Modern Business Statistics with Microsoft Office Excel 6th Edition by David R. Anderson Test bank

LEARNING OBJECTIVES:  MBST.ASWC.18.01.04 - 1.4
NATIONAL STANDARDS:  United States - Business Program.1: - Reflective Thinking
KEYWORDS:  Bloom's: Knowledge
 
56. Refer to Exhibit 1-2. A political pollster states, "Forty five percent of all voters approve of the president." This statement is an example of _____.
 a. a sample
 b. descriptive statistics
 c. statistical inference
 d. a population
 
ANSWER:  c
POINTS:  1
DIFFICULTY:  Easy
REFERENCES:  Statistical Inference
LEARNING OBJECTIVES:  MBST.ASWC.18.01.05 - 1.5
NATIONAL STANDARDS:  United States - Business Program.1: - Reflective Thinking
KEYWORDS:  Bloom's: Knowledge
 
57. The process of analyzing sample data to draw conclusions about the characteristics of a population is called _____.
 a. descriptive statistics
 b. statistical inference
 c. data analysis
 d. data summarization
 
ANSWER:  b
POINTS:  1
DIFFICULTY:  Easy
REFERENCES:  Statistical Inference
LEARNING OBJECTIVES:  MBST.ASWC.18.01.05 - 1.5
NATIONAL STANDARDS:  United States - Business Program.1: - Reflective Thinking
KEYWORDS:  Bloom's: Knowledge
 
58. In a post office, the mailboxes are numbered from 1 to 5,000. These numbers represent _____.
 a. categorical data
 b. time series data
 c. cross-sectional data
 d. quantitative data
 
ANSWER:  a
POINTS:  1
DIFFICULTY:  Easy
REFERENCES:  Data
LEARNING OBJECTIVES:  MBST.ASWC.18.01.02 - 1.2
NATIONAL STANDARDS:  United States - Business Program.1: - Reflective Thinking
KEYWORDS:  Bloom's: Knowledge
 
59. The average age in a sample of 90 students at City College is 20. From this sample, it can be concluded that the average age of all the students at City College _____.
 a. must be more than 20, since the population is always larger than the sample
 b. must be less than 20, since the sample is only a part of the population
 c. could not be 20
 d. could be larger, smaller, or equal to 20
 
ANSWER:  d
POINTS:  1
DIFFICULTY:  Easy
REFERENCES:  Statistical Inference
LEARNING OBJECTIVES:  MBST.ASWC.18.01.05 - 1.5
NATIONAL STANDARDS:  United States - Business Program.1: - Reflective Thinking
KEYWORDS:  Bloom's: Knowledge
 
60. _____ analytics consists of analytical techniques that use models constructed from past data to predict the future or to assess the impact of one variable on another.
 a. Descriptive
 b. Predictive
 c. Prescriptive
 d. Data
 
ANSWER:  b
POINTS:  1
DIFFICULTY:  Easy
REFERENCES:  Analytics
LEARNING OBJECTIVES:  MBST.ASWC.18.01.07 - 1.7
NATIONAL STANDARDS:  United States - Business Program.1: - Reflective Thinking
KEYWORDS:  Bloom's: Knowledge
 
61. The term _____ is used to refer to the process of capturing, storing, and maintaining data.
 a. data warehousing
 b. data mining
 c. data analysis
 d. data collection
 
ANSWER:  a
POINTS:  1
DIFFICULTY:  Easy
REFERENCES:  Big Data and Data Mining
LEARNING OBJECTIVES:  MBST.ASWC.18.01.08 - 1.8
NATIONAL STANDARDS:  United States - Business Program.1: - Reflective Thinking
KEYWORDS:  Bloom's: Knowledge
 
62. A sample of five Fortune 500 companies showed the following revenues ($ millions): 7505.0, 2904.7, 7208.4, 6819.0, and 19500.0. Based on this information, which of the following statements is correct?
 a. An estimate of the average revenue for all Fortune 500 companies is 8787.42 ($ millions).
 b. The average revenue for all Fortune 500 companies is 8787.42 ($ millions).
 c. Over half of all Fortune 500 companies earn at least 7208.4 ($ millions) in revenues.
 d. If five other Fortune 500 companies were chosen, the average revenue would be 8787.42 ($ millions).
 
ANSWER:  a
POINTS:  1