Test Bank Docx Chapter 5 Business Statistics

Chapter 5

Business Statistics

True/False Questions
 

1. All means should be rounded to the nearest tenth. 
True    False

2. The sum of products divided by the sum of frequencies equals the weighted means. 
True    False

3. A median will distort an average that has one or more extreme values. 
True    False

4. The median is the middle value for an even number of values. 
True    False

5. If all values are different, there is no mode. 
True    False

6. A frequency distribution tries to avoid organizing numbers to show what patterns exist. 
True    False

7. The height of a bar chart represents the frequency. 
True    False

8. Intervals should be of unequal size. 
True    False

9. A line graph may be used to discover trends. 
True    False

10. 360° represents 100% of a circle graph. 
True    False

11. A consumer price index is an example of a price relative. 
True    False

12. Calculating one's grade point average is an example of using the median. 
True    False

13. Frequency of occurrence is used in finding the weighted mean. 
True    False

14. Value times frequency equals product. 
True    False

15. In finding the mode, you must arrange values from smallest to largest. 
True    False

16. The median is a better indicator than the mean. 
True    False

17. Bar charts are nonvisual presentations of data. 
True    False

18. Intervals can be used with bar graphs. 
True    False

19. To draw a circle graph, each part should be converted. 
True    False

20. The range is the difference between the highest and lowest values in a series or group of values. 
True    False

21. In a normal distribution, data is spread asymmetrically about the median. 
True    False

Multiple Choice Questions
 

22. 9.1% of a circle graph represents: 
A. 32.76°
B. 37.26°
C. 42°
D. 45°
E. None of these

23. The mean of the following is:
14, 8, 3, 8, 5 
A. 7.2
B. 7.1
C. 7.4
D. 7.5
E. None of these

24. From the following numbers, the median is:
16, 9, 10, 5, 4 
A. 9
B. 4
C. 5
D. 10
E. None of these

25. Find the median from the following numbers:
15, 8, 7, 5, 4, 1, 9, 16 
A. 7.5
B. 7.0
C. 8.0
D. 8.5
E. None of these

26. Find the mode:
6, 6, 8, 9, 3, 9, 6, 3 
A. 4
B. 3
C. 9
D. 6
E. None of these

27. Hector Rameriz received three A's and one B in his college courses. What is his grade point average? Assume each course is three credits. A = 4, B = 3, C = 2, D = 1. 
A. 3.0
B. 3.25
C. 3.75
D. 3.80
E. None of these

28. Alvin's Bakery produced the following number of oat bran muffins each week:
  
In a frequency distribution, which would have the lowest tally? 
A. 600
B. 700
C. 500
D. 650
E. None of these

29. Today the price of a Jeep is $25,000. In 1970 the price was $5,000. What is the price relative? 
A. 600
B. 166
C. 300
D. 400
E. None of these

30. To avoid distortion of extreme values, a good indicator would be the: 
A. Mean
B. Median
C. Weighted-mean
D. Mode
E. None of these

31. Which is incorrect? 
A. The mode is a measurement that records value
B. A bar graph is the same as a line graph
C. A mean may cause distortions
D. A circle graph is based on 360°
E. None of these

32. Calculate the weighted mean from the following sales:
$400, $700, $300, $600, $300, $400, $700 
A. $700
B. $300
C. $400
D. $500
E. None of these

 33. Phil’s Barbeque sold the following dinners in one hour:

3 rib slabs $14.95 each

2 pork steaks 9.95 each

3 hamburgers 6.95 each

What was the average dollar mean?

A. $10.70

B. 12.97

C. $6.35

D. $10.00

E. None of these

34. What is the weighted mean frequency for the following car sales?

2 sold at $25,090, 3 sold at $20,000, 1 sold at $21,475, and 1 sold at $39,638)

A. $24,740

B. $24,000

C. $21,241

D. $24,470

E. None of these

35. Find the mean (do not round):

38 + 18.05 + 25 + 26 + 46

A. 21.4

B. 23

C. 22.4

D. 30.6

E. None of these

36. Professor Bowdidge taught four business statistics classes during the fall semester with the following grade averages for each class (round to the nearest hundredth):

82%, 86%, 91%, and 74%

A. 83.25%

B. 83.12%

C. 83.00%

D. 85.00%

E. None of these

37. Calculate the mode from the following:

71, 3, 13, 33, 3, 71, 14, 33, 13, 33

A. 3

B. 13

C. 33

D. 71

E. None of these

Short Answer Questions
 

38. 1. Median
2. Mean
3. Bar chart
4. Shows trends
5. Mode
6. Price relative
7. Weighted mean
8. Odd number of values
9. Tally
10. Circle graphs
A. Sum of products + sum of frequencies
B. Used in a frequency distribution
C. 360°
D. Sum of all values ÷ number of values
E. Line graph
F. Does not distort an average that has one or more extreme values
G. Middle number is median
H. Heights represents frequency
I. Value that occurs most often
J. Current price × 100 base years price 

39. Find the mean (to the nearest tenth):
.015, .082, .839, .851 

40. Calculate the weighted mean:
$300, $600, $500, $300, $300, $600, $500, $500 

41. Find the median:
25, 18, 17, 29, 40 

42. Find the mode:
8, 9, 6, 3, 6, 6, 9, 6, 8, 8, 9 

43. Jim's Donut Shop reported the following sales for the first 20 days:
  
Complete a frequency distribution. 

44. How many degrees on a pie chart would each be given from the following?
   

45. Given the following sales of Roe Co., prepare a line graph (run sales to $50,000 in increments of $10,000):
   

46. At North Shore Community College, Bill Martin took four three-credit courses. He received an A in Economics and three B's (Business Math, Accounting, and Psychology). What is his grade point average (to the hundredth)? Assume A = 4, B = 3. 

47. Sonny Industries reported in 2010 record profits of 37%. Cost of sales was 38%, and operating expenses were 25%. Could you prepare a pie graph for Sonny Industries? 

48. Janet's Bake Shop produced the following number of oat bran muffins each week for the first 10 weeks of 2014. Prepare a bar graph.
   

49. Sales at Regan Real Estate totaled 10 homes for the month. They were as follows: $115,000, $119,000, $150,000, $175,000, $160,000, $104,000, $118,000, $148,000, $165,000, $195,000. Calculate the mean and the median. 

50. Moe's Department Store counted the number of customers entering the store for the week. The results showed 1,150, 1,281, 550, 900, 1,150, 550, 1,150. What is the mode? 

51. This semester Alice Front took four three-credit courses at North Shore Community College. She received an A in Business Math and C's in History, Computers, and Accounting. What is her cumulative grade point average (assume A = 4, B = 3, C = 2) to the nearest hundredth? 

52. Art's Hardware reported the following sales for the first 20 days of October:
  
Prepare a frequency distribution for Art. 

53. Paula's Printing Company produced the following number of bound books during the first five weeks of last year:
  
Prepare a bar graph. 

54. Angie Corporation reported profits of 18%. It stated in the report that cost of sales was 42% with expenses of 40%. Prepare a circle graph for Angie. 

55. Find the (A) mean, (B) median, and (C) mode:
18 25 16 29 38 18 

56. Find the (A) mean, (B) median, and (C) mode:
9, 20, 15, 9, 17, 28, 26 

57. Calculate the grade point average: A = 4, B = 3, C = 2, D = 1, F = 0.
   

58. Calculate the grade point average: A = 4, B = 3, C = 2, D = 1, F = 0.    

59. Indicate the number of degrees on a pie chart each would be given:
A. 62% favor low-cholesterol bacon
B. 30% favor traditional bacon
C. 8% have no preference 

60. Indicate the number of degrees on a pie chart each would be given:
A. 42.5% of Jones's investments are in stocks
B. 23% of Jones's investments are in bonds
C. 34.5% of Jones's investments are in money market funds 

61.   
  
Prepare a frequency distribution from the books produced for the first 20 days of January. 

62.   
Frequency
100 _________ 200 _________ 300 _________ 400 _________ 500 _________ 600 _________ 700 _________ 800 _________ 900 _________ 1,000 _________

Prepare a bar chart. 

63.   
Frequency
1,000 _________ 2,000 _________ 3,000 _________ 4,000 _________ 5,000 _________ 6,000 _________ 7,000 _________ 8,000 _________ 9,000 _________ 10,000 ________ Prepare a frequency distribution. 

64.   
Frequency
1,000 _________ 2,000 _________ 3,000 _________ 4,000 _________ 5,000 _________ 6,000 _________ 7,000 _________ 8,000 _________ 9,000 _________ 10,000 _________ Prepare a bar chart. 

65.   
Calculate the mean. 

66.   
What would be the (A) median and (B) mode for Alice Hardware? 

67. Ed Sullivan manufactures bean bags. From the following daily production for the first 20 days of July, find the weighted mean (to the nearest whole number).
   

68. At the college bookstore, the following sales were rung up. Based on this, prepare a frequency distribution. Use intervals of 0–$5.99, $6.00–$11.99, $12.00–$17.99, and $18.00–$23.99.
   

69. At the college bookstore, the following sales were rung up. Based on this, prepare a bar graph. Use intervals of 0–$5.99, $6.00–$11.99, $12.00–$17.99, and $18.00–$23.99.
   

70. Russell Co. reported sales of $400,000 in 2015. This compared to sales of $180,000 in 2014 and $100,000 in 2010. Construct a line graph for Russell Co. 

71. Joyce Rath predicted that over the Memorial Day weekend the following will visit the Children's Museum:
  
How many degrees would each represent if a circle graph were made (to the nearest tenth of a percent)? 

72. Alice's Hardware’s sales for the first two weeks were as follows:
  
What would be the mode? 

73. Abby McDonald took five three-credit courses at Glenn Community College. She received a C in Accounting and 4 B's (Management, Logic, Algebra, and Business Law). What is her grade point average? (Assume A = 4, B = 3, C = 2.) 

74. Today, a new Ford costs $24,000. In 1970, the car cost $6,000. What is the price relative?

75. Today, a new truck costs $18,000. In 1980, the truck cost $9,000. What is the price relative?

Multiple Choice Questions
 

76. The range of 105, 100, 79, 86, 101, 94, 98, 87, and 83 is: 
A. 26
B. 92
C. 96
D. 94

77. The range of 35, 22, 43, 18, 22, 27, 48, 39, 31, and 16 is: 
A. 32
B. 30
C. 29
D. 22

78. The range of 55, 93, 48, 53, 55, 93, 63, 80, 75, and 55 is: 
A. 45
B. 67
C. 59
D. 55

79. Assume the mean useful life of a particular lightbulb is 2,000 hours and is normally distributed with a standard deviation of 300 hours. Calculate the useful life of lightbulbs within two standard deviations of the mean. 
A. Between 1,700 and 2,300 hours
B. Longer than 2,300 hours
C. Longer than 1,700 hours
D. Between 1,400 and 2,600 hours

80. What is the range of 22, 22, 27, 29, 30, 34, and 38? 
A. 22
B. 29
C. 16
D. 27

81. The range of 105, 108, 117, 122, 129, and 129 is: 
A. 129
B. 117
C. 122
D. 24

82. The range of 17, 24, 24, 27, 29, 31, and 36 is: 
A. 17
B. 26
C. 24
D. 19

Short Answer Questions
 

83. Calculate the standard deviation (to the nearest hundredth) for the following sample set of data (round mean to nearest hundredth):
82.5, 91.3, 57.4, 41.7, 76.9, 68.5 

84. Calculate the standard deviation (to the nearest hundredth) for the following sample set of data:
80, 92, 59, 46, 82, 74 

85. Calculate the standard deviation (to the nearest hundredth) for the following sample set of data:
66, 101, 71, 48, 78, 71 

 86.  Wayne Myrick’s salaries at the beginning of each decade for five years are listed below. What was the mean of his salaries?

$98,500, $84,600, $79,300, $69,000, $48,750

87. Calculate the weighted mean of bottled water sales in dollars:

Value Frequency Product

$1.25 7 $8.75

$1.50 4 $6.00

$1.75 2 $3.50

88. Kathleen sold chemicals for DuPont with the following sales results. Calculate the weighted mean.

Value Frequency Product

$177.16 7 $1,240.12

$37.25 2 $74.50

$78.00 3 $234.00

$150.00 2 $300.00

89. Tracy received the following grades during the spring semester (three semester credits for all grades): A = 4.0, B = 3.0, C = 2.0, D = 1.0, F = 0.

Business Stat I B

Business Calculus C

Marketing B

Biology A

Art B

What was her semester GPA?

90. Calculate the range for the following June temperatures:

92.4, 69.2, 78.1, and 88.0