Q: Which Excel function would you use to compute the probability of a Poisson distribution with mean $\lambda$ and $k$ events?

$\text{=POISSON.DIST(k, \lambda, FALSE)}$

Question 1

Which of the following best describes a parameter in statistics?

Accepted Answer

A numerical summary describing a population.

Question 2

A business analyst collects data on customer satisfaction scores (rated 1-5). What type of data is this?

Accepted Answer

Ordinal

Question 3

Which Excel function would you use to calculate the mean of a dataset in a column labeled 'Sales'?

Accepted Answer

$	ext{=AVERAGE(Sales)}$

Question 4

A company wants to visualize the relationship between advertising spend and sales revenue. Which chart should they use?

Accepted Answer

Scatter plot

Question 5

If the probability of an event A is 0.3 and the probability of event B is 0.5, assuming independence, what is the probability that both A and B occur?

Accepted Answer

$0.15$

Question 6

Which formula calculates the variance of a sample with values $x_1, x_2, ..., x_n$ and mean $\bar{x}$?

Accepted Answer

$\frac{\sum_{i=1}^{n} (x_i - \bar{x})^2}{n-1}$

Question 7

A frequency distribution table is most useful for which type of data?

Accepted Answer

Categorical data

Question 8

Which Excel function would you use to compute the probability of a Poisson distribution with mean $\lambda$ and $k$ events?

Accepted Answer

$	ext{=POISSON.DIST(k, \lambda, FALSE)}$

Question 9

A manager wants to find the most frequently occurring sales value in a dataset. Which measure should they use?

Accepted Answer

Mode

Question 10

Which of the following is NOT a step in constructing a histogram?

Accepted Answer

Calculate the mean of each bin

Question 11

A researcher uses Excel's Data Analysis ToolPak to compute descriptive statistics. Which of the following is NOT typically included in the output?

Accepted Answer

Scatter plot

Question 12

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

Accepted Answer

The mean is greater than the median.

Question 13

Which formula represents the probability of a discrete random variable $X$ taking value $x$ in a binomial distribution with $n$ trials and probability $p$?

Accepted Answer

$P(X = x) = \frac{n!}{x!(n-x)!} p^x (1-p)^{n-x}$

Question 14

A company wants to summarize the spread of its monthly sales data. Which measure should they use?

Accepted Answer

Standard deviation

Question 15

Which of the following is a joint event in probability?

Accepted Answer

The probability of rolling a 6 and drawing a red card.

Question 16

Which Excel function would you use to compute the standard deviation of a sample?

Accepted Answer

$	ext{=STDEV.S(data)}$

Question 17

A discrete random variable is best described as:

Accepted Answer

A variable that can only take specific, separate values.

Question 18

Which of the following is an example of a categorical variable?

Accepted Answer

Type of car owned

Question 19

If you want to find the probability of getting exactly 3 heads in 5 coin tosses, which distribution should you use?

Accepted Answer

Binomial distribution

Question 20

Which measure is most affected by extreme values in a dataset?

Accepted Answer

Mean

Statistics for Business: Comprehensive Exam Review Notes (Chapters 1–5)

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