$$\frac{6}{20} \times 100 = 30$$

Question 1

Which of the following is an example of qualitative data?

Accepted Answer

The preferred brand of smartphone among college students

Question 2

Given the following frequency table for CEO degrees, what is the class percentage for MBAs?

Bachelor’s: 9
Law: 2
MBA: 6
Master’s: 2
None: 1
PhD: 0

Total CEOs: 20

Accepted Answer

$$\frac{6}{20} 	imes 100 = 30$$

Question 3

Which graphical method is most appropriate for displaying the distribution of a qualitative variable such as 'Degree' among CEOs?

Accepted Answer

Pie chart

Question 4

A company wants to visualize the proportion of its employees in different departments. Which chart should they use?

Accepted Answer

Pie chart

Question 5

What is the formula for the sample mean $$\bar{x} of a $$quantitative data set with $$n$$ measurements $$x_1$$, $$x_2$$, ..., x_n$$?

Accepted Answer

$$\bar{x} = \frac{\sum_{i=1}^{n} x_i}{n}$$

Question 6

A data set of CEO ages is: 49, 61, 58, 63, 60, 61, 60. What is the median age?

Accepted Answer

60

Question 7

Which measure of central tendency is most affected by extreme values (outliers)?

Accepted Answer

Mean

Question 8

If a data set is skewed to the right, which of the following is true?

Accepted Answer

The mean is greater than the median

Question 9

A histogram is best used to display which type of data?

Accepted Answer

Quantitative data

Question 10

Given the following R&D percentages for 5 companies: 8.2, 7.5, 9.1, 6.8, 10.1. What is the mean percentage spent on R&D?

Accepted Answer

$$\frac{8.2 + 7.5 + 9.1 + 6.8 + 10.1}{5} = 8.34$$

Question 11

Which of the following best describes the class relative frequency?

Accepted Answer

The number of observations in a class divided by the total number of observations

Question 12

A histogram of R&D percentages shows most companies spend between 7% and 10%. What does this indicate about the distribution?

Accepted Answer

The data is centered around 7% to 10%

Question 13

If the median of a data set is much less than the mean, what can you infer about the data's distribution?

Accepted Answer

The data is skewed to the right

Question 14

Which Excel function would you use to calculate the mean of a data set?

Accepted Answer

=average(data)

Question 15

A company wants to compare the proportion of employees with different degrees. Which numerical method should they use?

Accepted Answer

Class relative frequency

Question 16

Which of the following is NOT a measure of central tendency?

Accepted Answer

Variance

Question 17

If a data set has the following values: 2, 4, 6, 8, 100, which measure would best represent the center of the data?

Accepted Answer

Median

Question 18

Which of the following best describes a histogram?

Accepted Answer

A chart that displays frequencies for intervals of quantitative data

Question 19

If the class frequency for 'Law' degrees among CEOs is 2 out of 20, what is the class relative frequency?

Accepted Answer

$$\frac{2}{20} = 0.1$$

Question 20

Which of the following statements is true about the median?

Accepted Answer

It is less sensitive to outliers than the mean

Methods for Describing Sets of Data in Business Statistics

Study Guide - Practice Questions