To show the relationship between the amount of rainfall and the number of car accidents, the best type of graph to use is a scatter diagram.
True
False
True
When using the Histogram tool in Excel to construct a frequency distribution and histogram, the bins represent the upper class limits.
True
False
True
If a scatter diagram shows points that are reasonably aligned and are sloping downward from left to right, this implies that there is a negative linear relationship between the two variables.
True
False
True
A major insurance company believes that for drivers between 16 years of age and 60 years of age, the number of accidents per year tends to decrease as age increases. If this is the case, a scatter diagram should show a negative relationship between the tw
True
A sample which looks at the number of vehicles owned per household in Chicago in June 2017 is an example of:
I. A quantitative data set
II. A nominal-level data set
III. A discrete data set
IV. Time series data
I and III
After developing a frequency distribution for a quantitative variable, a histogram can be developed with the __________ axis representing the values of the variable and the __________ axis representing the frequency of occurrence in each class or group.
h
horizontal; vertical
A bar chart is most likely used to display which of the following?
A continuous variable
The relationship between two quantitative variables
An ordinal level variable
A ratio level variable
An ordinal level variable
Bar charts can typically be formed with the bars vertical or horizontal without adversely affecting the interpretation.
True
False
True
When constructing a HISTOGRAM, when is it appropriate to leave gaps between the bars?
When it is constructed for discrete numerical data
Histograms should never have gaps between the bars
When it is constructed for non-numerical data
When it is constructe
Histograms should never have gaps between the bars
In a scatter plot the points should always be connected with a line.
True
False
False
A histogram is most commonly used to analyze which of the following?
Time-series data
Ordinal data
Quantitative data
Nominal level data
Quantitative data
A common rule of thumb for determining how many classes to use when developing a frequency distribution with classes is:
between 5 and 20 classes.
equal to 0.25 times the number of data values.
at least 10 classes.
no fewer than 6 classes.
between 5 and 20 classes.
To show how the price of a stock has changed over the last 3 months, the best type of chart to use is:
a histogram.
a line chart.
a bar chart.
a pie chart.
a line chart.
A scatter diagram can show whether a pair of variables has a strong or weak relationship, and also whether it is linear or curved.
True
False
True
A histogram is used to display:
a qualitative variable
a quantitative variable
either a quantiative or categorical variable
The relationship between two quantitative variables
a quantitative variable
The use of charts and graphs is an example of:
inferential statistics.
descriptive statistics.
hypothesis testing.
estimation.
descriptive statistics.
A short survey with closed-end questions is likely to have a better response rate than a long survey with open-ended questions.
True
False
True
An accountant has recently prepared a report for a client that contains a variety of graphs and charts. In doing so, she has used descriptive statistical methods.
True
False
True
A sample of student ID numbers is an example of:
I. a qualitative data set
II. a quantitative data set
III. a categorical data set
IV. a nominal-level data set
I, III, and IV
On a survey, amount of education is recorded as some high school, high school graduate, some college, college graduate, etc. This is an example of ordinal data.
True
False
True
Simple random sampling involves selecting members of the population in such as way that all members are equally likely to be chosen.
True
False
True
Sales data measured each week for the past twenty weeks are examples of:
I. time-series data
II. quantitative data
III. ratio-level data
IV. continuous data
I, II, III, and IV
Only I
I, II, and III
I and IV
I, II, III, and IV
Recording vehicle type as sedan, minivan, pick-up truck, etc. is an example of qualitative data.
True
False
True
A cell phone service provider has 14,000 customers. Recently, the sales department selected a random sample of 400 customer accounts and recorded the number of minutes of long distance time used during the previous billing period. The data for this variab
False
Flavors of ice cream (chocolate, vanilla, strawberry, etc.) are an example of nominal data.
True
False
True
The sales data for a company measured weekly for the past year would be considered cross-sectional data since the sales values are computed from the entire company.
True
False
False
Descriptive statistics allow a decision maker to reach a conclusion about a population based on a subset from the population.
True
False
False
When students are asked to list their age and the percentage of their college expenses that they pay for themselves, the type of data being collected is quantitative.
True
False
True
A variable that has all the properties of an interval variable, but also has a true zero, is a ratio level variable.
True
False
True
When the park ranger at Yellowstone National Park reports the average length of time that visitors spend in the park, he is using:
numerical measures.
graphical tools.
statistical charts.
histograms or bar charts.
numerical measures.
An open-end question requires respondents to choose from a short list of choices
True
False
False
When a marketing manager surveys a few of the customers for the purpose of drawing a conclusion about the entire list of customers, she is applying:
quantitative models.
descriptive statistics.
numerical measures.
inferential statistics.
inferential statistics.
The difference between interval data and ratio data is that interval data has a natural zero.
True
False
False
Data collected on marital status (married, divorced, single, other) would be an ordinal level variable.
You Answered
True
False
False
At the end of the school term, students are asked to rate the course and instructor by indicating on a scale of 1-5 how well they liked the course. The data generated from this question are examples of ordinal data.
True
False
True
Possibly the most frequently used nonstatistical sampling procedure is the simple random sample.
True
False
False
Cross-sectional data is a set of data values observed at successive points in time.
True
False
False
A variable, i.e., the length of time it takes for an employee to complete an assembly procedure at an automotive plant, is a ratio level variable.
True
False
True
A light bulb manufacturer wants to advertise the average life of its light bulbs so it tests a subset of light bulbs. This is an example of inferential statistics.
True
False
True
Nominal data is the highest level of data.
True
False
False
Which of the following statements is true?
The population mean and a sample mean for a sample selected from that population will usually be different values.
The population mean and sample mean will always be identical.
The mean of the population will gen
The population mean and a sample mean for a sample selected from that population will usually be different values.
A professor wishes to develop a numerical method for giving grades. He intends to base the grade on homework, two midterms, a project, and a final examination. He wishes the final exam to have the largest influence on the grade. He wants the project to ha
74
A distribution has a coefficient of variation of 65 percent and mean of 11. What is the value of the standard deviation?
5.91
5.2
715
7.15
7.15
The number of days that homes stay on the market before they sell in Houston is bell-shaped with a mean equal to 66 days. Further, 95 percent of all homes are on the market between 52 and 80 days. Based on this information, what is the standard deviation
7
A large retail company gives an employment screening test to all prospective employees. Franklin recently took the test and it was reported back to him that his score placed him at the 60th percentile. Therefore:
Franklin scored as high or higher than 60
Franklin scored as high or higher than 60 percent of the people who took the test.
The following data reflect the number of customers who return merchandise for a refund on Monday. Note these data reflect the population of all 10 Mondays for which data are available.
45 6 17 25 9
46 13 22 16 7
Based on this data, what is the standard de
13.73
The following data reflect the number of customers who test drove new cars each day for a sample of 20 days at the Redfield Ford Dealership.
5 7 2 9 4
9 7 10 4 7
5 6 4 0 7
6 3 4 14 10
Given this data, what is the variance?
Approximately 3.22
Approximately
Approximately 10.34
Portfolio A of a collection of stocks is considered more risky than portfolio B if:
portfolio A has a higher mean than portfolio B.
portfolio A has a higher variance than portfolio B.
portfolio A has a higher coefficient of variation than portfolio B.
por
portfolio A has a higher coefficient of variation than portfolio B.
Incomes in a particular market area are known to be right-skewed with a mean equal to $33,000. In a report issued recently, a manager stated that at least 89 percent of all incomes are in the range of $29,100 to $36,900, and this was based on Tchebysheff'
$1,300
The most frequently used measure of central tendency is:
median.
mode.
standard deviation.
mean.
mean.
If a business manager selected a sample of customers and computed the mean income for this sample of customers, she has computed:
a statistic.
an ordinal value.
a parameter.
a nominal value.
a statistic.
If the age distribution of customers at a major retail chain is thought to be bell-shaped with a mean equal to 43 years and a standard deviation equal to 7 years, the percentage of customers between the ages of 36 and 50 years is:
approximately 68.
at lea
approximately 68
A major retail store has studied customer behavior and found that the distribution of time customers spend in a store per visit is symmetric with a mean equal to 17.3 minutes. Based on this information, which of the following is true?
The median is approx
The median is approximately 17.3 minutes
In order to compute the mean and standard deviation, the level of data measurement should be:
nominal.
qualitative.
ratio or interval.
ordinal
ratio or interval.
The distribution of the actual weight of potato chips in a 16 ounce sack is thought to be bell-shaped with a mean equal to 16 ounces and a standard deviation equal to 0.33 ounces. Based on this, between what two limits could we expect 68 percent of all sa
15.67 to 16.33 ounces
The Empirical Rule states that for a bell-shaped distribution, approximately 99.7 percent of data should lie within:
three standard deviations from either side of the mean.
one standard deviation from either side of the mean.
two standard deviations from
three standard deviations from either side of the mean.
Todd Lindsey & Associates, a commercial real estate company located in Boston, owns six office buildings in the Boston area that it leases to businesses. The lease price per square foot differs by building due to location and building amenities. Currently
88.09
In the annual report, a major food chain stated that the distribution of daily sales at its Detroit stores is known to be bell-shaped, and that 95 percent of all daily sales fell between $24,700 and $35,500. Based on this information, what were the mean s
$30,100
Data was collected on the number of television sets in a household, and it was found that the mean was 3.7 and the standard deviation was 0.6.
Based on these sample data, what is the standardized value corresponding to 4 televisions?
0.667
-0.667
-0.5
0.5
0.5
Which of the following measures is not affected by extreme values in the data?
The mean
The median
The standard deviation
The range
The median
Which of the following is the most frequently used measure of variation?
The variance
The range
The standard deviation
The mode
The standard deviation
The second quartile is the same as the
median.
mean.
range.
standard deviation.
median.
To show the relationship between the amount of rainfall and the number of car accidents, the best type of graph to use is a scatter diagram.
True
False
True
When using the Histogram tool in Excel to construct a frequency distribution and histogram, the bins represent the upper class limits.
True
False
True
If a scatter diagram shows points that are reasonably aligned and are sloping downward from left to right, this implies that there is a negative linear relationship between the two variables.
True
False
True
A major insurance company believes that for drivers between 16 years of age and 60 years of age, the number of accidents per year tends to decrease as age increases. If this is the case, a scatter diagram should show a negative relationship between the tw
True
A sample which looks at the number of vehicles owned per household in Chicago in June 2017 is an example of:
I. A quantitative data set
II. A nominal-level data set
III. A discrete data set
IV. Time series data
I and III
After developing a frequency distribution for a quantitative variable, a histogram can be developed with the __________ axis representing the values of the variable and the __________ axis representing the frequency of occurrence in each class or group.
h
horizontal; vertical
A bar chart is most likely used to display which of the following?
A continuous variable
The relationship between two quantitative variables
An ordinal level variable
A ratio level variable
An ordinal level variable
Bar charts can typically be formed with the bars vertical or horizontal without adversely affecting the interpretation.
True
False
True
When constructing a HISTOGRAM, when is it appropriate to leave gaps between the bars?
When it is constructed for discrete numerical data
Histograms should never have gaps between the bars
When it is constructed for non-numerical data
When it is constructe
Histograms should never have gaps between the bars
In a scatter plot the points should always be connected with a line.
True
False
False
A histogram is most commonly used to analyze which of the following?
Time-series data
Ordinal data
Quantitative data
Nominal level data
Quantitative data
A common rule of thumb for determining how many classes to use when developing a frequency distribution with classes is:
between 5 and 20 classes.
equal to 0.25 times the number of data values.
at least 10 classes.
no fewer than 6 classes.
between 5 and 20 classes.
To show how the price of a stock has changed over the last 3 months, the best type of chart to use is:
a histogram.
a line chart.
a bar chart.
a pie chart.
a line chart.
A scatter diagram can show whether a pair of variables has a strong or weak relationship, and also whether it is linear or curved.
True
False
True
A histogram is used to display:
a qualitative variable
a quantitative variable
either a quantiative or categorical variable
The relationship between two quantitative variables
a quantitative variable
The use of charts and graphs is an example of:
inferential statistics.
descriptive statistics.
hypothesis testing.
estimation.
descriptive statistics.
A short survey with closed-end questions is likely to have a better response rate than a long survey with open-ended questions.
True
False
True
An accountant has recently prepared a report for a client that contains a variety of graphs and charts. In doing so, she has used descriptive statistical methods.
True
False
True
A sample of student ID numbers is an example of:
I. a qualitative data set
II. a quantitative data set
III. a categorical data set
IV. a nominal-level data set
I, III, and IV
On a survey, amount of education is recorded as some high school, high school graduate, some college, college graduate, etc. This is an example of ordinal data.
True
False
True
Simple random sampling involves selecting members of the population in such as way that all members are equally likely to be chosen.
True
False
True
Sales data measured each week for the past twenty weeks are examples of:
I. time-series data
II. quantitative data
III. ratio-level data
IV. continuous data
I, II, III, and IV
Only I
I, II, and III
I and IV
I, II, III, and IV
Recording vehicle type as sedan, minivan, pick-up truck, etc. is an example of qualitative data.
True
False
True
A cell phone service provider has 14,000 customers. Recently, the sales department selected a random sample of 400 customer accounts and recorded the number of minutes of long distance time used during the previous billing period. The data for this variab
False
Flavors of ice cream (chocolate, vanilla, strawberry, etc.) are an example of nominal data.
True
False
True
The sales data for a company measured weekly for the past year would be considered cross-sectional data since the sales values are computed from the entire company.
True
False
False
Descriptive statistics allow a decision maker to reach a conclusion about a population based on a subset from the population.
True
False
False
When students are asked to list their age and the percentage of their college expenses that they pay for themselves, the type of data being collected is quantitative.
True
False
True
A variable that has all the properties of an interval variable, but also has a true zero, is a ratio level variable.
True
False
True
When the park ranger at Yellowstone National Park reports the average length of time that visitors spend in the park, he is using:
numerical measures.
graphical tools.
statistical charts.
histograms or bar charts.
numerical measures.
An open-end question requires respondents to choose from a short list of choices
True
False
False
When a marketing manager surveys a few of the customers for the purpose of drawing a conclusion about the entire list of customers, she is applying:
quantitative models.
descriptive statistics.
numerical measures.
inferential statistics.
inferential statistics.
The difference between interval data and ratio data is that interval data has a natural zero.
True
False
False
Data collected on marital status (married, divorced, single, other) would be an ordinal level variable.
You Answered
True
False
False
At the end of the school term, students are asked to rate the course and instructor by indicating on a scale of 1-5 how well they liked the course. The data generated from this question are examples of ordinal data.
True
False
True
Possibly the most frequently used nonstatistical sampling procedure is the simple random sample.
True
False
False
Cross-sectional data is a set of data values observed at successive points in time.
True
False
False
A variable, i.e., the length of time it takes for an employee to complete an assembly procedure at an automotive plant, is a ratio level variable.
True
False
True
A light bulb manufacturer wants to advertise the average life of its light bulbs so it tests a subset of light bulbs. This is an example of inferential statistics.
True
False
True
Nominal data is the highest level of data.
True
False
False
Which of the following statements is true?
The population mean and a sample mean for a sample selected from that population will usually be different values.
The population mean and sample mean will always be identical.
The mean of the population will gen
The population mean and a sample mean for a sample selected from that population will usually be different values.
A professor wishes to develop a numerical method for giving grades. He intends to base the grade on homework, two midterms, a project, and a final examination. He wishes the final exam to have the largest influence on the grade. He wants the project to ha
74
A distribution has a coefficient of variation of 65 percent and mean of 11. What is the value of the standard deviation?
5.91
5.2
715
7.15
7.15
The number of days that homes stay on the market before they sell in Houston is bell-shaped with a mean equal to 66 days. Further, 95 percent of all homes are on the market between 52 and 80 days. Based on this information, what is the standard deviation
7
A large retail company gives an employment screening test to all prospective employees. Franklin recently took the test and it was reported back to him that his score placed him at the 60th percentile. Therefore:
Franklin scored as high or higher than 60
Franklin scored as high or higher than 60 percent of the people who took the test.
The following data reflect the number of customers who return merchandise for a refund on Monday. Note these data reflect the population of all 10 Mondays for which data are available.
45 6 17 25 9
46 13 22 16 7
Based on this data, what is the standard de
13.73
The following data reflect the number of customers who test drove new cars each day for a sample of 20 days at the Redfield Ford Dealership.
5 7 2 9 4
9 7 10 4 7
5 6 4 0 7
6 3 4 14 10
Given this data, what is the variance?
Approximately 3.22
Approximately
Approximately 10.34
Portfolio A of a collection of stocks is considered more risky than portfolio B if:
portfolio A has a higher mean than portfolio B.
portfolio A has a higher variance than portfolio B.
portfolio A has a higher coefficient of variation than portfolio B.
por
portfolio A has a higher coefficient of variation than portfolio B.
Incomes in a particular market area are known to be right-skewed with a mean equal to $33,000. In a report issued recently, a manager stated that at least 89 percent of all incomes are in the range of $29,100 to $36,900, and this was based on Tchebysheff'
$1,300
The most frequently used measure of central tendency is:
median.
mode.
standard deviation.
mean.
mean.
If a business manager selected a sample of customers and computed the mean income for this sample of customers, she has computed:
a statistic.
an ordinal value.
a parameter.
a nominal value.
a statistic.
If the age distribution of customers at a major retail chain is thought to be bell-shaped with a mean equal to 43 years and a standard deviation equal to 7 years, the percentage of customers between the ages of 36 and 50 years is:
approximately 68.
at lea
approximately 68
A major retail store has studied customer behavior and found that the distribution of time customers spend in a store per visit is symmetric with a mean equal to 17.3 minutes. Based on this information, which of the following is true?
The median is approx
The median is approximately 17.3 minutes
In order to compute the mean and standard deviation, the level of data measurement should be:
nominal.
qualitative.
ratio or interval.
ordinal
ratio or interval.
The distribution of the actual weight of potato chips in a 16 ounce sack is thought to be bell-shaped with a mean equal to 16 ounces and a standard deviation equal to 0.33 ounces. Based on this, between what two limits could we expect 68 percent of all sa
15.67 to 16.33 ounces
The Empirical Rule states that for a bell-shaped distribution, approximately 99.7 percent of data should lie within:
three standard deviations from either side of the mean.
one standard deviation from either side of the mean.
two standard deviations from
three standard deviations from either side of the mean.
Todd Lindsey & Associates, a commercial real estate company located in Boston, owns six office buildings in the Boston area that it leases to businesses. The lease price per square foot differs by building due to location and building amenities. Currently
88.09
In the annual report, a major food chain stated that the distribution of daily sales at its Detroit stores is known to be bell-shaped, and that 95 percent of all daily sales fell between $24,700 and $35,500. Based on this information, what were the mean s
$30,100
Data was collected on the number of television sets in a household, and it was found that the mean was 3.7 and the standard deviation was 0.6.
Based on these sample data, what is the standardized value corresponding to 4 televisions?
0.667
-0.667
-0.5
0.5
0.5
Which of the following measures is not affected by extreme values in the data?
The mean
The median
The standard deviation
The range
The median
Which of the following is the most frequently used measure of variation?
The variance
The range
The standard deviation
The mode
The standard deviation
The second quartile is the same as the
median.
mean.
range.
standard deviation.
median.