21. The unknown population mean number of advertising or solicitation emails a retail customer received per day is 7.2. An advertising company wants to estimate the population number of solicitation e-mails a customer received per day.

Which action should the company avoid taking according to the central limit theorem?

a) Perform many samples of customers

b) Include a maximum of ten customers in each sample

c) Calculate the mean of the sample averages

d) Use large sample sized

22. A manager has been asked to evaluate the risk of loss for a new business strategy. The manager plots the results of several simulated projected to determine the likelihood that the result is a loss. The mean of the results is positive.

Which statistic measures the spread of data away from the mean?

a) Mode

b) Median

c) Variance

d) Z-score

23. A store owner found that 1 in 25 people will spend over $100 dollars. We determined that the chance of the next two people spending over $100 is 1 in 625. Which rule is used to determine this?

a) Addition

b) Union

c) Multiplication

d) Intersection

24. A company held six training sessions that had six different total times: 2.7 hr 8.3 hr 3.5 hr 5.1 hr 1.9 hr 12.3 hr The company wanted to determine the length of a typical training session. Which statistical measure should be used that is less affected by outliers and skewed data?

a) The standard deviation because it addresses the variance of the data.

b) The mean because it is the average of a set of data.

c) The median because it is the middle score for a set of data.

d) The mode because it is appearing most often in a set of data.

25. A nonprofit organization is soliciting donations. The campaign received 10,000 donations with a mean of $10 and a standard deviation of $ 5. Assume the donations are normally distributed. Which measure should be used to determine the probability of receiving individual donations of $40 or higher?

a) F Statistic b) Median c) R-squared d) Z-score

26. The daily sales from a retail store are normally distributed with a mean of $1,250 and a standard deviation of $200. The store manager notices that sales were $600 on a particular day. Why should the manager be concerned about retail sales?

a) Sales of $600 are within two standard deviations of the mean.

b) Sales of $600 are within three standard deviations of the mean.

c) Sales of $600 are two standard deviations of the mean

d) Sales of $600 are outside three standard deviations of the mean.

27. A financial analyst theorized that consumers with higher incomes should have higher credit ratings because they should be able to pay their debts more easily. To test this theory, the analyst uses a regression analysis.

Which analysis results is supportive of the analysts' theory?

a) The R-squared value is close to 0.

b) The t-value for the regression coefficient is 1.

c) The R-squared value is close to 1.0.

d) The t-value for the regression coefficient is 5.

28. A sales estimate of smart phones is predicted by three leading indicators: (variable x1), which is inflation rate; (variable x2), which is disposable income; and (variable x3), which is consumer confidence. Multiple regression is estimated to be the following: Y=150.2 - 15.5x1 + 20.2x2 + 8.6x3 Which result is true based on this estimated multiple regression?

a) If x2 increases by one unit, the value of y decreases by 20.2.

b) The variable x1 and x3 are proportional related to y.

c) The variable x2 and x3 are inversely related to y.

d) If each of the independent variables is equal to 0, the estimated value of the dependent variable is 150.2.

29. A company run a regression analysis to identify the impact of volume on demand, which can be shown in an equation as Y=500+10x,

What volume is required to produce a demand of 1000?

a) 500 b) 100 c) 60 d) 50

30. After performing a multivariate regression, a person determines that the variance of one of the independent variables is not consistent through the sample.

Which potential problem is this an indication of?

a) Autocorrelation

b) Cointegration

c) Standard Error d) Heteroscedasticity 31. An analyst creates a scatterplot of a company's monthly sales such that the sales are on the vertical y-aixs and the month is on the horizontal x-axis. The scatterplot shows close to perfect, positive linear relationship.

Which time series pattern will the monthly sales data exhibit?

a) Seasonality

b) Trend

c) Cyclicality

d) Irregularity

32. A manager suspects that sales are related to advertising and monthly promotions. Which type of regression would be appropriate to model that relationship?

a) Multiple regression

b) Simple regression

c) Logistics regression

d) Weighted least squares regression

33. Which term describes a response that varies greatly from the majority of the other responses in a survey?

a) Outlier

b) Median

c) Mean

d) Midpoint

34. A doctoral student is surveying chief executive officers (CEOs) to understand their relationships with their governing boards. The student receives responses to a survey with 10 questions that rates the respective relationships. Which statistical concept should be used to measure the data set of responses for each specific question?

a) Bell curve

b) Median

c) Standard deviation

d) Mean

35. A doctoral student is surveying chief executive officers (CEOs) to understand their relationships with their governing boards. The students received responses to a survey with ten questions that rates the respective relationships. Which technique could be used to analyze this data?

a) Regression

b) Stimulation

c) Linear programming

d) Hypothesis testing