Statistics Practice Questions for Business Course 714: Set 6

Business and Statistics 714 practice questions Set 6 1. What is the probability of rolling a 3 on a standard six-sided die? a) 1/6 b) 1/3 c) 1/2 d) 1/4 Correct Answer: a) 1/6 2. The central limit theorem states that as sample size increases, the sampling distribution of the sample mean: a) Becomes skewed b) Approaches a normal distribution c) Becomes uniform d) Approaches the population mean Correct Answer: b) Approaches a normal distribution 3. In statistics, an outlier is a data point that: a) Lies within the interquartile range b) Lies far from other data points c) Is closest to the mean d) Is the most frequent value Correct Answer: b) Lies far from other data points 4. Which of the following is a measure of central tendency? a) Standard deviation b) Range

c) Median d) Variance Correct Answer: c) Median 5. The null hypothesis in a hypothesis test is: a) The hypothesis that there is a significant effect b) The hypothesis that there is no significant effect c) Always false d) Always true Correct Answer: b) The hypothesis that there is no significant effect 6. In a positively skewed distribution, the mean is: a) Less than the median b) Greater than the median c) Equal to the median d) Undefined Correct Answer: b) Greater than the median 7. What is the range of a data set? a) The difference between the highest and lowest values b) The difference between the first and third quartiles c) The average of all values d) The most frequent value Correct Answer: a) The difference between the highest and lowest values 8. The sample mean is a: a) Parameter b) Statistic c) Constant

d) Variable Correct Answer: b) Statistic 9. Which of the following is an example of a continuous variable? a) Number of children in a family b) Age c) Marital status d) Type of car Correct Answer: b) Age 10. A probability distribution is: a) A summary of the frequencies of outcomes b) A graphical representation of data c) A function that describes the likelihood of different outcomes d) A measure of central tendency Correct Answer: c) A function that describes the likelihood of different outcomes 11. In hypothesis testing, a Type II error is: a) Accepting the null hypothesis when it is false b) Rejecting the null hypothesis when it is true c) Accepting the alternative hypothesis when it is false d) Rejecting the alternative hypothesis when it is true Correct Answer: a) Accepting the null hypothesis when it is false 12. The interquartile range (IQR) is: a) The difference between the first and third quartiles b) The difference between the minimum and maximum values c) The average of all values

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d) The middle value of the data set Correct Answer: a) The difference between the first and third quartiles 13. Which of the following distributions is symmetric? a) Normal distribution b) Positively skewed distribution c) Negatively skewed distribution d) Exponential distribution Correct Answer: a) Normal distribution 14. In regression analysis, the residuals are: a) The predicted values b) The actual values c) The differences between the actual and predicted values d) The sum of the squares of the errors Correct Answer: c) The differences between the actual and predicted values 15. What does a correlation coefficient of -1 indicate? a) No relationship between variables b) A perfect positive relationship c) A perfect negative relationship d) A weak negative relationship Correct Answer: c) A perfect negative relationship 16. The median is: a) The most frequent value in a data set b) The middle value when the data are ordered c) The average of all values

d) The difference between the highest and lowest values Correct Answer: b) The middle value when the data are ordered 17. In a hypothesis test, the p-value is: a) The probability of the null hypothesis being true b) The probability of observing the data if the null hypothesis is true c) The significance level d) The test statistic Correct Answer: b) The probability of observing the data if the null hypothesis is true 18. Which type of graph is used to display the frequency distribution of a continuous variable? a) Bar chart b) Histogram c) Pie chart d) Box plot Correct Answer: b) Histogram 19. What is the purpose of a control group in an experiment? a) To provide a standard for comparison b) To introduce variability c) To test the effect of the treatment d) To randomize the sample Correct Answer: a) To provide a standard for comparison 20. In multiple regression, the adjusted R^2 is used to: a) Compare models with different numbers of predictors b) Test for multicollinearity c) Evaluate the significance of individual predictors

d) Assess the normality of residuals Correct Answer: a) Compare models with different numbers of predictors

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Business and Statistics 714 practice questions Set 6

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