
with a mean of \$50,000 and a standard deviation of \$2,500. Due to budget
limitations, it has been decided that the teachers who are in the top 2.5% of
the salaries would not get a raise. What is the salary level that divides the
teachers into one group that gets a raise and one that doesn't?

•

45,100

•

54,900

•

-1.96

•

1.96

In the accompanying stem-and-leaf diagram,
the values in the stem and leaf portions represent 10s and 1s digits,
respectively.

The stem-and-leaf diagram shows that the
distribution is ___________.

•

None of the answers

•

negatively skewed

•

symmetric

•

positively skewed

Which of the following is a quantitative
variable?

•

House age

•

•

House price

•

House size

Which of the following meets the
requirements of a stratified random sample?

•

A population contains 10 members under the
age of 25 and 20 members over the age of 25. The sample will include six males
chosen at random, without regard to age.

•

A population contains 10 members under the
age of 25 and 20 members over the age of 25. The sample will include six people
who volunteer for the sample.

•

A population contains 10 members under the
age of 25 and 20 members over the age of 25. The sample will include six people
chosen at random, without regard to age.

•

A population contains 10 members under the
age of 25 and 20 members over the age of 25. The sample will include two people
chosen at random under the age of 25 and four people chosen at random over 25.

Which of the following can be represented
by a continuous random variable?

•

The number of typos found on a randomly
selected page of this test bank

•

The average temperature in Tampa, Florida,
during the month of July

•

The number of customers who visit a
department store between 10:00 a.m. and 11:00 a.m. on Mondays

•

The number of students who will get
financial assistance in a group of 50 randomly selected students

In the sample regression equation   what is

•

The y-intercept

•

The predicted value of y, given a specific
x value

•

The value of y when x = 0

•

The slope of the equation

Mutually exclusive events ______________.

•

do not share common outcomes

•

contain all possible outcomes

•

do not contain all possible outcomes

•

may share common outcomes

Which of the following can be represented
by a discrete random variable?

•

The circumference of a randomly generated
circle

•

The average distance achieved in a series
of long jumps

•

The number of defective light bulbs in a
sample of five

•

The time of a flight between Chicago and
New York

A
manager of a fast food restaurant wants to ensure that staff are scheduled with
the sufficient hours required to meet customer demands without overspending on
labor costs. The manager has daily guest counts, sales data, and staff hours
for the prior year. What should the manager do next in order to reach
conclusions about scheduling restaurant staff?

•

Provide the data sets to the restaurant
owner for analysis by the owner’s staff.

•

Schedule staff based on the staffing levels
used on the same date the prior year.

•

Perform descriptive statistics, inferential
statistics, and time series analysis.

•

Create a graph of the data and extend the
graph forward in time to set the schedule.

10

A-Plus Dry Cleaners wants to understand its
customers’ perceptions of the quality of the company’s customer service. They
plan to survey a sample of its customer base. What will A-Plus need to do to
ensure that their data is valid and reliable?

•

The survey must include items that ask
customers to rate the appearance of the dry cleaning store, the survey must
include all customers, and the survey method must include setting up a table
outside the local dollar store.

•

The survey must include items that ask customers
to rate the quality of the company’s customer service, the survey sample must
represent all parts of the customer population, and the survey method must be
repeatable.

•

The survey must include items that ask
customers to rate the friendliness of the staff, the survey must include all
customers from the north side of the city, and the survey method must appeal to
all respondents.

•

The survey must include items that ask
customers about their dry cleaning experiences, the survey sample must include
the first 15 customers off the customer database, and the survey method must be
repeatable.

11

The two branches of the study of statistics
are generally referred to as ___________.

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differential and descriptive statistics

•

inferential and differential statistics

•

descriptive and referential statistics

•

descriptive and inferential statistics

12

Serial correlation is typically observed
in:

•

time series data

•

outliers

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sparse data

•

cross-sectional data

13

The
manager of a retail shoe store has applied statistics to analyze sales,
purchasing, and  data and reached the
conclusion that the store could reduce costs by reducing inventory of very
small and very large sizes, and substituting an online ordering service to
drop-ship rare sizes directly from suppliers. How should the manager
communicate those results to the store owner?

•

Summarize the recommendations, supported by
visual representation of the data and statistics.

•

Schedule a conference call with the owner
and suppliers to discuss online ordering options.

•

Project the future online sales data using
a line graph.

•

Provide the complete data set and all
statistical analyses to the owner in spreadsheets.

14

Professors at a local university earn an
average salary of \$80,000 with a standard deviation of \$6,000. The salary
distribution is approximately bell-shaped. What can be said about the
percentage of salaries that are at least \$74,000?

•

•

•

•

15

Which of the following violates the
assumptions of regression analysis?

•

The error term has a constant variance.

•

The error term is uncorrelated with an
explanatory variable.

•

The error term has a zero mean.

•

The error term does not have the normal
distribution.

16

The study of statistics can be defined as:

•

the language of data.

•

the art and science of getting information
from data.

•

All of the answers

•

the study of collecting, analyzing,
presenting, and interpreting data.

17

What is the name of the variable that's
used to predict another variable?

•

Coefficient of determination

•

Response

•

Explanatory

•

Standard error of the estimate

18

Consider a population with data values of
12, 8, 28, 22, 12, 30, 14.

The median is:

•

12

•

22

•

14

•

18

19

Which scales of data measurement are associated
with quantitative data?

•

Nominal and ordinal

•

Ordinal and interval

•

Ratio and nominal

•

Interval and ratio

20

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

•

Covariance and the correlation coefficient

•

Interquartile range

•

Variance and standard deviation

•

Range

21

Frequency distributions may be used to
describe which of the following types of data?

•

Nominal and interval data only

•

Nominal, ordinal, and interval data only

•

Nominal and ordinal data only

•

Nominal, ordinal, interval, and ratio data

22

A company wants to estimate the mean price
of oil over the past 10 years. What kind of data does the company need?

•

Descriptive statistics

•

Cross-sectional data

•

Time series data

•

Inferential statistics

23

What type of relationship is indicated in
the scatterplot?

•

A negative linear relationship

•

A positive linear or curvilinear
relationship

•

A negative curvilinear relationship

•

No relationship

24

Which of the following is most influenced
by outliers?

•

75th percentile

•

Mean

•

Mode

•

Median

25

Bias can occur in sampling. Bias refers to
_____________________.

•

the division of the population into
overlapping groups

•

the creation of strata, which are
proportional to the stratum's size

•

the use of cluster sampling instead of
stratified random sampling

•

the tendency of a sample statistic to
systematically over-or underestimate a population parameter

26

The
owner of a company has recently decided to raise the salary of one employee,
who was already making the highest salary, by 20%. Which of the following
is(are) expected to be affected by this raise?

•

Median only

•

Mean, median, and mode

•

Mean and median only

•

Mean only

27

The estimation of which of the following
requires sampling?

•

The Cleveland Indians' hitting percentage
in 2010

•

The average SAT score of incoming freshmen
at a university

•

U.S. unemployment rate

•

Total rainfall in Phoenix, Arizona, in 2010

28

Horizontal bar charts are constructed by
placing:

•

each interval of values on the vertical
axis and the appropriate range of values on the horizontal axis.

•

each category on the horizontal axis and
the appropriate range of values on the vertical axis.

•

each category on the vertical axis and the
appropriate range of values on the horizontal axis.

•

None of the Answers.

29

A
hedge fund returns on average 26% per year with a standard deviation of 12%.
Using the empirical rule, approximate the probability the fund returns over 50%
next year.

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0.5%

•

1%

•

5%

•

2.5%