Question 1

A study in Yosemite National Forest aims to determine the adult height of American pine trees. If the study collects data from 2500 pine trees and selects 200 at random for measurement, which of the following best describes the sample and the population?

Accepted Answer

Sample: 200 selected pine trees; Population: 2500 pine trees

Question 2

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

Accepted Answer

Whether a person has a traffic violation

Question 3

The classification of student class designation (freshman, sophomore, junior, senior) is an example of which type of variable?

Accepted Answer

Categorical

Question 4

Which of the following graphs is most appropriate for displaying qualitative data?

Accepted Answer

Bar chart

Question 5

A ______ displays the frequency of each group with qualitative data, while a ______ displays the frequency of each group with quantitative data.

Accepted Answer

Bar chart; histogram

Question 6

Which measure of central tendency can be used for both numerical and categorical variables?

Accepted Answer

Mode

Question 7

Given the following ages of 15 senior citizens: 62, 65, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 80. What is the arithmetic mean age? Use the formula $ 	ext{Mean} = \frac{\sum x_i}{n} $.

Accepted Answer

$ 71.4 $

Question 8

What is the median age of the following data set: 62, 65, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 80?

Accepted Answer

$ 72 $

Question 9

Calculate the interquartile range (IQR) for the following data set: 62, 65, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 80. Use $ IQR = Q_3 - Q_1 $.

Accepted Answer

$ 7 $

Question 10

Which of the following best describes the advantage of using a histogram over a bar chart for quantitative data?

Accepted Answer

Histograms show the distribution of data across intervals

Question 11

If the class limits for a frequency distribution are 65.5 and 80.5, what is the class interval? Use $ 	ext{Class Interval} = 	ext{Upper Limit} - 	ext{Lower Limit} $.

Accepted Answer

$ 15 $

Question 12

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

Accepted Answer

Standard deviation

Question 13

A company wants to analyze the daily price changes of its stock. Which type of variable is 'daily price change'?

Accepted Answer

Continuous

Question 14

Which of the following is the best graph to use when displaying the frequency of categorical data?

Accepted Answer

Bar chart

Question 15

Which of the following is a real-world example of a discrete variable?

Accepted Answer

The number of cars sold by a dealership in a month

Question 16

Which of the following is a real-world example of a continuous variable?

Accepted Answer

The time it takes to run a marathon

Question 17

Which of the following is the correct formula for calculating the variance of a sample?

Accepted Answer

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

Statistics for Business: Practice Questions and Key Concepts (Chapters 1–3)

Study Guide - Practice Questions

Study Guide - Flashcards