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Final Exam Study Guide Essay Sample

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Introduction of TOPIC

This study guide will prepare you for the Final Examination you will complete in the final week. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination.

Week One: Descriptive Statistics and Probability Distributions

Objective: Compute descriptive statistics for given data sets.

1. In 1995, the cost of unleaded gasoline was $0.95 per gallon. In 2010, the same type of gasoline costs $3.00 per gallon. To determine the amount of change, we have to use the a. moving average technique

b. geometric mean of 2 years
c. geometric mean rate of increase
d. weighted mean of the 2 years

Objective: Apply probability concepts related to discrete and continuous probability distributions.

2. Which of the following is a major difference between the binomial and the hypergeometric distributions? a. The sum of the outcomes can be greater than 1 for the hypergeometric. b. The probability of a success changes from trial to trial in the hypergeometric distribution. c. The number of trials changes in the hypergeometric distribution. d. The outcomes cannot be whole numbers in the hypergeometric distribution.

3. In which of the following distributions is the probability of a success usually small? a. Binomial
b. Poisson
c. Hypergeometric
d. Normal

Week Two: Research and Sampling Designs

Objective: Apply the central limit theorem to sample means.

4. The mean of all the sample means and the population mean will
a. always be equal
b. always be normally distributed
c. characterized by the standard error of the mean
d. none of these

Objective: Construct confidence intervals for a mean.

5. What would happen to the width of the confidence interval if the level of confidence is lowered from 95% to 90%? a. Increase
b. Double
c. No changer /> d. Decrease 6. We wish to develop a confidence interval for

the population mean. The shape of the population is not known, but we have a sample of 40 observations. We decide to use the 92% level of confidence. What is the appropriate value of z? a. 1.96

b. 1.65
c. 2.58
d. 1.75

Week Three: Research Methods and Business Decisions

Objective: Apply concepts of probability to business decisions.

7. When we find the probability of an event happening by subtracting the probability of the event not happening from 1, we are using a. subjective probability
b. the complement rule
c. the general rule of addition
d. the special rule of multiplication

Week Four: Data Collection

Objective: Determine appropriate measurement scales for a given research design.

8. The difference between rated and ranked data is that
a. they are the same
b. the rating is based on the same interval between points of comparison; ranking is not c. one is nominal and the other is ordinal
d. the rating is qualitative and ranking is quantitative

9. Attitude and opinion scales most often use
a. the nominal level of measurement
b. the ratio level of measurement
c. the interval level of measurement
d. the ordinal level of measurement

Week Five: Data Analysis

Objective: Conduct one-sample and two-sample tests of hypothesis.

10. A random sample of 10 observations is selected from the first normal population and 8 from the second normal population. For a one-tailed test of hypothesis (.01 significance level) to determine if there is a difference in the population means, the degrees of freedom are a. 18

b. 17
c. 16
d. 15

Objective: Perform variance and chi-square analyses.

11. If we want to test the relationship between using a cell phone while driving and being involved in a car accident, we would use a a. z-test for one population mean
b. chi-square test of independence
c. t-test for two population means
d. chi-square goodness-of-fit test

Week Six: Perform Correlation, Linear Regression, and Multiple Regression Analysis

Objective: Perform correlation, linear regression, and multiple regression analysis.

12. The occurrence of multicollinearity in multiple correlation and regression is checked by a. the Durbin Watson Statistic
b. the coefficient of determination
c. the variance inflationary factor
d. residuals

13. If the correlation between age of a home and money spent for repairs is +.80, a. 80% of the variation in the money spent for repairs is explained by the age of the home b. 64% of the money spent for repairs is unexplained by the age of the home c. 64% of the money spent for repairs is explained by the age of the home d. 80% of the money spent for repairs is unexplained by the age of the home

Answer Key

1. c
2. b
3. b
4. a
5. d
6. d
7. b
8. b
9. c
10. c
11. b
12. c
13. c

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