(Test Bank) Basic Business Statistics: Concepts And Applications

978-0136032601, Berenson,Levine,Krehbiel, 11

Business

Test Bank

11th Edition

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Test Bank for Basic Business Statistics: Concepts And Applications, The downloadable file consists of 575 pages, and the total size of the file is 3.08 MB. Purchase now only for highly discounted price.

Author(s): Berenson, Levine, Krehbiel

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Study Note Preview

Introduction and Data Collection 1 CHAPTER 1: INTRODUCTION AND DATA COLLECTION 1. The process of using sample statistics to draw conclusions about true population parameters is called a) statistical inference. b) the scientific method. c) sampling. d) descriptive statistics. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: inferential statistics 2. Those methods involving the collection, presentation, and characterization of a set of data in order to properly describe the various features of that set of data are called a) statistical inference. b) the scientific method. c) sampling. d) descriptive statistics. ANSWER: d TYPE: MC DIFFICULTY: Easy KEYWORDS: descriptive statistics 3. The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of a) inferential statistics. b) descriptive statistics. c) a parameter. d) a statistic. ANSWER: b TYPE: MC DIFFICULTY: Easy KEYWORDS: descriptive statistics 4. The estimation of the population average family expenditure on food based on the sample average expenditure of 1,000 families is an example of a) inferential statistics. b) descriptive statistics. c) a parameter. d) a statistic. ANSW ER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: inferential statistics 2 Introduction and Data Collection 5. The universe or "totality of items or things" under consideration is called a) a sample. b) a population. c) a parameter. d) a statistic. ANSWER: b TYPE: MC DIFFICULTY: Easy KEYWORDS: population 6. The portion of the universe that has been selected for analysis is called a) a sample. b) a frame. c) a parameter. d) a statistic. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: sample 7. A summary measure that is computed to describe a characteristic from only a sample of the population is called a) a parameter. b) a census. c) a statistic. d) the scientific method. ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: statistic 8. A summary measure that is co mputed to describe a characteristic of an entire population is called a) a parameter. b) a census. c) a statistic. d) the scientific method. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: parameter 9. Which of the following is most likely a population as opposed to a sample? a) respondents to a newspaper survey b) the first 5 students completing an assignment c) every third person to arrive at the bank d) registered voters in a county ANSWER: d Introduction and Data Collection 3 TYPE: MC DIFFICULTY: Moderate KEYWORDS: population, sample 10. Which of the following is most likely a parameter as opposed to a statistic? a) the average score of the first five students completing an assignment b) the proportion of females registered to vote in a county c) the average height of people randomly selected from a database d) the proportion of trucks stopped yesterday that were cited for bad brakes ANSWER: b TYPE: MC DIFFICULTY: Moderate KEYWORDS: parameter, statistic 11. Which of the following is not an element of descriptive statistical problems? a) an inference made about the population based on the sample b) the population or sample of interest c) tables, graphs, or numerical summary tools d) identification of patterns in the data ANSWER: a TYPE: MC DIFFICULTY: Moderate KEYWORDS: descriptive statistics 12. A study is under way in Yosemite National Forest to determine the adult height of American pine trees. Specifically, the study is attempting to determine what factors aid a tree in reaching heights greater than 60 feet tall. It is estimated that the forest contains 25,000 adult American pines. The study involves collecting heights from 250 randomly selected adult American pine trees and analyzing the results. Identify the population from which the study was sampled. a) the 250 randomly selected adult American pine trees b) the 25,000 adult American pine trees in the forest c) all the adult American pine trees taller than 60 feet d) all American pine trees, of any age, in the forest ANSWER: b TYPE: MC DIFFICULTY: Moderate KEYWORDS: population, sample 13. A study is under w ay in Yosemite National Forest to determine the adult height of American pine trees. Specifically, the study is attempting to determine what factors aid a tree in reaching heights greater than 60 feet tall. It is estimated that the forest contains 25,000 a dult American pines. The study involves collecting heights from 250 randomly selected adult American pine trees and analyzing the results. Identify the variable of interest in the study a) the age of an American pine tree in Yosemite National Forest b) the height of an American pine tree in Yosemite National Forest c) the number of American pine trees in Yosemite National Forest d) the species of trees in Yosemite National Forest ANSWER: b 4 Introduction and Data Collection TYPE: MC DIFFICULTY: Easy KEYWORDS: data, sampling 14. A study is under way in Yosemite National Forest to determine the adult height of American pine trees. Specifically, the study is attempting to determine what factors aid a tree in reachin g heights greater than 60 feet tall. It is estimated that the forest contains 25,000 adult American pines. The study involves collecting heights from 250 randomly selected adult American pine trees and analyzing the results. Identify the sample in the study. a) the 250 randomly selected adult American pine trees b) the 25,000 adult American pine trees in the forest c) all the adult American pine trees taller than 60 feet d) all American pine trees, of any age, in the forest ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: population, sample 15. Most analysts focus on the cost of tuition as the way to measure the cost of a college education. But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand University wi shes to estimate the textbook costs of first -year students at Drummand. To do so, she monitored the textbook cost of 250 first -year students and found that their average textbook cost was $300 per semester. Identify the population of interest to the resear cher. a) all Drummand University students b) all college students c) all first -year Drummand University students d) the 250 students that were monitored ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: population, sample 16. Most analysts focus on the cost of tuition as the way to measure the cost of a college education. But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand University wishes to estimate the textbook costs of first -year studen ts at Drummand. To do so, she monitored the textbook cost of 250 first -year students and found that their average textbook cost was $300 per semester. Identify the variable of interest to the researcher a) the textbook cost of first -year Drummand University students b) the year in school of Drummand University students c) the age of Drummand University students d) the cost of incidental expenses of Drummand University students ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: data, sampling 17. Most analysts focus on the cost of tuition as the way to measure the cost of a college education. But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand University wishes to estimate the textbook costs of first -year studen ts at Drummand. To do so, she monitored the textbook cost of 250 first -year students and found that their average textbook cost was $300 per semester. Identify the sample in the study. Introduction and Data Collection 5 a) all Drummand University students b) all college students c) all first -year Drummand University students d) the 250 students that were monitored ANSWER: d TYPE: MC DIFFICULTY: Easy KEYWORDS: population, sample 18. Researchers suspect that the average number of units earned per semester by college students is rising. A researcher at Calendula College wishes to estimate the number of units earned by students during the spring semester at Calendula. To do so, he random ly selects 100 student transcripts and records the number of units each student earned in the spring term. He found that the average number of semester units completed was 12.96 units per student. Identify the population of interest to the researcher. a) all Calendula College students b) all college students c) all Calendula College students enrolled in the spring d) all college students enrolled in the spring ANSWER: c TYPE: MC DIFFICULTY: Moderate KEYWORDS: population, sample 19. The average number of units earned per semester by college students is suspected to be rising. A researcher at Calendula College wishes to estimate the number of units earned by students during the spring semester at Calendula. To do so, he randomly select s 100 student transcripts and records the number of units each student earned in the spring term. Identify the variable of interest to the researcher. a) the number of students enrolled at Calendula College during the spring term b) the average indebtedness of C alendula College students enrolled in the spring c) the age of Calendula College students enrolled in the spring d) the number of units earned by Calendula College students during the spring term ANSWER: d TYPE: MC DIFFICULTY: Easy KEYWORDS: data, sampling 20. Jared was working on a project to look at global warming and accessed an Internet site where he captured average global surface temperatures from 1866. Which of the four methods of data collection was he using? a) published sources b) experimentation c) surveying d) observation ANSWER: a TYPE: MC DIFFICULTY: Easy 6 Introduction and Data Collection KEYWORDS: sources of data 21. The British Airways Internet site provides a questionnaire instrument that can be answered electronically. Which of the 4 methods of data collection is in volved when people complete the questionnaire? a) published sources b) experimentation c) surveying d) observation ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: sources of data 22. A marketing research firm, in conducting a comparative taste test, provided three types of peanut butter to a sample of households randomly selected within the state. Which of the 4 methods of data collection is involved when people are asked to compare th e three types of peanut butter? a) published sources b) experimentation c) surveying d) observation ANSWER: b TYPE: MC DIFFICULTY: Easy KEYWORDS: sources of data 23. Tim was planning for a meeting with his boss to discuss a raise in his annual salary. In preparation, he wanted to use the Consumer Price Index to determine the percentage increase in his real (inflation -adjusted) salary over the last three years. Which of the 4 methods of data collection was involved when he used the Consumer Price Index? a) published sources b) experimentation c) surveying d) observation ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: sources of data 24. Which of the 4 methods of data collection is involved when a person counts the number of cars passing designated locations on the Los Angeles freeway system? a) published sources b) experimentation c) surveying d) observation ANSWER: d TYPE: MC DIFFICULTY: Moderate Introduction and Data Collection 7 KEYWORDS: sources of data 25. A statistics student found a reference in the campus library that contained the median family incomes for all 50 states. She would report her data as being collected using a) a designed experiment. b) observational data. c) a random sample. d) a published source. ANSWER: d TYPE: MC DIFFICULTY: Easy KEYWORDS: sources of data 26. The personnel director at a large company studied the eating habits of the company’s employees. The director noted whether employees brought their own lunches to work, ate at the compa ny cafeteria, or went out to lunch. The goal of the study was to improve the food service at the company cafeteria. This type of data collection would best be considered as a) an observational study. b) a designed experiment. c) a random sample. d) a quota sample. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: sources of data 27. A study attempted to estimate the proportion of Florida residents who were willing to spend more tax dollars on protecting the beaches from environmental disasters. Twenty -five hundred Florida residents were surveyed. What type of data collection procedure was most likely used to collect the data for this study? a) a designed experiment b) a published source c) a random sample d) observational data ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: sources of data 28. Which of the following is a discrete quantitative variable? a) the Dow Jones Industrial average b) the volume of water released from a dam c) the distance you drove yesterday. d) the number of employees of an insura nce company ANSWER: d TYPE: MC DIFFICULTY: Easy KEYWORDS: discrete random variable, types of data 8 Introduction and Data Collection 29. Which of the following is a continuous quantitative variable? a) the color of a student’s eyes b) the number of employees of an insurance company c) the amount of milk produced by a cow in one 24 -hour period d) the number of gallons of milk sold at the local grocery store yesterday ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: continuous random variable, ty pes of data 30. To monitor campus security, the campus police office is taking a survey of the number of students in a parking lot each 30 minutes of a 24 -hour period with the goal of determining when patrols of the lot would serve the most students. If X is the number of students in the lot each period of time, then X is an example of a) a categorical random variable. b) a discrete random variable. c) a continuous random variable. d) a statistic. ANSWER: b TYPE: MC DIFFICULTY: Moderate KEYWORDS: discrete random variable, types of da ta 31. Researchers are concerned that the weight of the average American school child is increasing implying, among other things, that children’s clothing should be manufactured and marketed in larger sizes. If X is the weight of school children sampled in a nationwide study, then X is an example of a) a categorical random variable. b) a discrete random variable. c) a continuous random variable. d) a parameter. ANSWER: c TYPE: MC DIFFICULTY: Moderate KEYWORDS: continuous random variable, types of data 32. The classification of student class designation (freshman, sophomore, junior, senior) is an example of a) a categorical random variable. b) a discrete random variable. c) a continuous random variable. d) a parameter. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: categorical random variable, types of data 33. The classification of student major (accounting, economics, management, marketing, other) is an example of Introduction and Data Collection 9 a) a categorical random variable. b) a discrete random variable. c) a continuous random variable. d) a parameter. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: categorical random variable, types of data 34. The chancellor of a major university was concerned about alcohol abuse on her campus and wanted to find out the proportion of students at her university who visited campus bars on the weekend before the final exam week. Her assistant took a random sample o f 250 students. The total number of students in the sample who visited campus bars on the weekend before the final exam week is an example of a) a categorical random variable. b) a discrete random variable. c) a continuous random variable. d) a parameter. ANSWER: b TYPE: MC DIFFICULTY: Moderate KEYWORDS: discrete random variable, types of data 35. The chancellor of a major university was concerned about alcohol abuse on her campus and wanted to find out the proportion of students at her university who visited campus bars on the weekend before the final exam week. Her assistant took a random sample of 250 students and computed the portion of students in the sample who visited campus bars on the weekend before the final exam. The portion of all students at her university wh o visited campus bars on the weekend before the final exam week is an example of a) a categorical random variable. b) a discrete random variable. c) a continuous random variable. d) a parameter. ANSWER: d TYPE: MC DIFFICULTY: Moderate KEYWORDS: parameter, types of data 36. The chancellor of a major university was concerned about alcohol abuse on her campus and wanted to find out the proportion of students at her university who visited campus bars on the weekend before the final exam week. Her assistant took a random sample o f 250 students. The portion of students in the sample who visited campus bars on the weekend before the final exam week is an example of a) a categorical random variable. b) a discrete random variable. c) a parameter. d) a statistic. ANSWER: d 10 Introduction and Data Collection TYPE: MC DIFFICULTY: Moderate KEYWORDS: statistic, types of data 37. The chancellor of a major university was concerned about alcohol abuse on her campus and wanted to find out the proportion of students at her university who visited campus bars on the weeken d before the final exam week. Her assistant took a random sample of 250 students. The portion of students in the sample who visited campus bars on the weekend before the final exam week is an example of a) a categorical random variable. b) a discrete random variable. c) a continuous random variable. d) a parameter. ANSWER: c TYPE: MC DIFFICULTY: Difficult KEYWORDS: continuous random variable, types of data TABLE 1 -1 The manager of the customer service division of a major consumer electronics company is interested in determining whether the customers who have purchased a videocassette recorder made by the company over the past 12 months are satisfied with their product s. 38. Referring to Table 1 -1, the population of interest is a) all the customers who have bought a videocassette recorder made by the company over the past 12 months. b) all the customers who have bought a videocassette recorder made by the company and brought it in for repair over the past 12 months. c) all the customers who have used a videocassette recorder over the past 12 months. d) all the customers who have ever bought a videocassette recorder made by the company. ANSWER: a TYPE: MC DIFFICULTY: Difficult KEYWORDS: population 39. Referring to Table 1 -1, the possible responses to the question "How many videocassette recorders made by other manufacturers have you used?" are values from a a) discrete random variable. b) continuous random variable. c) categorical random variable. d) parameter. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: discrete random variable, types of data 40. Referring to Table 1 -1, the possible responses to the question "Are you happy, indifferent, or unhappy with the performance per dollar spent on the videocassette recorder?" are values from a a) discrete numerical random variable. b) continuous numerical random variable. c) categorical random variable. Introduction and Data Collection 11 d) parameter. ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: categorical random variable, types of data 41. True or False: A population is the totality of items or things under consideration. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: population 42. True or False: A sample is the portion of the universe that is selected for analysis. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: sample 43. True or False: Problems may arise when statistically unsophisticated users who do not understand the assumptions behind the statistical procedures or their limitations are misled by results obtained from computer software. ANSWER: True TYPE: TF DIFFICULTY : Easy KEYWORDS: statistical package 44. True or False: Managers need an understanding of statistics to be able to present and describe information accurately, draw conclusions about large populations based on small samples, improve processes, and make reliab le forecasts. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: reasons for learning statistics 45. True or False: The possible responses to the question “How long have you been living at your current residence?” are values from a continuous variable. ANSWER: True TYPE: TF DIFFICULTY: Moderate KEYWORDS: continuous random variable, types of data 46. True or False: The possible responses to the question “How many times in the past three months have you visited a city park?” are values from a discrete variable. ANSWER: True TYPE: TF DIFFICULTY: Moderate KEYWORDS: discrete random variable, types of data 12 Introduction and Data Collection 47. True or False: A continuous variable may take on any value within its relevant range even though the measurement device may not be precise enough to record it. ANSWER: True TYPE: TF DIFFICULTY: Moderate KEYWORDS: continuous random variable, types of data 48. True or False: Faculty rank (professor to lecturer) is an example of discrete numerical data. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: categorical random variable, types of data 49. True or False: Student grades (A to F) are an example of continuous numerical data. ANSWER: False TYPE: TF DIFFICULTY: Moderate KEYWORDS: categorical random variables, types of data 50. True or False: The amount of coffee consumed by an individual in a day i s an example of a discrete numerical variable. ANSWER: False TYPE: TF DIFFICULTY: Moderate KEYWORDS: continuous random variables, types of data 51. True or False: A statistic is usually used to provide an estimate for a usually unobserved parameter. ANSWER: True TYPE: TF DIFFICULTY: Moderate KEYWORDS: statistic, parameter, inferential statistics 52. True or False: A statistic is usually unobservable while a parameter is usually observable. ANSWER: False TYPE: TF DIFFICULTY: Moderate KEYWORDS: statistic, parameter, inferential statistic 53. True or False: The answer to the question “What is your favorite color?” is an example of an ordinal scaled variable. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: nominal scale Introduction and Data Collection 13 54. True or False: The answer to the question “How do you rate the quality of your business statistics course” is an example of an ordinal scaled variable. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: ordinal scale 55. True or False: The answer to the questi on “How many hours on average do you spend watching TV every week?” is an example of a ratio scaled variable. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: ratio scale 56. True or False: The answer to the question “What is your sleeping bag temperature rating?” is an example of a ratio scaled variable. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: interval scale 57. The Human Resources Director of a large corporation wishe s to develop an employee benefits package and decides to select 500 employees from a list of all ( N = 40,000) workers in order to study their preferences for the various components of a potential package. All the employees in the corporation constitute the . ANSWER: population TYPE: FI DIFFICULTY: Easy KEYWORDS: population 58. The Human Resources Director of a large corporation wishes to develop an employee benefits package and decides to select 500 employees from a list of all ( N = 40,000) workers in order to study their preferences for the various components of a potential pac kage. The 500 employees who will participate in this study constitute the . ANSWER: sample TYPE: FI DIFFICULTY: Easy KEYWORDS: sample 59. The Human Resources Director of a large corporation wishes to develop an employee benefits package and decides to select 500 employees from a list of all ( N = 40,000) workers in order to study their preferences for the various components of a potential pac kage. The Director will use the data from the sample to compute . ANSWER: statistics TYPE: FI DIFFICULTY: Easy KEYWORDS: statistic 14 Introduction and Data Collection 60. The Human Resources Director of a large corporation wishes to develop an employee benefits package and dec ides to select 500 employees from a list of all ( N = 40,000) workers in order to study their preferences for the various components of a potential package. Information obtained from the sample will be used to draw conclusions about the true population . ANSWER: parameters TYPE: FI DIFFICULTY: Easy KEYWORDS: parameter 61. The Human Resources Director of a large corporation wishes to develop an employee benefits package and decides to select 500 employees from a list of all ( N = 40,000) workers in order to study their preferences for the various components of a potential package. In this study, methods involving the collection, presentation, and characterization of the data are called . ANSWER: descriptive statistics/methods TYPE: FI DIFFICULTY: Easy KEYWORDS : descriptive statistics 62. The Human Resources Director of a large corporation wishes to develop an employee benefits package and decides to select 500 employees from a list of all ( N = 40,000) workers in order to study their preferences for the various com ponents of a potential package. In this study, methods that result in decisions concerning population characteristics based only on the sample results are called . ANSWER: inferential statistics/methods TYPE: FI DIFFICULTY: Easy KEYWORDS: inferential statistics 63. Mediterranean fruit flies were discovered in California a few years ago and badly damaged the oranges grown in that state. Suppose the manager of a large farm wanted to study the impact of the fruit flies on the orange cro ps on a daily basis over a 6 -week period. On each day a random sample of orange trees were selected from within a random sample of acres. The daily average number of damaged oranges per tree and the proportion of trees having damaged oranges were calculate d. The two main measures calculated each day (i.e., average number of damaged oranges per tree and proportion of trees having damaged oranges) are called . ANSWER: statistics TYPE: FI DIFFICULTY: Moderate KEYWORDS: statistic 64. Mediterranean fruit flies were discovered in California a few years ago and badly damaged the oranges grown in that state. Suppose the manager of a large farm wanted to study the impact of the fruit flies on the orange crops on a daily basis over a 6 -week period. On each day a random sample of orange trees were selected from within a random sample of acres. The daily average number of damaged oranges per tree and the proportion of trees having damaged oranges were calculated. The two main measures calculate d each day (i.e., average number of damaged oranges per tree and proportion of trees having damaged oranges) may be used on a daily basis to estimate the respective true population .