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

**QNT 275 Week 5 Final Exam**

**The 2016 Latest Version A+ Score**

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1

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

2

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

3

Which of the following is a quantitative

variable?

•

House age

•

All the answers

•

House price

•

House size

4

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.

5

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

6

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

7

Mutually exclusive events ______________.

•

do not share common outcomes

•

contain all possible outcomes

•

do not contain all possible outcomes

•

may share common outcomes

8

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

9

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 ___________.

•

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

•

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?

•

About 84 percent

•

About 97.5 percent

•

About 95 percent

•

About 68 percent

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.

•

0.5%

•

1%

•

5%

•

2.5%

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