Question 1

Which of the following best describes the purpose of using descriptive statistics in business analysis?

Accepted Answer

To summarize and organize data to reveal patterns and trends.

Question 2

A company wants to compare the average sales of two different products. Which measure of central tendency should they use?

Accepted Answer

Mean

Question 3

If a dataset contains the values: 2, 4, 4, 4, 5, 6, 8, what is the mode?

Accepted Answer

4

Question 4

Which formula correctly calculates the sample variance $$s^2$$ for a dataset with $$n$$ observations and sample mean $$\bar{x}$$?

Accepted Answer

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

Question 5

A business analyst is examining the relationship between advertising spend and sales revenue. Which statistical method is most appropriate?

Accepted Answer

Regression analysis

Question 6

A survey of 100 customers found that 60 prefer Product A and 40 prefer Product B. What is the relative frequency of customers preferring Product A?

Accepted Answer

$$0.60$$

Question 7

Which of the following is NOT a measure of dispersion?

Accepted Answer

Mean

Question 8

A manager wants to know the probability of selling more than 100 units in a day, given historical sales data. Which concept should be used?

Accepted Answer

Conditional probability

Question 9

If the probability of event A is $$0.3$$ and the probability of event B is $$0.5$$, and the events are independent, what is the probability that both A and B occur?

Accepted Answer

$$0.15$$

Question 10

Which of the following best describes the use of Bayes' Theorem in business decision-making?

Accepted Answer

It updates the probability of an event based on new information.

Question 11

A discrete probability distribution is characterized by:

Accepted Answer

Outcomes that are countable and have specific probabilities.

Question 12

Which formula represents the expected value $$E(X) of a $$discrete random variable $$X$$ with possible values $$x_i$$ and probabilities $$p_i$$?

Accepted Answer

$$E(X) = \sum_{i=1}^{n} x_i p_i$$

Question 13

A normal distribution is defined by which two parameters?

Accepted Answer

Mean and standard deviation

Question 14

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

Accepted Answer

The mean is greater than the median.

Question 15

A business wants to estimate the probability of a customer making a purchase given that they clicked on an ad. Which statistical concept applies?

Accepted Answer

Conditional probability

Question 16

Which of the following is the correct formula for the z-score of a value $$x in a $$dataset with mean $$\mu$$ and standard deviation $$\sigma$$?

Accepted Answer

$$z = \frac{x - \mu}{\sigma}$$

Question 17

A company tracks the number of defective products per day. Which probability distribution is most appropriate for modeling this scenario?

Accepted Answer

Discrete probability distribution

Question 18

Which of the following statements about the Central Limit Theorem is correct?

Accepted Answer

The sampling distribution of the sample mean approaches normality as sample size increases.

Question 19

A business analyst uses regression to predict sales based on advertising spend. The regression equation is $$y = 2x + 5. If $$advertising spend $$x = 10$$, what is the predicted sales $$y$$?

Accepted Answer

$$y = 25$$

Question 20

Which of the following best describes the difference between population and sample in statistics?

Accepted Answer

A sample is a subset of a population.

Syllabus Overview: Business Statistics I (HBA 303)

Study Guide - Practice Questions

Study Guide - Flashcards