Business and Statistics 714 practice questions Set 3

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May 24, 2024

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Business and Statistics 714 practice questions Set 3 1. Which measure of central tendency is calculated by adding all the numbers in a data set and then dividing by the count of numbers? a) Mean b) Median c) Mode d) Range Correct Answer: a) Mean 2. In probability, a mutually exclusive event is one that: a) Can occur simultaneously with another event b) Cannot occur simultaneously with another event c) Has a probability of zero d) Has a probability of one Correct Answer: b) Cannot occur simultaneously with another event 3. The standard error of the mean is calculated as: a) Standard deviation divided by the sample size b) Standard deviation multiplied by the sample size c) Standard deviation divided by the square root of the sample size d) Standard deviation squared Correct Answer: c) Standard deviation divided by the square root of the sample size 4. What is the probability of getting heads in a single coin toss? a) 0.25 b) 0.5
c) 0.75 d) 1.0 Correct Answer: b) 0.5 5. Which of the following is an ordinal variable? a) Temperature in Celsius b) Marital status c) Education level (high school, bachelor's, master's) d) Gender Correct Answer: c) Education level (high school, bachelor's, master's) 6. The main purpose of a regression analysis is to: a) Measure the central tendency of a data set b) Test for differences between groups c) Predict the value of a dependent variable based on an independent variable d) Calculate probabilities Correct Answer: c) Predict the value of a dependent variable based on an independent variable 7. What does a z-score represent in a normal distribution? a) The standard deviation of the distribution b) The probability of an event c) The number of standard deviations a data point is from the mean d) The variance of the distribution Correct Answer: c) The number of standard deviations a data point is from the mean 8. If the mean of a data set is 20 and the standard deviation is 5, what is the z-score of a value of 30?
a) 1 b) 2 c) -1 d) -2 Correct Answer: b) 2 9. In hypothesis testing, the alternative hypothesis represents: a) No effect or difference b) The effect or difference we are testing for c) The null hypothesis d) The test statistic Correct Answer: b) The effect or difference we are testing for 10. Which of the following is an example of a nominal variable? a) Age b) Income c) Religion d) Height Correct Answer: c) Religion 11. A time series plot is used to visualize: a) The relationship between two variables b) The distribution of a single variable c) Data points over time d) The correlation between multiple variables Correct Answer: c) Data points over time 12. The law of large numbers states that:
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a) The average of the results obtained from a large number of trials will converge to the expected value b) The probability of an event decreases with more trials c) The standard deviation increases with more trials d) The sample mean will always equal the population mean Correct Answer: a) The average of the results obtained from a large number of trials will converge to the expected value 13. The binomial distribution is used to model: a) Continuous outcomes b) Discrete outcomes with two possible values c) Normally distributed data d) Time between events Correct Answer: b) Discrete outcomes with two possible values 14. Which of the following is an example of a parameter? a) Sample mean b) Population mean c) Sample standard deviation d) Sample variance Correct Answer: b) Population mean 15. What is the purpose of a confidence interval? a) To test a hypothesis b) To estimate the range in which a population parameter lies c) To calculate the mean d) To determine the sample size Correct Answer: b) To estimate the range in which a population parameter lies
16. In a normal distribution, the area under the curve represents: a) The probability of the mean b) The variance c) The total probability d) The z-score Correct Answer: c) The total probability 17. What does it mean if a correlation coefficient is close to zero? a) There is a strong linear relationship between two variables b) There is no linear relationship between two variables c) There is a perfect negative relationship d) There is a perfect positive relationship Correct Answer: b) There is no linear relationship between two variables 18. Which of the following is a measure of dispersion? a) Mean b) Median c) Mode d) Variance Correct Answer: d) Variance 19. What is the probability of drawing an ace from a standard deck of 52 cards? a) 1/52 b) 1/13 c) 1/4 d) 1/2 Correct Answer: b) 1/13 20. In a multiple regression model, the adjusted R^2:
a) Always increases with more predictors b) Can decrease if irrelevant predictors are added c) Is always lower than R^2 d) Is unaffected by the number of predictors Correct Answer: b) Can decrease if irrelevant predictors are added
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