Question 1

Which of the following best describes the main purpose of statistics in business decision making?

Accepted Answer

To collect, present, describe, and analyze data for informed decision making.

Question 2

A company wants to know if a new advertising strategy is boosting sales. Which statistical method is most appropriate for this scenario?

Accepted Answer

Correlation and regression analysis

Question 3

In a survey, 200 financers rate three cities (New York, London, Hong Kong) on three criteria. The average ratings are used to decide where to locate a financial firm. What type of data are these ratings?

Accepted Answer

Numerical/Quantitative data

Question 4

Which of the following is an example of a parameter?

Accepted Answer

The mean age at marriage for all US females, denoted by $$\mu$$

Question 5

A business analyst wants to estimate next quarter's revenue and provide a range of likely values. Which statistical concept is most relevant?

Accepted Answer

Confidence interval

Question 6

A company tests four 2024 Ford Mustangs in a crash test to estimate damage for all 2024 Mustangs. What is the sample in this study?

Accepted Answer

The four Mustangs used in the crash test

Question 7

Which of the following best distinguishes a statistic from a parameter?

Accepted Answer

A statistic is calculated from a sample, while a parameter describes a population.

Question 8

A/B testing is used to compare two versions of a mobile app. 50% of users see version A (21% conversion), and 50% see version B (38% conversion). What statistical method is being applied?

Accepted Answer

Hypothesis testing

Question 9

Which of the following is an example of qualitative data?

Accepted Answer

Political party affiliation (Democratic, Republican, or Independent)

Question 10

Suppose you want to know the average age at which US females get married. You sample 500 married females and calculate their average age. What is the statistic in this study?

Accepted Answer

The mean marriage age of the sample of 500 selected females

Question 11

Which formula correctly represents the sample mean?

Accepted Answer

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

Question 12

A chart showing the number of defective and non-defective chips in a batch is an example of which type of data presentation?

Accepted Answer

Descriptive statistics

Question 13

Which of the following scenarios best illustrates inferential statistics?

Accepted Answer

Using a sample of 100 voters to estimate the proportion of all voters who support a candidate

Question 14

If a dataset contains the following values: 2, 4, 4, 5, 7, what is the median?

Accepted Answer

$$4$$

Question 15

Which of the following is NOT a step in the statistical process as described in the materials?

Accepted Answer

Ignoring data that does not fit the hypothesis

Question 16

A scatter plot shows a downward trend between advertising spend and sales. What type of correlation does this represent?

Accepted Answer

Negative correlation

Question 17

Which of the following best describes a population in statistical terms?

Accepted Answer

The entire collection of items about which information is desired

Question 18

A company wants to know the average temperature at which its heat-resistant glass melts. It tests 20 pieces and records the temperature for each. What is the parameter of interest?

Accepted Answer

The mean melting temperature of all heat-resistant glass produced by the company

Question 19

Which of the following is an example of numerical/quantitative data?

Accepted Answer

The number of students at Stern in each of the last 5 years

Question 20

A business wants to compare the average housing prices in New York, London, and Hong Kong using survey data. Which statistical concept is most relevant for this comparison?

Accepted Answer

Descriptive statistics

Introduction to Statistics for Business: Key Concepts and Applications

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