(Test Bank) Essentials of Business Statistics, Canadian Edition

Black,Castillo,Goldlist,Edmunds, 1

Business

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1st Edition

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Test Bank for Essentials of Business Statistics, Canadian Edition, The downloadable file consists of 446 pages, and the total size of the file is 2.62 MB. Purchase now only for highly discounted price.

Author(s): Black, Castillo, Goldlist, Edmunds

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Test Bank for Essentials of Business Statistics, 1st Canadian Edition, 1e Ken Black, Ignacio Castillo, Amy Goldlist, Timothy Edmunds (All Chapters) CHAPTER 1 INTRODUCTION TO STATISTICS CHAPTER LEARNING OBJECTIVES 1. Define the term “statistics” and list example applications of statistics in business. 2. Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. 3. Understand the difference between quantitative and categorical data. TRUE -FALSE STATEMENTS 1. Virtually all areas of business use statistics in decision making. Answer: True Difficulty: Easy Learning Objective: Define the term “statistics” and list example applications of statistics in business. Section Reference: 1.1 What Is Statistics? AACSB: Communication Bloomcode : Knowledge 2. Statistics can be used t o predict the business future. Answer: True Difficulty: Easy Learning Objective : Define the term “statistics” and list example applications of statistics in business. Section Reference : 1.1 What Is Statistics? AACSB: Communication Bloomcode : Knowledge 3. Statisti cs are used to market vitamins. Answer: True Difficulty: Easy Introduction to Statistics 1 - 2 Learning Objective : Define the term “statistics” and list example applications of statistics in business. Section Reference : 1.1 What Is Statistics? AACSB: Reflective Thinking Bloomcode : Comprehension 4. A list of final grades in an introductory class in busin ess is an example of statistics . Answer: False Difficulty: Easy Learning Objective : Define the term “statistics” and list example applications of statistics in business. Section Reference : 1.1 What Is Statistics? AACSB: Reflective Thinking Bloomcode : Comprehension 5. The complete collection of all entities und er study is called the sample. Answer: False Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 6. A portion or subset of the entities under study is called the statist ic. Answer: False Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 7. A descriptive measure of the pop ulation is called a parameter. Answer: True Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication 1 - 3 Test Bank for Essentials of Business Statistics , Canadian Edition Bloomcode : Knowledge 8. A census is the process of gathering data on all t he entities in the population. Answer: True Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 9. Statistics is commonly divided into two branches called descriptive sta tistics and summary statistics. Answer: False Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 10. A descriptive measure of the sample is called a statistic. Answer: True Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 11. Gathering data from a sample to reach conclusions about the population from which the sample was drawn is called descriptive statistics. Answer: False Difficulty: Medium Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge Introduction to Statistics 1 - 4 12. Calculation of population parameters is usually either impossible or excessiv ely time consuming and costly. Answer: True Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 13. The basis for inferential statistics is the ability to make decisions about population parameters without having to comple te a census of the population. Answer: True Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 14. A variable is a quantity that describes each of the possi ble outcomes of an experiment. Answer: True Difficulty: Medium Learning Objective : Understand the difference between quantitative and categorical data . Section Reference: 1.3 Types of Data AACSB: Communication Bloomcode : Knowledge 15. Variables and measurement data are interchangeable terms. Answer: False Difficulty: Medium Learning Objective: Understand the difference between quantitative and categorical data. Section Reference: 1.3 Types of Data AACSB: Reflective Thinking Bloomcode : Comprehension 16. Measurements occur when a standard process is used to assign numbers to attributes or 1 - 5 Test Bank for Essentials of Business Statistics , Canadian Edition characteristics of a variable. Answer: True Difficulty: Medium Learning Objective: Understand the difference between quantitative and categorical data. Section Refere nce: 1.3 Types of Data AACSB: Communication Bloomcode : Knowledge 17. All numerical data must be analyzed statistically in the same way because all of t hem are represented by numbers. Answer: False ifficulty: Medium Learning Objective: Understand the difference between quantitative and categorical data. Section Reference: 1.3 Types of Data AACSB: Reflective Thinking Bloomcode : Comprehension MULTIPLE CHOICE QUESTIONS 18. Which of the following statements about business statistics is not true? a) Virtually every area of business uses statistics in decision making. b) Presenting business statistics always requires the use of a specific graph called a bar chart. c) There is a wide variety of uses and applications of statistics in business. d) Business statistics can be used to forecast future values and predict trends. Answer: b Difficulty: Easy Learning Objective: Define the term “statistics” and list example applications of statistics in business. Section Reference : 1.1 What Is Statistics? AACSB: Communication Bloomcode : Knowledge 19. Which of the following is not a key element of statistics? a) collection of data b) interpreting data c) analyzing data d) presenting data requires only pie chart Answer: d Difficulty: Easy Learning Objective : Define the term “statistics” and list example applications of statistics in Introduction to Statistics 1 - 6 business. Section Reference : 1.1 What Is Statistics? AACSB: Communication Bloomcode : Knowledge 20. Which of the following does not reflect statistics? a) It describes ways of analyzing categorical data. b) It describes methods of collecting data . c) It involves interpreting data . d) It describes methods of analyzing data . Answer : a Difficulty: Easy Learning Objective: Define the term “statistics” and list example applications of statistics in business. Section Reference : 1.1 What Is Statistics? AACSB: Communication Bloomcode : Knowledge 21. In statistics, conduct ing a survey means a) collecting information from elements . b) making mathematical calculations . c) presenting data . d) drawing graphs . Answer : a Difficulty: Easy Learning Objective: Define the term “statistics” and list example applications of statistics in business. Section Reference : 1.1 What Is Statistics? AACSB: Communication Bloomcode : Knowledge 22. What is the first stage in statistics? a) Organize data . b) Identify the population to be studied . c) Analyze data . d) Summarize data . Answer: b Difficulty: Easy Learning Objective: Define the term “statistics” and list example applications of statistics in business. Section Reference : 1.1 What Is Statistics? AACSB: Communication 1 - 7 Test Bank for Essentials of Business Statistics , Canadian Edition Bloomcode : Knowledge 23. Rebecca Sear , Marketing Director of a regional restaurant chain, is directing a study to identify and assess the in -dining experience of the customers at one of the restaurants. She directs h er staff to design a web-based market survey for distribution to all of the restaurant’s 1265 customers who enjoyed a meal during the past 6 months . For this study, the set of 1265 customers is ___. a) a parameter b) a sample c) the population d) a statistic e) the frame Answer: c Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 24. Rebecca S ear, Marketing Director of a regional restaurant chain, is directing a study to identify and assess the in -dining experience of the customers at one of the restaurants. She directs her staff to design a web -based market survey for distribution to 100 of the restaurant’s 1265 customers who enjoyed a meal during the past 6 months. For this study, the set of 100 customers is ___. a) a parameter b) a sample c) the population d) a statistic e) the frame Answer: b Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 25. Sue Taylor , Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of industrial customers is stable at 1,500, but they are purchasing less each year. She orders her staff to search for causes of the downward trend by surveying all 1,500 industrial customers. For this study, the set of 1,500 indus trial customers is ___. a) a parameter b) a sample Introduction to Statistics 1 - 8 c) the population d) a statistic e) the frame Answer: c Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 26. Sue Taylor, Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of industrial customers is stable at 1,500, but they are purchasing less each year. She orders her staff to search for causes of the downward trend by selecting a focus group of 40 industrial customers. For this study, the set of 4 0 industrial customers is ___. a) a parameter b) a sample c) the population d) a statistic e) the frame Answer: b Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 27. Miguel Hernandez , Senior Vice President of Human Resources at Memorial Hospital , is exploring the usage of nursing over -time hours in the emergency department during the last operating year (January 1, 2012 , through December 31, 2012 ). Miguel intends to survey the emergency department nurses regarding their perception of over -time ne eds. For this s urvey y the set of all emergency department nurses who worked at Memorial Hospital during the last operating year is ___. a) a parameter b) a sample c) the population d) a statistic e) the frame Answer: c Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. 1 - 9 Test Bank for Essentials of Business Statistics , Canadian Edition Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 28. Miguel Hernandez, Senior Vice President of Human Resources at Memorial Hospital is exploring the usage of nursing overtime in the emergency department during the last operating year. Staffing records and emergency department visits for 20 days between the period of January 1, 2012 , and December 31, 2012 , are selected for analysis. For this study, the group of 20 days is a ___. a) parameter b) sample c) population d) statistic e) frame Answer: b Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 29. When a person collects information from the entire population, this is called a ___. a) parameter b) sample c) population d) census e) statistic Answer: d Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 30. Miguel Hernandez, Senior Vice President of Human Resources at Memorial Hospital is exploring the usage of nursing overtime in the emergency department during the last operating year. Staffing records and emergency department visits for all 360 days between the period of January 1, 2012 , and December 31, 2012 , are selected for analysis. Miguel’s dataset can best be classified as a a) statistic . b) census . c) sample . Introduction to Statistics 1 - 10 d) sorting . e) parameter . Answer: b Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 31. Sue Taylor, Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of customers is stable at 1,500, but they are purchasing less each year. She orders her staff to search for causes of the downward trend by s urveying all 1,500 industrial customers. Sue is ordering a ___. a) statistic from the industrial customers b) census of the industrial customers c) sample of the industrial customers d) sorting of the industrial customers e) parame ter of the industrial cus tomers Answer: b Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 32. Sue Taylor, Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of customers is stable at 1,500, but they are purchasing less each year. She orders her staff to search for causes of the downward trend by selecting a focus group of 40 industrial customers. Sue is ordering a ___. a) statistic from the industrial customers b) census of the industrial customers c) sample of the industrial customers d) sorting of the industrial customers e) parame ter of the industrial customers Answer: c Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Synthesis 1 - 11 Test Bank for Essentials of Business Statistics , Canadian Edition 33. Pinky Bauer, Chief Financial Officer of Harrison Haulers, Inc., suspects irregularities in the payroll system, and orders an inspection of "each and every payroll voucher issued since January 1, 2013 ." Pinky is ordering a ___. a) statistic from the payroll vouchers b) census of the payroll vouchers c) sample of the payroll vouchers d) sorting of the payroll vouchers e) par ameter of the payroll vouchers Answer: b Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 34. Pinky Bauer, Chief Financial Officer of Harrison Haulers, Inc., suspects irregularities in the payroll system, and orders an inspection of "every tenth payroll voucher issued since January 1, 2013 ." Pinky is ordering a ___. a) statistic from the payroll vo uchers b) census of the payroll vouchers c) sample of the payroll vouchers d) sorting of the payroll vouchers e) par ameter of the payroll vouchers Answer: c Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 35. On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered a 100% inspection of all castings drilled during the evening shift. Jack is ordering a ___. a) statistic from the castings b) census of the castings c) sample of the castings d) sorting of the castings e) parameter of the castings Answer: b Introduction to Statistics 1 - 12 Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 36. On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered an inspection of every fifth casting drilled during the evening shift. Jac k is ordering a ___. a) statistic from the castings b) census of the castings c) sample of the castings d) sorting of the castings e) parameter of the castings Answer: c Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 37. The process of summarizing the data is called a) inferential statistics . b) quantitative data. c) descriptive statistics . d) deferential statistics . e) categorical data . Answer: c Difficulty: Easy Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 38. A cancer research group was interested in determining the percentage of women 40 years or older that have regularly scheduled mammograms. To accomplish this, they surveyed 500 women in this age group and based on 155 women that responded affirmatively, est imated the percentage of all women in this age group that have regularly scheduled mammograms. This process is an example of ___. a) categorical data b) quantitative data 1 - 13 Test Bank for Essentials of Business Statistics , Canadian Edition c) descriptive statistics d) inferential statistics e) census Answer: d Difficulty: Medium Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 39. A local manufacturing plant randomly selected 200 items from a production run and 9 of them are defective. The proportion of defective items in this sample is a ___. a) parameter b) sample c) population d) statistic e) frame Answer: d Difficulty: Medium Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 40. Using data from a group to generalize to a larger group involves the use of ___. a) descriptive statistics b) inferential statistics c) population derivation d) sample persuasion e) relative level data Answer: b Difficulty: Medium Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Communication Bloomcode : Knowledge 41.A student makes an 82 % on the first test in a statistics course. From this, she estimates that her average at the end of the semester (after other tests) will be about 82 %. This is an example Introduction to Statistics 1 - 14 of ___. a) descriptive statistics b) inferential statistics c) pop ulation derivation d) sample persuasion e) relative level data Answer: b Difficulty: Medium Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 42. Jessica Salas, president of Salas Products, is reviewing the warranty policy for her company's new model of automobile batteries. Life tests performed on a sample of 100 batteries indicated an average life of seven years under normal usage. Jessica recomme nded a six-year warranty period for the new model. This is an example of ___. a) descriptive statistics b) executive forecasting c) population derivation d) sample persuasion e) inferential statistics Answer: e Difficulty: Hard Learning Objective : Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics. Section Reference : 1.2 The Language of Statistics AACSB: Reflective Thinking Bloomcode : Comprehension 43. On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered an inspection of every fifth casting drilled during the evening shift. Less than 1% of the castings were defective; so, Jack released the evening shift' s production to assembly. This is an example of ___. a) categorical data b) quantitative data c) descriptive statistics d) inferential statistics e) judgmental statistics Answer: d Difficulty: Hard Learning Objective : Define important statistical terms, including population, sample, and