Question 1

A pharmaceutical company collects data on the number of days it takes to dispense a new drug. The data is summarized in a histogram that is right-skewed. Which of the following statements is most likely true about the relationship between the mean and the median?

Accepted Answer

The mean is greater than the median.

Question 2

A survey asks students to report their favorite color. Which of the following best describes the variable 'favorite color'?

Accepted Answer

Qualitative

Question 3

A sample of 60 undergraduates is selected, and 15% of all undergraduates are known to go to graduate school. What is the expected number of students in the sample who will go to graduate school?

Accepted Answer

$$60 	imes 0.15 = 9$$

Question 4

Which Excel function would you use to calculate the standard deviation of a dataset in a single column?

Accepted Answer

=STDEV()

Question 5

Suppose exam grades are normally distributed with a mean of 82 and a standard deviation of 6.2. What is the probability that a student scores higher than 90? (Use the standard normal distribution.)

Accepted Answer

$$P(X \u003e 90) = 1 - NORM.DIST(90, 82, 6.2, TRUE)$$

Question 6

A boxplot of monthly sales for a retail store shows a longer whisker on the right side. What does this indicate about the distribution of sales?

Accepted Answer

The distribution is right-skewed.

Question 7

Which of the following best describes the Empirical Rule for a symmetric, bell-shaped distribution?

Accepted Answer

All of the above.

Question 8

A company wants to know the probability that at most 5 out of 60 randomly selected employees will be late, given that the probability of being late is 10%. Which Excel function should be used?

Accepted Answer

BINOM.DIST(5, 60, 0.10, TRUE)

Question 9

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

Accepted Answer

Standard deviation

Question 10

A researcher collects data on the number of hours worked per week by employees and creates a histogram. What type of variable is 'hours worked'?

Accepted Answer

Quantitative

Question 11

If a dataset has a mean of 50 and a standard deviation of 5, what is the z-score for a value of 60?

Accepted Answer

$$z = \frac{60 - 50}{5} = 2$$

Question 12

A sample of 36 students has a mean exam score of 82 and a standard deviation of 6.2. What is the standard error of the mean?

Accepted Answer

$$\frac{6.2}{\sqrt{36}} = 1.033$$

Question 13

Which of the following best describes a scatterplot?

Accepted Answer

A plot that shows the relationship between two quantitative variables.

Question 14

A study uses a survey to collect data on customer satisfaction. What type of data collection method is this?

Accepted Answer

Survey

Question 15

If a distribution is symmetric and bell-shaped with a mean of 70 and a standard deviation of 10, approximately what percentage of data falls between 60 and 80?

Accepted Answer

About 68%

Question 16

Which of the following statements about Chebyshev's Theorem is correct?

Accepted Answer

At least 75% of the data falls within 2 standard deviations of the mean, regardless of the shape of the distribution.

Question 17

A manager wants to identify employees who scored in the top 10% on a performance test. Which percentile should she use as the cutoff?

Accepted Answer

90th percentile

Question 18

Which of the following is a correct interpretation of a z-score of -1.5?

Accepted Answer

The value is 1.5 standard deviations below the mean.

Question 19

A pie chart is most appropriate for displaying which type of data?

Accepted Answer

Qualitative data

Question 20

A random sample of 36 exam grades is taken from a population with mean 82 and standard deviation 6.2. What is the probability that the sample mean is higher than 84?

Accepted Answer

$$P(\overline{X} \u003e 84) = 1 - NORM.DIST(84, 82, \frac{6.2}{\sqrt{36}}, TRUE)$$

Statistics for Business: Exam 1 Review Study Notes

Study Guide - Practice Questions

Study Guide - Flashcards