Descriptive Statistics Prince

8/4/2019 Descriptive Statistics Prince

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CHAPTER THREE

Descriptive Statistics

C 1. Statistical measures used to yield information about the middle of a group of

numbers are called _______.

E A. averages

Term B. measures of variability

C. measures of central tendency

D. Z scores

C 2. Which of the following is NOT a measure of central tendency?

E A. meanTerm B. median

C. variance

D. mode

73


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70 Test Bank

A 3. The most frequently occurring value in a set of data is called the _______.

E A. mode

Term B. mean

C. median

D. coefficient of variation

A 4. Which of the following is an appropriate measure of central tendency for nominal

data?

E A. mode

Term B. mean

C. median


C 5. Which of the following is an appropriate measure of central tendency for ordinal

data?

E A. standard deviation

Term B. mean

C. median


C 6. The lowest appropriate level of measurement for the mean is _________.

E A. nominal

Term B. ordinal

C. interval

D. ratio

B 7. The lowest appropriate level of measurement for the median is _________.

E A. nominal

Term B. ordinal

C. interval

D. ratio

A 8. The lowest appropriate level of measurement for the mode is _________.

E A. nominal

Term B. ordinal

C. interval

D. ratio


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Chapter 3: Descriptive Statistics 71

C 9. The middle value in an ordered array of numbers is called the _______.

E A. mode

Term B. mean

C. median


B 10. Another term for average is _______.

E A. mode

Term B. mean

C. median

D. variance

C 11. The Greek letter usually refers to the _______.E A. population standard deviation

Term B. sample varianceC. population mean

D. sample mean

A 12. The Greek letter usually refers to the _________.

E A. population standard deviation

Term B. sample variance

C. population mean

D. sample mean

D 13. The notation X usually refers to the _______________.


Term B. sample variance

C. population mean

D. sample mean

B 14. The notation s2 usually refers to the _______________.


Term B. sample varianceC. population mean

D. sample mean


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72 Test Bank

D 15. Which of the following is NOT a commonly used measure of variability?

M A. variance

Term B. standard deviation

C. mean absolute deviation

D. average deviation

A 16. The sum of deviations about the arithmetic mean is always equal to _______.

E A. zero

Term B. the variance

C. the mean absolute deviation

D. the standard deviation

C 17. The average of the squared deviations from the arithmetic mean is called the

_______.

M A. standard deviation

Term B. mean absolute deviationC. variance


B 18. The sample variance is found by taking the square root of _______.

E A. the sample mean

Term B. the sample variance

C. the coefficient of variation

D. the mean absolute deviation

C 19. The lowest appropriate level of measurement for standard deviation is_________.

E A. nominal

Term B. ordinal

C. interval

D. ratio

B 20. The lowest appropriate level of measurement for the Interquartile Range is

_________.

E A. nominal

Term B. ordinal

C. interval

D. ratio


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74 Test Bank

D 21. The number of standard deviations that a value (X) is above or below the mean is

the _________________.

M A. absolute deviation

Term B. coefficient of variation

C. interquartile range

D. Z score

D 22. If the mean of a distribution is greater than the median, then the distribution is

______.

M A. not skewed

Term B. symmetrical about its mean

C. skewed to the left

D. skewed to the right

C 23. If the median of a distribution is greater than mean, then the distribution is

_________.

M A. not skewed

Term B. symmetrical about its mean

C. skewed to the left

D. skewed to the right

D 24. The interquartile range is _____________.

E A. the largest value minus the least value

Term B. the ratio of the mean to the standard deviation

C. negative if the distribution is skewed to the leftD. Q3 - Q1

B 25. The five numbers used to construct a box and whisker plot are _______.

M A. the mean, standard deviation, Q1, Q3, and the coefficient of variation

Term B. Q1, Q2, Q3, the least value of X, and the largest value of X

C. the mean, standard deviation, least value of X, largest value of X, and Q2

D. the coefficient of variation, IQR, mean, Q2, and mean absolute deviation


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D 26. Which of the following is a measure of relative dispersion?

M A. standard deviation

Term B. interquartile range

C. mean absolute deviation

D. coefficient of dispersion

A 27. The empirical rule says that approximately what percentage of the values would

be within 2 standard deviations of the mean in a bell shaped set of data?

M A. 95%

Term B. 68%

C. 50%

D. almost all

B 28. The empirical rule says that approximately what percentage of the values would

be within 1 standard deviation of the mean in a bell shaped set of data?

M A. 95%

Term B. 68%

C. 50%

D. almost all

A 29. Chebyshev's Theorem says that how many values will be within 2 standard

deviations of the mean?

H A. at least 75%

Calc B. at least 68%

C. at least 95%D. at least 89%

D 30. Chebyshev's Theorem says that the number of values within 3 standard deviations

of the mean will be _______.

M A. at least 75%

Calc B. at least 68%

C. at least 95%

D. at least 89%


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76 Test Bank

B 31. A statistics student made the following grades on 5 tests: 84, 78, 88, 78, and 72.

What is the mean grade?

M A. 78

Calc B. 80

C. 72

D. 84

C 32. A statistics student made the following grades on 5 tests: 84, 78, 88, 72, and 72.

What is the median grade?

M A. 88

Calc B. 72

C. 78

D. 80

A 33. A statistics student made the following grades on 5 tests: 84, 78, 88, 78, and 82.

What is the mode?

E A. 78

Calc B. 80

C. 88

D. 84

D 34. A commuter travels many miles to work each morning. She has timed this trip 5

times during the last month. The time (in minutes) required to make this trip was

34, 39, 41, 35, and 41. The mean time required for this trip was _______.

M A. 35Calc B. 41

C. 37.5

D. 38

A 35. A commuter travels many miles to work each morning. She has timed this trip 5


34, 39, 41, 35, and 41. The median time required for this trip was _______.

M A. 39

Calc B. 41C. 37.5

D. 38

B 36. A commuter travels many miles to work each morning. She has timed this trip 5


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34, 39, 41, 35, and 41. The modal time required for this trip was _______.

E A. 39

Calc B. 41

C. 37.5

D. 38

B 37. A commuter travels many miles to work each morning. She has timed this trip 5


44, 39, 41, 35, and 41. The mean time required for this trip was 40 minutes.

What is the variance for this sample data?

H A. 8.8

Calc B. 11

C. 0

D. 3

A 38. A commuter travels many miles to work each morning. She has timed this trip 5



What is the standard deviation for this sample data?

H A. 3.32

Calc B. 2.97

C. 1.73

D. 11

D 39. A commuter travels many miles to work each morning. She has timed this trip 5times during the last month. The time (in minutes) required to make this trip was


What is the mean absolute deviation for this sample data?

H A. 0

Calc B. 12

C. 3

D. 2.4


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78 Test Bank

D 40. Abel Alonzo, Director of Human Resources, is exploring employee absenteeism

at the Batesville Bottling during the last operating year. A sample of six

personnel records produced the following data: 0, 2, 4, 7, 2, 9.

The mean number absences per employee is ____________.

M A. 3

BCalc B. 2

C. 5.5

D. 4

B 41. Abel Alonzo, Director of Human Resources, is exploring employee absenteeism



The modal number absences per employee is ____________.

E A. 3

BCalc B. 2

C. 5.5D. 4

A 42. Abel Alonzo, Director of Human Resources, is exploring employee absenteeism



The median number absences per employee is ____________.

M A. 3

BCalc B. 2

C. 5.5

D. 4

A 43. Abel Alonzo, Director of Human Resources, is exploring employee absenteeism



The variance of the number absences per employee is ____________.

H A. 11.6

BCalc B. 9.67

C. 3.41

D. 3.11


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C 44. Abel Alonzo, Director of Human Resources, is exploring employee absenteeism



The standard deviation of the number absences per employee is ____________.

H A. 11.6

BCalc B. 9.67

C. 3.41

D. 3.11

A 45. The mean life of a particular brand of light bulb is 1000 hours and the standard

deviation is 50 hours. It can be concluded that at least 75% of the bulbs will last

between _______.

H A. 900 and 1100 hours

BCalc B. 950 and 1050 hours

C. 850 and 1150 hours

D. 800 and 1200 hours

C 46. The mean life of a particular brand of light bulb is 1000 hours and the standard

deviation is 50 hours. It can be concluded that at least 89% of the bulbs will last

between _______.

H A. 900 and 1100 hours

BCalc B. 950 and 1050 hours



B 47. The mean life of a particular brand of light bulb is 1000 hours and the standarddeviation is 50 hours. Tests show that the life of the bulb is approximately

normally distributed. It can be concluded that approximately 68% of the bulbs

will last between _______.

M A. 900 and 1100 hours

Calc B. 950 and 1050 hours




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80 Test Bank

A 48. 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: (1) an average life of 75 months, (2) a standard

deviation of 5 months, and (3) battery life is approximately normally distributed.

Approximately 68% of the batteries will last between ________________.

M A. 70 and 80 months

BCalc B. 60 and 90 months

C. 65 and 85 months

D. 55 and 95 months

C 49. Jessica Salas, president of Salas Products, is reviewing the warranty policy for her





M A. 70 and 80 monthsBCalc B. 60 and 90 months

C. 65 and 85 months

D. 55 and 95 months

B 50. Jessica Salas, president of Salas Products, is reviewing the warranty policy for her





M A. 70 and 80 monthsBCalc B. 60 and 90 months

C. 65 and 85 months

D. 55 and 95 months

C 51. Jessica Salas, president of Salas Products, is reviewing the warranty policy for her




What percentage of the batteries will fail within the first 65 months of use?

H A. 0.5%

BCalc B. 1%

C. 2.5%

D. 5%


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B 52. The average starting salary for graduates at a university is $25,000 with a standard

deviation of $2,000. If a histogram of the data shows the it takes on a mound

shape, the empirical rule says that approximately 95% of the graduates would

have a starting salary between _______.

M A. 23,000 and 27,000

BCalc B. 21,000 and 29,000

C. 19,000 and 31,000

D. 24,000 and 26,000

A 53. The average starting salary for graduates at a university is $25,000 with a standard

deviation of $2,000. If a histogram of the data shows the it takes on a mound

shape, the empirical rule says that approximately 68% of the graduates would

have a starting salary between _______.

M A. 23,000 and 27,000

BCalc B. 21,000 and 29,000C. 19,000 and 31,000

D. 24,000 and 26,000

A 54. The average starting salary for graduates at a university is $25,000 with a standard

deviation of $2,000. A histogram of the data shows the shape to be very erratic so

Chebyshev's Theorem should be used. How many of the graduates would have a

starting salary between 21,000 and 29,000?

H A. at least 75%

BCalc B. at least 89%


B 55. The average starting salary for graduates at a university is $25,000 with a standard

deviation of $2,000. A histogram of the data shows the shape to be very erratic so

Chebyshev's Theorem should be used. How many of the graduates would have a

starting salary between 19,000 and 31,000?

H A. at least 75%

BCalc B. at least 89%



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below.

Age Number of Students

18 3

19 5

20 28

21 4

What is the modal age of these students?

E A. 18

Calc B. 19

C. 20

D. 21

A 60. The mean, median, and mode for the following set of data are all the same value

(20). Data: 18, 19, 20, 20, 21, 22. If the highest number were changed from 22

to 322, which of the following would be most affected?

M A. meanApp B. median

C. mode

D. sample size

C 61. In its Industry Norms and Key Business Ratios, Dun & Bradstreet reported that

Q1, Q2, and Q3 for 577 motorcycle dealers' current ratios were 1.3, 1.6 and 2.9,

respectively. From this we can conclude that __________________.

M A. 68% of these dealers had current ratios between 1.3 and 2.9

BApp B. 95% of these dealers had current ratios between 1.3 and 2.9

C. 50% of these dealers had current ratios between 1.3 and 2.9

D. 75% of these dealers had current ratios between 1.3 and 2.9


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84 Test Bank

C 62. An instructor is evaluating the performance of students on a test. He records the

number of points that each student missed and created a frequency distribution.

This is provided below:

Points missed Number of students

0-under 10 2

10-under 20 4

20-under 30 10

30-under 40 8

40-under 50 6

What is the mean number of points missed?

H A. 20

Calc B. 25

C. 29

D. 30


number of points that each student missed and created a frequency distribution.This is provided below:


0-under 10 2

10-under 20 4

20-under 30 10

30-under 40 8

40-under 50 6

What is the variance for this population?

H A. 11.43

Calc B. 135.17C. 130.67

D. 200

D 64. In its Industry Norms and Key Business Ratios, Dun & Bradstreet reported that



M A. 68% of these dealers had current ratios of 1.6 or less

BApp B. 95% of these dealers had current ratios of 2.9 or less

C. 50% of these dealers had current ratios of 2.9 or moreD. 75% of these dealers had current ratios of 1.3 or more

A 65. An instructor is evaluating the performance of students on a test. He records the



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0-under 10 2

10-under 20 4

20-under 30 10

30-under 40 8

40-under 50 6

What is the standard deviation for this population?

H A. 11.43

Calc B. 14.14

C. 11.63

D. 135.17




Points missed Number of students0-under 10 2

10-under 20 4

20-under 30 10

30-under 40 8

40-under 50 6

If this is considered a sample, what is the standard deviation?

H A. 11.43

Calc B. 14.14

C. 11.63

D. 135.17

D 67. Which of the following is always true?

E A. the median is always one-half of the mean

Term B. the mode is always greater than the mean

C. the mean is always equal to the median

D. the standard deviation is always the square root of the variance


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86 Test Bank

A 68. 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, 1993." Each payroll voucher was

inspected and the following frequency distribution was compiled.

Errors Per Voucher Number of Vouchers

0-under 2 500

2-under 4 400

4-under 6 300

6-under 8 200

8-under 10 100

The mean number of errors per voucher is __________.

H A. 3.67

BCalc B. 5

C. 750

D. 300

A 69. Pinky Bauer, Chief Financial Officer of Harrison Haulers, Inc., suspectsirregularities in the payroll system, and orders an inspection of "each and every

payroll voucher issued since January 1, 1993." Each payroll voucher was

inspected and the following frequency distribution was compiled.

Errors Per Voucher Number of Vouchers

0-under 2 500

2-under 4 400

4-under 6 300

6-under 8 200

8-under 10 100

The distribution of errors per voucher is __________.

M A. symmetrical with respect to its mean

BApp B. skewed to the right

C. not skewed

D. negatively skewed

C 70. A sales manager has sampled past sales records to determine how many

refrigerators are sold each day. Daily records for a sample of 10 days have been

selected. The sales on these days are: 0, 4, 4, 2, 1, 3, 4, 5, 2, 7. What is the

mean daily sales?

M A. 2

BCalc B. 4

C. 3.2

D. 10


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selected. The sales on these days are: 0, 4, 3, 2, 1, 3, 5, 5, 2, 5. What is the

median daily sales?

M A. 3.5

BCalc B. 2

C. 3

D. 4

D 72. A sales manager has sampled past sales records to determine how many


selected. The sales on these days are: 0, 4, 4, 2, 1, 3, 4, 5, 2, 7. The mode of

data set is ______.

E A. 3.5

BCalc B. 2C. 3

D. 4

B 73. A sales manager has sampled past sales records to determine how many

televisions are sold each day. Daily records for a sample of 5 days have been

selected. The sales on these days are: 2, 4, 5, 2, 7. What is the mean for this set

of data?

E A. 2

BCalc B. 4

C. 5

D. 4.5

A 74. A sales manager has sampled past sales records to determine how many


selected. The sales on these days are: 2, 4, 5, 2, 7. What is the mode for this set

of data?

E A. 2

BCalc B. 4

C. 5

D. 4.5


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88 Test Bank

A 75. In its Industry Norms and Key Business Ratios, Dun & Bradstreet reported that



E A. 50% of these dealers had current ratios of 1.6 or less

BApp B. 68% of these dealers had current ratios of 1.3 or less

C. 50% of these dealers had current ratios of 2.9 or moreD. 95% of these dealers had current ratios of 1.3 or more



selected. The sales on these days are: 2, 4, 5, 2, 7. What is the standard

deviation for this set of sample data?

M A. 2

BCalc B. 0

C. 2.12

D. 4.5



selected. The sales on these days are: 2, 4, 5, 2, 7. What is the variance for this

set of sample data?

M A. 4

BCalc B. 4.5

C. 2

D. 0



selected. The sales on these days are: 2, 4, 5, 2, 7. What is the median for this

set of data?

E A. 2

BCalc B. 4

C. 5

D. 4.5


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selected. The sales on these days are: 2, 4, 5, 2, 7. What is the mean absolute

deviation for this set of data?

M A. 0

BCalc B. 2

C. 1.6

D. 4

D 80. Consider the following 3 numbers: 10, 20, 30. In calculating measures of central

tendency and variability for this set of data, which of the following is true?

M A. you can calculate the mean only if you know if this is a sample or a population

App B. you can calculate the median only if you know if this is a sample or a

population

C. you can calculate the mode only if you know if this is a sample or a population

D. you can calculate the variance only if you know if this is a sample or apopulation

C 81. Liz Chapa manages a portfolio of 250 common stocks. Her staff compiled the

following performance statistics for two new stocks.

Rate of Return

Stock Standard Deviation

Salas Products, Inc. 5%

Hot Boards, Inc. 5%

The coefficient of variation for Salas Products, Inc. is __________.

E A. 300%

BCalc B. 100%

C. 33%

D. 5%


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90 Test Bank

B 82. The following box and whisker plot was constructed for the age of accounts

receivable.

The box and whisker plot reveals that the accounts receivable ages are _______.

E A. skewed to the left


C. not skewed

D. normally distributed

A 83. The following box and whisker plot was constructed for the age of accounts

receivable.




C. not skewed


A 84. The following frequency distribution was constructed for the age of accountsreceivable.

The frequency distribution reveals that the accounts receivable ages are _______.



C. not skewedD. normally distributed

B 85. The following frequency distribution was constructed for the age of accounts

receivable.


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C. not skewed


B 86. Liz Chapa manages a portfolio of 250 common stocks. Her staff compiled the

following performance statistics for two new stocks.

Rate of Return

Stock Standard Deviation

Salas Products, Inc. 5%

Hot Boards, Inc. 5%The coefficient of variation for Salas Products, Inc. is __________.

M A. equal to the coefficient of variation for Hot Boards

BCalc B. greater than the coefficient of variation for Hot Boards

C. less than the coefficient of variation for Hot Boards

D. 25%

D 87. 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.

Southeast Region Southwest Region

Mean 20 28

Median 20 20

Mode 20 21

Standard Deviation 5 7

What can David conclude from these statistics?

M A. the Southeast distribution is skewed to the left

BApp B. the Southeast distribution is skewed to the right

C. the Southwest distribution is skewed to the left

D. the Southwest distribution is skewed to the right


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92 Test Bank

A 88. David Desreumaux, VP of Human Resources of American First Banks (AFB), is


following table of regional statistics on teller training hours.

Southeast Region Southwest Region

Mean 20 28

Median 20 20

Mode 20 21Standard Deviation 5 7


M A. the Southwest distribution has the greater dispersion

BApp 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

D 89. David Desreumaux, VP of Human Resources of American First Banks (AFB), is


following table of regional statistics on teller training hours.Southeast Region Southwest Region

Mean 20 28

Median 20 20

Mode 20 21

Standard Deviation 5 7


M A. the Southwest distribution has the greater relative dispersion

BApp B. the Southwest distribution is skewed to the left

C. the Southeast distribution has the greater relative dispersionD. the Southeast distribution is not skewed


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D 90. Manuel Banales, Marketing Director of Plano Power Plants, Inc.s Electrical

Division, is leading a study to assess the relative importance of product features.

Two items on a survey questionnaire distributed to 100 of Planos customers

asked them to rate the importance of ease of maintenance and efficiency of

operation on a scale of 1 to 10 (with 1 meaning not important and 10 meaning

highly important). His staff assembled the following statistics on these two

items.

Ease of Maintenance Efficiency of Operation

Mean 7.5 6.0

Median 8.5 5.5

Mode 9.0 4.5

Standard Deviation 1.5 2.5

What can Manuel conclude from these statistics?

M A. the Ease of Maintenance distribution is skewed to the right

BApp B. the Ease of Maintenance distribution is not skewed

C. the Efficiency of Operation distribution is skewed to the left

D. the Efficiency of Operation distribution is positively skewed

B 91. Manuel Banales, Marketing Director of Plano Power Plants, Inc.s Electrical






items.


Mean 7.5 6.0

Median 8.5 5.5

Mode 9.0 4.5



M A. the Ease of Maintenance distribution has more relative dispersion

BApp B. the Ease of Maintenance distribution has less dispersion

C. the Efficiency of Operation distribution is skewed to the left

D. the Efficiency of Operation distribution has less dispersion


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94 Test Bank

A 92. Manuel Banales, Marketing Director of Plano Power Plants, Inc.s Electrical






items.


Mean 7.5 6.0

Median 8.5 5.5

Mode 9.0 4.5



M A. Ease of Maintenance is more important than Efficiency of Operation

BApp B. Efficiency of Operation is more important than Ease of Maintenance

C. Efficiency of Operation and Ease of Maintenance are equally important

D. the Efficiency of Operation distribution has less dispersion

B 93. In its Industry Norms and Key Business Ratios, Dun & Bradstreet reported that

Q1, Q2, and Q3 for 2,037 gasoline service stations' sales to inventory ratios were

20.8, 33.4, and 53.8, respectively. From this we can conclude that

____________.

E A. 68% of these service stations had sales to inventory ratios of 20.8 or less

BApp B. 50% of these service stations had sales to inventory ratios of 33.4 or less

C. 50% of these service stations had sales to inventory ratios of 53.8 or more

D. 95% of these service stations had sales to inventory ratios of 20.8 or more

A 94. Albert Abbasi, VP of Operations at Ingleside International Bank, is evaluating the

service level provided to walk-in customers. Accordingly, his staff prepared the

following distribution of waiting time for walk-in customers.

Waiting Time Number of Customers

(in minutes)

0-under 2 60

2-under 4 30

4-under 6 10

The mean waiting time for this sample of walk-in customers is _________.

H A. 2 minutes

BCalc B. 66.67 minutes

C. 33.33 minutes

D. 3 minutes


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B 95. Albert Abbasi, VP of Operations at Ingleside International Bank, is evaluating the

service level provided to walk-in customers. Accordingly, his staff prepared the

following distribution of waiting time for walk-in customers.


(in minutes)

0-under 2 60

2-under 4 30

4-under 6 10

The standard deviation of waiting time for this sample of walk-in customers is

______.

H A. 2 minutes

BCalc B. 1.35 minutes

C. 1.82 minutes

D. 1.80 minutes

C 96. David Desreumaux, VP of Human Resources of American First Banks (AFB), isreviewing the employee training programs of AFB banks. His staff reports

several statistics for teller training hours. The mean is 20 hours, the standard

deviation is 5 hours, the median is 15 hours, and mode is 10 hours.

The Pearsonian coefficient of skewness for teller training hours is __________.

M A. 6

BCalc B. 1

C. 3

D. 4

C 97. The following box and whisker plot was constructed for the age of accountsreceivable.




C. not skewedD. normally distributed


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96 Test Bank

C 98. The following frequency distribution was constructed for the age of accounts

receivable.




C. not skewed

D. positively skewed

A 99. Which Excel function returns the second quartile?

E A. median()

Term B. mode()C. max()

D. quart2()

B 100. Which Excel function returns the population standard deviation?

M A. pstdev()

Term B. stdevp()

C. stdev()

D. stdevpop()

C 101. Which Excel function returns the sample standard deviation?

M A. sstdev()

Term B. stdevs()

C. stdev()

D. stdevsample()

D 102. Which Excel function returns the arithmetic mean?

M A. amean()

Term B. meana()C. mean()

D. average()


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103. Albert Abbasi, VP of Operations at Ingleside International Bank (IIB), is

evaluating the service level provided to walk-in customers. Accordingly, his staff

prepared the following distribution of waiting time for walk-in customers.


(in minutes)

0-under 2 120

2-under 4 40

4-under 6 25

6-under 8 10

8-under 10 5

In a recent survey, 70% of the walk-in customers indicated that waiting four

minutes (or more) was unacceptable. Presently, IIB has no direct competitors, but

a competing bank is under construction across the street.

Discuss the managerial and business implications of this situation. What

alternatives should Albert consider? What graphic depiction should he choose for

his presentation to the banks board of directors?

M _________________________________________________________________

BApp _________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________


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98 Test Bank

104. Angelina Arnott, Director of National 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 surveying all 1,500 industrial customers. One question on

the survey asked the customers to rate Merchandise is delivered on time on a

scale of 1 to 5, with 1 meaning never and 5 meaning always.

Merchandise Delivered On Time Number of Customers

1 100

2 200

3 300

4 700

5 100

No Response 100

Discuss the managerial and business implications of Angelinas situation.

Identify some possible causes of the trend. What corrective actions are available

for each cause? What graphic depiction(s) should she choose for her report to theVP of Marketing?

M _________________________________________________________________

BApp _________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

_________________________________________________________________

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105. Annualized rates of return were calculated from closing prices of Caterpillar

(CAT) and General Mills (GIS) common stock. Descriptive statistics of these

rates of return presented in the following table.

CAT GIS

Mean 0.233621705 0.139744793

Standard Error 0.162775427 0.097267227

Median 0.194367839 0.122108626

Mode #N/A 0


Sample Variance 1.19231278 0.425741105

Kurtosis 6.478114897 -0.59713571

Skewness 1.647492156 0.058132445

Range 6.669350226 2.710777183

Minimum -1.770866463 -1.256246317

Maximum 4.898483762 1.454530866

Sum 10.51297674 6.288515695

Count 45 45

Describe what these descriptive statistics reveal about the market performance of

these two stocks.

M

BApp


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100 Test Bank

106. Descriptive statistics of daily sales ($'s) were calculated for two Bob's Quick

Shops -- the Southside store, and the Midcity store.

Southside Midcity

Mean 5025.622 2733.333

Standard Error 118.306 249.1417

Median 5110.73 2000Mode #N/A 1000


Sample Variance 839778 3724294

Kurtosis -0.64387 -0.49322

Skewness -0.05517 0.860968

Range 3949.172 6000

Minimum 3133.362 1000

Maximum 7082.534 7000

Sum 301537.3 164000

Count 60 60

Describe what these descriptivie statistics indicate about daily sales at these two

stores.

M

BApp


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C 107. According to the following graphic, X and Y are _________.

E A. strong negative correlation

BApp B. virtually no correlation

C. strong positive correlation

D. moderate negative correlation

B 108. According to the following graphic, X and Y are _________.

E A. strong negative correlation

BApp B. virtually no correlation

C. strong positive correlation

D. moderate negative correlation

70

80

90

100

110

120

130

1400 1600 1800 2000 2200 2400

X

Y

70

80

90

100

110

120

130

0 5 10 15 20 25 30

X

Y

Date post:	07-Apr-2018
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Descriptive Statistics Prince

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