Question 1

Which of the following best describes the primary purpose of business statistics?

Accepted Answer

To summarize, analyze, and interpret data for informed decision-making.

Question 2

A company wants to understand the average sales per region. Which measure of central tendency should they use?

Accepted Answer

Mean

Question 3

Which formula correctly calculates the sample standard deviation $$s$$ for a dataset?

Accepted Answer

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

Question 4

A pharmaceutical company collects data on the effectiveness of a new drug. Which type of data is this?

Accepted Answer

Quantitative data

Question 5

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

Accepted Answer

4

Question 6

Which of the following is NOT a measure of variability?

Accepted Answer

Mean

Question 7

A business analyst uses the coefficient of variation to compare risk between two investments. Which formula should they use?

Accepted Answer

$$CV = \frac{s}{\bar{x}}$$

Question 8

Which scenario best illustrates the concept of sampling bias?

Accepted Answer

Surveying only customers who visit a store during weekdays.

Question 9

Given the following data: 10, 12, 14, 16, 18, what is the mean?

Accepted Answer

14

Question 10

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

Accepted Answer

Population statistics are calculated from all members of a group, while sample statistics are calculated from a subset.

Question 11

A manager wants to know the spread of employee salaries. Which measure should they use?

Accepted Answer

Standard deviation

Question 12

Which formula is used to calculate the population variance $$\$$sigma^2$$?

Accepted Answer

$$\$$sigma^2$$ = \frac{\sum (x_i - \mu)^2$}{N}$$

Question 13

A retail company wants to compare the variability of sales between two stores. Store A has a mean of $$100$$ and a standard deviation of $$20. $$Store B has a mean of $$200$$ and a standard deviation of $$40. $$Which store has a higher coefficient of variation?

Accepted Answer

Both stores have the same coefficient of variation.

Question 14

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

Accepted Answer

Height of students in a class

Question 15

If the mean of a dataset is $$50$$ and the standard deviation is $$5$$, what is the coefficient of variation?

Accepted Answer

$$CV = 0.1$$

Question 16

Which of the following best describes the central limit theorem?

Accepted Answer

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

Question 17

A company wants to estimate the average time customers spend on their website. Which sampling method would best avoid bias?

Accepted Answer

Random sampling

Question 18

Which formula is used to calculate the mean $$\bar{x} of a $$sample?

Accepted Answer

$$\bar{x} = \frac{\sum x_i}{n}$$

Question 19

A dataset contains the following values: 5, 7, 9, 11, 13. What is the range?

Accepted Answer

8

Question 20

Which of the following is a potential consequence of using non-random samples in business research?

Accepted Answer

Results may not be generalizable to the entire population.

Study Guide: Descriptive Statistics, Probability, and Data Analysis

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