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Eugene Gates, Marketing Director of Mansfield Motors Manufacturers, Inc.'s Electrical
Division, is leading a study to assess the relative importance of product features. An
item on a survey questionnaire distributed to 100 of Mansfield's customers asked them
to rate the importance of "ease of maintenance" on a scale of 1 to 10 (with 1 meaning
"not important" and 10 meaning "highly important"). His staff assembled the following
statistics.
If Eugene concludes that the average rate of "ease of maintenance" for all customers is
7.5, he is using ________.
a) a range estimate
b) a statistical parameter
c) a point estimate
d) an interval estimate
e) a guesstimate
The cumulative frequency for a class is 27. The cumulative frequency for the next
(non-empty) class will be _______.
a) less than 27
b) equal to 27
c) next class frequency minus 27
d) 27 minus the next class frequency
e) 27 plus the next class frequency
A statistics student made the following grades on 7 tests: 76, 82, 92, 95, 79, 86, and 92.
What is the median grade?
a) 86
b) 76
c) 82
d) 94
e) 95
For the following ANOVA table, the observedF value is ___________.
a) 0.67
b) 1.50
c) 6.00
d) 5.00
e) 4.00
Sales of a restaurant (in dollars) are an example of what level of data measurement?
a) Interval level data
b) Ordinal level data
c) Nominal level data
d) Ratio level data
e) Relative level data
A random sample of size 100 is drawn from a population with a standard deviation of
10. If only 5% of the time a sample mean greater than 20 is obtained, the mean of the
population is ______
a) 18.35
b) 16.25
c) 17.2
d) 20
e) 19
Catherine Chao, Director of Marketing Research, is evaluating consumer acceptance of
a new toothpaste package. She plans to use a 95% confidence interval estimate of the
proportion of households which prefer the new packages; she will accept a 0.05 error.
Previous studies indicate that new packaging has an approximately 70% acceptance
rate. The sample size should be at least _______.
a) 27
b) 59
c) 323
d) 427
e) 500
Ophelia O'Brien, VP of Consumer Credit of American First Banks (AFB), is designing
a p chart to monitor the default rate on personal loans at the AFB member banks. Her
data includes the proportion in default for 30 samples of personal loans. Each sample
contains 50 loans, and the average of the 30 proportions is 0.05. The centerline for
Ophelia's p chart is _____________.
a) 30
b) 0.50
c) 50
d) 1.5
e) 0.05
Reengineering is ___________________________.
a) a fine-tuning of the present process
b) downsizing of a company
c) another name for Deming's 14 points
d) the complete redesign of core business processes
e) incremental improvement of a core process
The forecast value for August was 22 and the actual value turned out to be 19. Using
exponential smoothing with
= 0.30, the forecast value for September would be
______.
a) 21.1
b) 19.9
c) 18.1
d) 22.9
e) 21.0
The weight of a USB flash drive is 30 grams and is normally distributed. Periodically,
quality control inspectors at Dallas Flash Drives randomly select a sample of 17 USB
flash drives. If the mean weight of the USB flash drives is too heavy or too light the
machinery is shut down for adjustment; otherwise, the production process continues.
The last sample showed a mean and standard deviation of 31.9 and 1.8 grams,
respectively. Using = 0.10, the appropriate decision is _______.
a) reject the null hypothesis and shut down the process
b) reject the null hypothesis and do not shut down the process
c) fail to reject the null hypothesis and shut down the process
d) fail to reject the null hypothesis and do not shut down the processe) do nothing
Meagan Dubean manages a portfolio of 200 common stocks. Her staff classified the
portfolio stocks by 'industry sector' and 'investment objective.'
If a stock is selected randomly from Meagan's portfolio, P (Healthcare Electronics) =
_______.
a) 0.25
b) 0.85
c) 0.60
d) 0.75
e) 0.90
Melissa Rossi, Product Manager at National Consumers, Inc. (NCI), is evaluating
alternatives for introducing a new package for toothpaste. She has identified four
alternative markets, and has constructed the following table which shows NCI's rewards
(in $1,000,000's) for various levels of acceptance by the markets and their probabilities.
The EMV of introducing the new package in the "Northeast Only" market is ________.
a) $50,000
b) $70,000
c) $90,000
d) $260,000
e) $300,000
The table below provides summary information about students in a class. The sex of
each individual and their age is given.
If a student is randomly selected from this group, what is the probability that the student
is a female who in under 20 years old?
a) 0.08
b) 0.18
c) 0.52
d) 0.26
e) 0.78
According to the central limit theorem, if a sample of size 56 is drawn from a
population with a standard deviation of 14, the standard deviation of the distribution of
the sample means would equal _______.
a) 14
b) 1.87
c) 3.5
d) 0.25
e) 3.74
Financial analyst Larry Potts needs a sample of 100 securities listed on the New York
Stock Exchange. In the current issue of the Wall Street Journal, 2,531 securities are
listed in the "New York Exchange Composite Transactions," an alphabetical listing of
all securities traded on the previous business day. Larry uses a table of random numbers
to select 100 numbers between 1 and 2,531. His sample is a ____________.
a) quota sample
b) simple random sample
c) systematic sample
d) stratified sample
e) cluster sample
A marketing demographic survey is undertaken to determine the market potential for a
new product. One of the questions asked is: What type of residence do you live in?
Respondents are offered several possible answers including: house, apartment, or
condominiums. In order to computerize the survey answers, the responses are coded as
a 1 if the answer is "house", a 2 if the answer is an "apartment", and a 3 if the answer is
a "condominium". These numbers, 1, 2, and 3, are examples of which level of data?
a) Interval level
b) Ordinal level
c) Nominal level
d) Ratio level
e) Relative level
Suppose 40% of the population of pre-teens have a TV in their bedroom. If a random
sample of 500 pre-teens is drawn from the population, then the probability that 44% or
fewer of the pre-teens have a TV in their bedroom is _______.
a) 0.9644
b) 0.4644
c) 0.0356
d) 0.0400e) 0.9600
A Mann-Whitney U test was performed to determine if there were differences in the
cost of tuition at a Texas state university versus an Oklahoma state university. The total
cost, including room, board, and books for 24 freshman attending a Texas university
were computed and compared to the total cost for 20 Oklahoma state university
students. The Ustatistic was calculated to be 38.78 based on the sample sizes of 24 and
20. What is the zvalue for this test?
a) 0.133
b) -4.74
c) 240
d) 42.43
e) 8.75
Catherine Chao, Director of Marketing Research, needs a sample of households to
participate in the testing of a new toothpaste package. She chooses thirty-six of her
closest friends. Catherine's sample is a _____________.
a) cluster sample
b) convenience sample
c) quota sample
d) systematic sample
e) random sample
A market research firm is investigating the appeal of three package designs. The table
below gives information obtained through a sample of 200 consumers. The three
package designs are labeled A, B, and C. The consumers are classified according to age
and package design preference.
If one of these consumers is randomly selected, what is the probability that the person
prefers design A?
a) 0.76
b) 0.38
c) 0.33
d) 0.22
e) 0.39
The numerical value of the coefficient of correlation must be _______.
a) between -1 and +1
b) between -1 and 0
c) between 0 and 1
d) equal to SSE/(n-2)
e) between 0 and -1
Ray Crofford is evaluating investment alternatives to invest $100,000 which he
inherited from his grandfather. His investment advisor has identified four alternatives
and constructed the following payoff table which shows expected profits (in $10,000's)
for various market conditions.
For the 'T-Bills' and 'Bonds' choices, the indifference value of Hurwicz's alpha is _____.
a) 0.8267
b) 0.7134
c) 0.6555
d) 0.3333
e) 0.5000
A multiple regression analysis produced the following tables.
Using
= 0.05 to test the null hypothesis H0:
2= 0, the correct decision is ____.
a) fail to reject the null hypothesis
b) reject the null hypothesis
c) fail to reject the alternative hypothesis
d) reject the alternative hypothesis
e) there is not enought information provided to make a decision
David Desreumaux, VP of Human Resources of American First Banks (AFB), is
reviewing the employee training programs of AFB banks. Based on a recent census of
personnel, David knows that the variance of teller training time in the Southeast region
is 8, and he wonders if the variance in the Southwest region is the same number. His
staff randomly selected personnel files for 15 tellers in the Southwest Region, and
determined that their mean training time was 25 hours and that the standard deviation
was 4 hours. Assume that teller training time is normally distributed. Using = 0.10, the
observed value of chi-square is ________.
a) 28.00
b) 30.00
c) 56.00
d) 60.00
e) 65.00
According to Chebyshev's Theorem, approximately how many values in a large data set
will be within 2 standard deviations of the mean?
a) At least 75%
b) At least 68%
c) At least 95%
d) At least 89%
e) At least 99%
David Desreumaux, VP of Human Resources of American First Banks (AFB), is
reviewing the employee training programs of AFB banks. His staff compiled the
following table of regional statistics on teller training hours.
What can David conclude from these statistics?
a) The Southeast distribution is symmetrical.
b) The Southwest distribution is skewed to the left.
c) The Southeast distribution has the greater dispersion.
d) The Southeast distribution is skewed to the left.
e) The two distributions are symmetrical.
What is the forecast for the Period 7 using a 3-period moving average technique, given
the following time-series data for six past periods?
a) 164.67
b) 156.00
c) 148.00
d) 126.57
e) 158.67
Alan Bissell, a market analyst for City Sound Online Mart, is analyzing sales from
heavy metal song downloads. Alan's dependent variable is annual heavy metal song
download sales (in $1,000,000's), and his independent variables are website visitors (in
1,000's) and type of download format requested (0 = MP3, 1 = other). Regression
analysis of the data yielded the following tables.
Alan's model is ________________.
a) y = 1.7 + 0.384212 x1+ 4.424638 x2+ 0.00166 x3
b) y = 1.7 + 0.04 x1+ 1.5666667 x2
c) y = 0.384212 + 0.014029 x1+ 0.20518 x2
d) y = 4.424638 + 2.851146 x1- 7.63558 x2
e) y = 1.7 + 0.04 x1- 1.5666667 x2
Suppose the population of all public Universities shows the annual parking fee per
student is $110 with a standard deviation of $18. If a random sample of size 49 is drawn
from the population, the probability of drawing a sample with a sample mean between
$112 and $115 is _______.
a) 0.9738
b) 0.7777
c) 0.7823
d) 0.1915
e) 1.7561
In a Wilcoxon matched-pairs signed rank test with 20 matched-pairs of observations,
the observed value of the Tstatistic based on sample data is 76.33. The corresponding
observed z-value is ___________.
a) −1.79
b) −2.07
c) −1.70
d) −1.59
e) −1.07
