(Test Bank) Basic Business Statistics

Berenson,Szabat, 14

Business

Test Bank

14th Edition

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Test Bank for Basic Business Statistics, The downloadable file consists of 992 pages, and the total size of the file is 4.12 MB. Purchase now only for highly discounted price.

Author(s): Berenson, Szabat

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TEST B ANK JAMES BALDONE BASIC BUSINESS STATISTICS : CONCEPTS AND APPLICATIONS FOURTEENTH EDITION Mark L. Berenson David M. Levine Kathryn A. Szabat David F. Stephan Important Things to Learn First GS-1 Copyright ©2019 Pearson Education, Inc. GETTING STARTED: IMPORTANT THINGS TO LEARN FIRST 1. The process of using data collected from a small group to reach conclusions about a large group is called a) statistical inference. b) DCOVA framework. c) operational definition. d) descriptive statistics. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: inferential statistics 2. Those methods involving the coll ection, presentation, and chara cterization of a set of data in order to properly describe the various features of that set of data are called a) statistical inference. b) DCOVA framework. c) operational definition. d) descriptive statistics. ANSWER: d TYPE: MC DIFFICULTY: Easy KEYWORDS: descriptive statistics 3. The collection and summarization of the socioeconomic and physi cal characteristics of the employees of a particular firm is an example of a) inferential statistics. b) descriptive statistics. c) operational definition. d) DCOVA framework. 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) DCOVA framework. d) operational definition. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: inferential statistics GS-2 Important Things to Learn First Copyright ©2019 Pearson Education, Inc. 5. Which of the following is not an element of descriptive statistical problems? a) An inference made about the popu lation 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 6. A study is under way in Yosemite National Forest to determine t he 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 cont ains 25,000 adult American pines. The study involves collecting heights from 250 randomly selected ad ult American pine trees and analyzing the results. Identify th e 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 TYPE: MC DIFFICULTY: Easy KEYWORDS: variable 7. Most analysts focus on the cost of tuition as the way to measur e 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 students at Drummand. To do so, she monitored the textbook cost of 250 first-year students and found that their average textbook cost was $600 per semester. Identify the variable of interest t o 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: variable 8. True or False: Problems may arise when statistically unsophisti cated users who do not understand the assumptions behind the statistical procedures or their limi tations are misled by results obtained from computer software. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: statistical package Important Things to Learn First GS-3 Copyright ©2019 Pearson Education, Inc. 9. True or False: Managers need an understanding of statistics to be able to present and describe information accurately, draw conclusions about large population s based on small samples, improve processes, and make reliable forecasts. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: reasons for learning statistics 10. True or False: A professor comput ed the sample average exam sco re of 20 students and used it to estimate the average exam score of the 1,500 students taking th e exam. This is an example of inferential statistics. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: descriptive statistics, inferential statistics 11. True or False: Using the number of registered voters who turned out to vote for the primary in Iowa to predict the number of registered voters who will turn o ut to vote in Vermont’s primary is an example of descriptive statistics. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: descriptive statistics, inferential statistics 12. True or False: Compiling the number of registered voters who tu rned out to vote for the primary in Iowa is an example of descriptive statistics. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: descriptive statistics, inferential statistics 13. The Human Resources Director of a large corporation wishes to d evelop 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 potenti al 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 GS-4 Important Things to Learn First Copyright ©2019 Pearson Education, Inc. 14. The Human Resources Director of a large corporation wishes to d evelop 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 potenti al 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 15. The oranges grown in corporate fa rms in an agricultural state w ere damaged by some unknown fungi a few years ago. Suppose the manager of a large farm wan ted to study the impact of the fungi on the orange crops on a daily basis over a 6-week period . On each day a random sample of orange trees was selected from within a random sample of acr es. The daily average number of damaged oranges per tree and the proportion of trees having dam aged oranges were calculated. In this study, drawing conclusions on any one day about the true p opulation characteristics based on information obtained from the sample is called _______. ANSWER: inferential statistics/methods TYPE: FI DIFFICULTY: Moderate KEYWORDS: inferential statistics 16. The oranges grown in corporate fa rms in an agricultural state w ere damaged by some unknown fungi a few years ago. Suppose the manager of a large farm wan ted to study the impact of the fungi on the orange crops on a daily basis over a 6-week period . On each day a random sample of orange trees was selected from within a random sample of acr es. The daily average number of damaged oranges per tree and the proportion of trees having dam aged oranges were calculated. In this study, the presentation and characterization of the two ma in measures calculated each day (i.e., average number of damaged oranges per tree and proportio n of trees having damaged oranges) is called _______ . ANSWER: descriptive statistics/methods TYPE: FI DIFFICULTY: Moderate KEYWORDS: descriptive statistics 17. The Commissioner of Health in New York State wanted to study ma lpractice litigation in New York. A sample of 31 thousand medical records was drawn from a population of 2.7 million patients who were discharged during 2010. Using the information obtained from the sample to predict population characteristics with respect to malpractice litigation is an example of _______. ANSWER: inferential statistics TYPE: FI DIFFICULTY: Moderate KEYWORDS: inferential statistics Important Things to Learn First GS-5 Copyright ©2019 Pearson Education, Inc. 18. The Commissioner of Health in New York State wanted to study ma lpractice litigation in New York. A sample of 31 thousand medical records was drawn from a population of 2.7 million patients who were discharged during 2010. The collection, prese ntation, and characterization of the data from patient medical records are examples of _______. ANSWER: descriptive statistics/methods TYPE: FI DIFFICULTY: Easy KEYWORDS: descriptive statistics 19. True or False: Business analytics combine “traditional” statis tical methods with methods and techniques from management science and information systems to f orm an interdisciplinary tool that supports fact-based management decision making. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: business analytics 20. Which of the following is not true about business analytics? a) It enables you to use statistical methods to analyze and explor e data to uncover unforeseen relationships. b) It enables you to use management science methods to develop opt imization models that impact an organization’s stra tegy, planning, and operations. c) It enables you to use complex ma thematics to replace the need f or organizational decision making and problem solving. d) It enables you to use information systems methods to collect an d process data sets of all sizes. ANSWER: c TYPE: MC DIFFICULTY: Moderate KEYWORDS: business analytics 21. True or False: “Big data” is a concrete concept with a precise operational definition. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: big data 22. True or False: “Big data” are data being collected in huge vol umes and at very fast rates, and they typically arrive in a variety of forms, organized and unor ganized. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: big data GS-6 Important Things to Learn First Copyright ©2019 Pearson Education, Inc. 23. True or False: In the current data-driven environment of busin ess, the decisions you make will be increasingly based on gut or intuition supported by personal ex perience. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: business analytics 24. True or False: The D in the DCO VA framework stands for “data”. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework 25. True or False: The D in the DCO VA framework stands for “define ”. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework 26. True or False: The C in the DCOVA framework stands for “catego rize”. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework 27. True or False: The C in the DCO VA framework stands for “collec t”. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework 28. True or False: The O in the DCO VA framework stands for “operat ionalize”. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework 29. True or False: The O in the DCO VA framework stands for “organi ze”. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework Important Things to Learn First GS-7 Copyright ©2019 Pearson Education, Inc. 30. True or False: The V in the DCO VA framework stands for “verify ”. ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework 31. True or False: The V in the DCO VA framework stands for “visual ize”. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework 32. True or False: The A in the DCO VA framework stands for “apply” . ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework 33. True or False: The V in the DCO VA framework stands for “value” . ANSWER: False TYPE: TF DIFFICULTY: Easy KEYWORDS: DCOVA framework 34. Which of the following is not an attribute of big data? a. Variegated b. Velocity c. Volume d. Variety ANSWER: a TYPE: TF DIFFICULTY: Easy KEYWORDS: business analytics 35. True or False: If rising temperatures are followed immediat ely by an increase in crime in urban areas, we would attribute the two events to be an instance of l ogical causality. ANSWER: False TYPE: TF DIFFICULTY: Moderate KEYWORDS: Starting points for learning statistics, page 6 text. Defining and Collecting Data 1-1 Copyright ©2019 Pearson Education, Inc. CHAPTER 1: DEFINING AND COLLECTING DATA 1. Which of the following is a discrete quantitative (numerical) v ariable? 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 insurance company ANSWER: d TYPE: MC DIFFICULTY: Easy KEYWORDS: discrete variable, types of data 2. Which of the following is a con tinuous quantitative (numerical) variable? a) The color of a student’s eyes b) The number of employees of an insurance company c) The amount of milk in a 2-liter carton. d) The number of gallons of milk sold at the local grocery store y esterday ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: continuous variable, types of data 3. 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 w ith 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, then X is an example of a) a categorical variable. b) a discrete variable. c) a continuous variable. d) a statistic. ANSWER: b TYPE: MC DIFFICULTY: Moderate KEYWORDS: discrete variable, types of data 1-2 Defining and Collecting Data Copyright ©2019 Pearson Education, Inc. 4. Researchers are concerned that t he weight of the average Americ an school child is increasing implying, among other things, tha t children’s clothing should b e manufactured and marketed in larger sizes. If X is the weight of school children sampled in a nationwide study without rounding, then X is an example of a) a categorical variable. b) a discrete variable. c) a continuous variable. d) a table of random numbers. ANSWER: c TYPE: MC DIFFICULTY: Moderate KEYWORDS: continuous variable, types of data 5. The classification of student class designation (freshman, soph omore, junior, senior) is an example of a) a categorical variable. b) a discrete variable. c) a continuous variable. d) a table of random numbers. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: categorical variable, types of data 6. The classification of student major (accounting, economics, man agement, marketing, other) is an example of a) a categorical variable. b) a discrete variable. c) a continuous variable. d) a table of random numbers. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: categorical variable, types of data Defining and Collecting Data 1-3 Copyright ©2019 Pearson Education, Inc. 7. The chancellor of a major univers ity was concerned about alcoho l 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 rando m sample of 250 students. The answer on “whether you visited ca mpus bars on the weekend befor e the final exam week” from students in the sample is an example of __________. a) a categorical variable. b) a discrete variable. c) a continuous variable. d) a table of random numbers. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: categorical variable, types of data SCENARIO 1-1 The manager of the customer ser vice division of a major consume r electronics company is interested in determining whether the cus tomers who have purchased a Blu-r ay player made by the company over the past 12 months are satisfied with their products. 8. Referring to Scenario 1-1, the po ssible responses to the questi on "How many Blu-ray players made by other manufacturers have you used?" are values from a a) discrete variable. b) continuous variable. c) categorical variable. d) table of random numbers. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: discrete variable, types of data 9. Referring to Scenario 1-1, the po ssible responses to the questi on "Are you happy, indifferent, or unhappy with the performance per dollar spent on the Blu-ray pl ayer?" are values from a a) discrete numerical variable. b) continuous numerical variable. c) categorical variable. d) table of random numbers. ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: categorical variable, types of data 1-4 Defining and Collecting Data Copyright ©2019 Pearson Education, Inc. 10. Referring to Scenario 1-1, the po ssible responses to the questi on "What is your annual income rounded to the nearest thousands?" are values from a a) discrete numerical variable. b) continuous numerical variable. c) categorical variable. d) table of random numbers. ANSWER: a TYPE: MC DIFFICULTY: Difficult KEYWORDS: discrete variable, types of data EXPLANATION: Even though money is usually considered as a conti nuous variable, it should be considered as a discrete variable when rounded to the nearest t housands. 11. Referring to Scenario 1-1, the po ssible responses to the questi on "How much time do you use the Blu-ray player every week on the average?" are values from a a) discrete numerical variable. b) continuous numerical variable. c) categorical variable. d) table of random numbers. ANSWER: b TYPE: MC DIFFICULTY: Easy KEYWORDS: continuous variable, types of data 12. Referring to Scenario 1-1, the po ssible responses to the questi on "How many people are there in your household?" are values from a a) discrete numerical variable. b) continuous numerical variable. c) categorical variable. d) table of random numbers. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: discrete variable, types of data 13. Referring to Scenario 1-1, the po ssible responses to the questi on "How would you rate the quality of your purchase experience with 1 = excellent, 2 = good, 3 = d ecent, 4 = poor, 5 = terrible?" are values from a a) discrete numerical variable. b) continuous numerical variable. c) categorical variable. d) table of random numbers. ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: categorical variable, types of data Defining and Collecting Data 1-5 Copyright ©2019 Pearson Education, Inc. 14. Referring to Scenario 1-1, the po ssible responses to the questi on "What brand of Blu-ray player did you purchase?" are values from a a) discrete numerical variable. b) continuous numerical variable. c) categorical variable. d) table of random numbers. ANSWER: c TYPE: MC DIFFICULTY: Easy KEYWORDS: categorical variable, types of data 15. Referring to Scenario 1-1, the po ssible responses to the questi on "Out of a 100-point score with 100 being the highest and 0 being the lowest, what is your sati sfaction level on the videocassette recorder that you purchased?" are values from a a) discrete numerical variable. b) continuous numerical variable. c) categorical variable. d) table of random numbers. ANSWER: a TYPE: MC DIFFICULTY: Moderate KEYWORDS: discrete variable, types of data 16. Referring to Scenario 1-1, the po ssible responses to the questi on "In which year were you born?" are values from a a) discrete numerical variable. b) continuous numerical variable. c) categorical variable. d) table of random numbers. ANSWER: a TYPE: MC DIFFICULTY: Moderate KEYWORDS: discrete variable, types of data 17. Referring to Scenario 1-1, the po ssible responses to the questi on "How many Blu-ray players made by other manufacturers have you used? “results in a) a nominal scale variable. b) an ordinal scale variable. c) an interval scale variable. d) a ratio scale variable. ANSWER: d TYPE: MC DIFFICULTY: Moderate KEYWORDS: ratio scale, types of data 1-6 Defining and Collecting Data Copyright ©2019 Pearson Education, Inc. 18. Referring to Scenario 1-1, the po ssible responses to the questi on "Are you happy, indifferent, or unhappy with the performance per dollar spent on the Blu-ray pl ayer?" result in a) a nominal scale variable. b) an ordinal scale variable. c) an interval scale variable. d) a ratio scale variable. ANSWER: b TYPE: MC DIFFICULTY: Moderate KEYWORDS: ordinal scale, types of data 19. Referring to Scenario 1-1, the po ssible responses to the questi on "What is your annual income rounded to the nearest thousands?" result in a) a nominal scale variable. b) an ordinal scale variable. c) an interval scale variable. d) a ratio scale variable. ANSWER: d TYPE: MC DIFFICULTY: Moderate KEYWORDS: ratio scale, types of data 20. Referring to Scenario 1-1, the po ssible responses to the questi on "How much time do you use the Blu-ray player every week on the average?" result in a) a nominal scale variable. b) an ordinal scale variable. c) an interval scale variable. d) a ratio scale variable. ANSWER: d TYPE: MC DIFFICULTY: Moderate KEYWORDS: ratio scale, types of data 21. Referring to Scenario 1-1, the po ssible responses to the questi on "How many people are there in your household?" result in a) a nominal scale variable. b) an ordinal scale variable. c) an interval scale variable. d) a ratio scale variable. ANSWER: d TYPE: MC DIFFICULTY: Moderate KEYWORDS: ratio scale, types of data Defining and Collecting Data 1-7 Copyright ©2019 Pearson Education, Inc. 22. Referring to Scenario 1-1, the po ssible responses to the questi on "How would you rate the quality of your purchase experience with 1 = excellent, 2 = good, 3 = d ecent, 4 = poor, 5 = terrible?" result in a) a nominal scale variable. b) an ordinal scale variable. c) an interval scale variable. d) a ratio scale variable. ANSWER: b TYPE: MC DIFFICULTY: Moderate EXPLANATION: The rating is ordin al scale not an interval scale because the difference in rating between “excellent” and “good” do es not have to be the same as the difference between “poor” and “terrible”. KEYWORDS: ordinal scale, types of data 23. Referring to Scenario 1-1, the po ssible responses to the questi on "What brand of Blu-ray player did you purchase?" result in a) a nominal scale variable. b) an ordinal scale variable. c) an interval scale variable. d) a ratio scale variable. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: nominal scale, types of data 24. Referring to Scenario 1-1, the po ssible responses to the questi on "Out of a 100-point score with 100 being the highest and 0 being the lowest, what is your sati sfaction level with the Blu-ray player that you purchased results in: a) a nominal scale variable. b) an ordinal scale variable. c) an interval scale variable. d) a ratio scale variable. ANSWER: c TYPE: MC DIFFICULTY: Difficult EXPLANATION: The rating is interval scale not ordinal scale bec ause the difference in rating between “80” and “90” can be treated as the same as the differe nce between “30” and “40” but a rating of “80” does not imply twice the level of satisfaction l evel as a rating of “40”. KEYWORDS: interval scale, types of data