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Final Examination Study Guide Essay Sample

Final Examination Study Guide Pages
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This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers.

Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week.

Week One: Understanding the Meaning of Statistics

Objective: Explain the role of statistics in business research and its application in business decision making.

1. When TV advertisements report, “2 out of 3 dentists surveyed indicated they would recommend Brand X toothpaste to their patients,” an informed consumer may question the conclusion because a. the sample was only 5 dentists

b. the sample of dentists is clearly explained
c. the advertisement does not include the total number of dentists surveyed d. the conclusion is not illustrated with a graph

2. A marketing class of 50 students evaluated the instructor using the following scale: superior, good, average, poor, and inferior. The descriptive summary showed the following survey results: 2% superior, 8% good, 45% average, 45% poor, and 0% inferior. a. The instructor’s performance was great!

b. The instructor’s performance was inferior.
c. Most students rated the instructor as poor or average.
d. No conclusions can be made.

Objective: Differentiate between qualitative and quantitative variables.

3. Which of the following is an example of a continuous variable?
a. Family income
b. Number of students in a statistics class
c. Zip codes of shoppers
d. Rankings of baseball teams in a league

4. What type of variable is the number of gallons of gasoline pumped by a filling station during a day?
a. Qualitative
b. Continuous
c. Attribute
d. Discrete

Objective: Differentiate among the four levels of measurement and how they are used in data collection for research.

5. What level of measurement is the price of an admission ticket to a movie theater? a. Nominal
b. Ordinal
c. Interval
d. Ratio

6. What level of measurement is a bar code?
a. Ratio
b. Ordinal
c. Interval
d. Nominal

Week Two: Describing Data

Objective: Present qualitative and quantitative data in tables and charts.

7. When data is collected using a quantitative, ratio variable, what is true about a frequency distribution that summarizes the data? a. Upper
and lower class limits must be calculated.
b. A pie chart can be used to summarize the data.
c. Number of classes is equal to the number of variable values.
d. The “5 to the k rule” can be applied.

8. When data is collected using a qualitative, nominal variable, what is true about a frequency distribution that summarizes the data? a. Upper and lower class limits must be calculated.
b. A pie chart can be used to summarize the data.
c. Number of classes is equal to the number of variable values plus 2. d. The “5 to the k rule” can be applied.

9. Refer to the following breakdown of responses to a survey of room cleanliness in a hotel: [pic]
What percent of the responses indicated that customers were satisfied? a. 20%
b. 25%
c. 50%
d. 100%

Objective: Calculate central tendency and dispersion.

10. What is the relationship among the mean, median, and mode in a symmetric distribution?
a. They are all equal.
b. The mean is always the smallest value.
c. The mean is always the largest value.
d. The mode is the largest value.

11. For a data set, half of the observations are always greater than the a. median
b. mode
c. mean
d. standard deviation

Objective: Describe the shape of data distribution in charts—box plot, stem
and leaf plot, dot plot, and so on.

12. What statistics are needed to draw a box plot?
a. Minimum, maximum, median, and first and third quartiles b. Median, mean, and standard deviation
c. A median and an interquartile range
d. A mean and a standard deviation

13. A box plot shows
a. the mean and variance
b. the relative symmetry of a distribution for a set of data c. the percentiles of a distribution
d. the deciles of a distribution

14. In a contingency table, we describe the relationship between a. two variables measured at the ordinal or nominal level b. two variables, one measured as an ordinal variable and the other as a ratio variable c. two variables measured at the interval or ratio level d. a variable measure on the interval or ratio level and time

Week Three: Probability Concepts and Continuous Probability

Objective: Explain discrete and continuous probability, rules of probability, and classical, empirical, and subjective approaches to probability.

15. A firm offers routine physical examinations as part of a health service program for its employees. The exams showed that 8% of the employees needed corrective shoes, 15% needed major dental work, and 3% needed both corrective shoes and major dental work. What is the probability that an employee selected at random will need either corrective shoes or major dental work? a. 0.20

b. 0.25
c. 0.50
d. 1.00

16. A survey of top executives revealed that 35% of them regularly read Time magazine, 20% read Newsweek and 40% read U.S. News & World Report. Ten percent read both Time and U.S. News & World Report. What is the probability that a particular top executive reads either Time or U.S. News & World Report regularly? a. 0.85

b. 0.06
c. 1.00
d. 0.65

Objective: Describe characteristics of standard normal distribution.

17. The upper and lower limits of a uniform probability distribution are a. positive and negative infinity
b. plus and minus three standard deviations
c. 0 and 1
d. the maximum and minimum values of the random variable

18. What is an important similarity between the uniform and normal probability distributions? a. The mean, median, and mode are all equal.
b. The mean and median are equal.
c. They are negatively skewed.
d. About 68% of all observations are within one standard deviation of the mean.

19. What is a normal distribution with a mean of 0 and a standard deviation of 1 called?
a. Frequency distribution
b. z-score
c. Standard normal distribution
d. Binomial probability distribution

Objective: Calculate area between two data values and area above or below a certain value.

20. What is the area under the normal curve between z = 0.0 and z = 1.79? a. 0.4633
b. 0.0367
c. 0.9599
d. 0.0401

21. What is the area under the normal curve between z = 0.0 and z = 2.0? a. 1.0000
b. 0.7408
c. 0.1359
d. 0.4772

Week Four: Hypothesis Testing

Objective: Apply the steps in testing a research hypothesis.

22. A machine is set to fill the small size packages of M&M’s® candies with 56 candies per bag. A sample revealed 3 bags of 56, 2 bags of 57, 1 bag of 55, and 2 bags of 58. How many degrees of freedom are there? a. 9

b. 1
c. 8
d. 7

23. What is the critical value for a one-tailed hypothesis test in which a null hypothesis is tested at the 5% level of significance based on a sample size of 25? a. 1.708
b. 1.711
c. 2.060
d. 2.064

24. What is a Type II error?
a. Accepting a false null hypothesis
b. Rejecting a false null hypothesis
c. Accepting a false alternate hypothesis
d. Rejecting a false alternate hypothesis

Objective: Compare the means of two or more groups.

25. When is it appropriate to use the paired difference t-test?
a. Four samples are compared at once.
b. Any two samples are compared.
c. Two independent samples are compared.
d. Two dependent samples are compared.

26. Using two independent samples, we test for a hypothesized difference between two population means. The population standard deviations are equal. The number in the first sample is 15 and the number in the second sample is 12. How many degrees of freedom are associated with the critical value?

a. 24
b. 25
c. 26
d. 27

Objective: Calculate the correlation between two variables.

27. What does a coefficient of correlation of 0.70 infer?
a. There is almost no correlation because 0.70 is close to 1.0. b. 70% of the variation in one variable is explained by the other. c. Coefficient of determination is 0.49.
d. Coefficient of nondetermination is 0.30.

28. What is the range of values for a coefficient of correlation? a. 0 to +1.0
b. -3 to +3 inclusive
c. -1.0 to +1.0 inclusive
d. Unlimited range

Week Five: Integrating Research and Statistics

Objective: Select an appropriate statistical test for analysis research data based on research questions and data type.

29. The Pearson product-moment correlation coefficient, r, requires that variables are a. measured with an interval scale
b. a continuous variable
c. measured with an ordinal scale
d. a qualitative variable

Objective: Interpret data analysis results to reach conclusions.

30. If we are performing a two-tailed test of whether μ = 50, what would be the probability of detecting a shift of the mean to 65 from the mean to 55. a. Less than 0.5
b. Greater than 0.5
c. Equal to 0.5
d. Cannot be determined

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