Introduction To Business Statistics (Revision Questions) : IBS/Revision Worksheet/ BHRM/ 2020

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Introduction to Business Statistics (Revision Questions)

1. The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in
making effective decisions is called ….
2. Methods of organizing, summarizing, and presenting data in an informative way is called …
3. The entire set of individuals or objects of interest or the measurements obtained from all
individuals or objects of interest is called the …
4. List the two types of quantitative variables.
5. The number of bedrooms in a house is an example of a ………………… (discrete variable,

continuous variable, qualitative variable—pick one) .
6. The jersey numbers of Major League Baseball players is an example of what level of
measurement?
7. The classification of students by eye color is an example of what level of measurement?
8. what is the difference between sample and sampling?
9. A set of data contained 70 observations. How many classes would you suggest in order to construct
a frequency distribution?
10. What percent of the values in a data set are always larger than the median?
11. The square root of the variance is ………..
12. The standard deviation assumes a negative value when ……………….. (All the values are
negative, when at least half the values are negative, or never—pick one.)
13. Which of the following is least affected by an outlier? (mean, median, or range—pick one)
14. Define the following
i) Contingency table
ii) Frequency table
ii) Scatter diagram
iv) Pie chart
v) Inferential statistics
vii) probability
IBS/Revision worksheet/ BHRM/ 2020

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14. b) write the formulas of the following
i) range
ii) mean/ arithmetic mean
iii) probability
iv) variance (population and sample)
v) standard deviation (population and sample)
vi) Pearson correlation coefficient
vii) first and third quartile
viii) outliers
ix) Geometric mean
x) deciding nth class
xii) class interval
15. 5 7 9 9 10 12 40 48 50
Calculate a) mean b) mode c) median d) standard deviation e) Pearson correlation coefficient
16. The Russell 2000 index of stock prices increased by the following amounts over the last three
years.
18% 4% 2%
What is the geometric mean increase for the three years?
17. A sample of eight college students revealed they owned the following number of CDs.
52 76 64 79 80 74 66 69
a. What is the mean number of CDs owned?
b. What is the median number of CDs owned?
c. What is the 40th percentile?
d. What is the range of the number of CDs owned?
e. What is the standard deviation of the number of CDs owned?

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18. The information below refers to the selling prices ($000) of homes sold in Warren, PA, during
2010.
a. What is the class interval?

b. How many homes were sold in 2010?
c. How many homes sold for less than $210,000?
d. What is the relative frequency of the 210 up to 240 class?
e. What is the midpoint of the 150 up to 180 class?
f. The selling prices range between what two amounts?
19. An investor purchased 200 shares of the Blair Company for $36 each in July of 2010, 300 shares
at $40 each in September 2010, and 500 shares at $50 each in January 2011. What is the investor’s
weighted mean price per share?
20. The following is the number of minutes to commute from home to work for a group of
automobile executives.
a. How many classes would you recommend?

b. What class interval would you suggest?
c. What would you recommend as the lower limit of the first class?
d. Organize the data into a frequency distribution.
e. Comment on the shape of the frequency distribution.
21. A bag contains 11 blue, 8 red, 6 white, 5 green and 10 yellow counters. If one counter is taken
from the bag, what is the probability that is
a) blue b) green c) yellow d) white e) black

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22. The following frequency distribution reports the electricity cost for a sample of 50 two-bedroom
apartments in Albuquerque, New Mexico, during the month of May last year.
a. Estimate the mean cost.

b. Estimate the standard deviation.
c. Use the Empirical Rule to estimate the proportion of costs within two standard deviations
of the mean. What are these limits?
23. The screen size for 19 LCD televisions is given below. Make a stem-and-leaf display of this
variable.
a. draw a stem and leaf diagram
b. Determine the mean, median, and the standard deviation.

c. Determine the coefficient of skewness using Pearson’s method
24. For the following data

59 61 66 72 74 77 79 83 90 93 98 100 100
Find a) first quartile b) third quartile c) median

d) Find the outliers ( if any) e) draw a box plot.

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Introduction to Business Statistics (Revision Questions)

2. Methods of organizing, summarizing, and presenting data in an informative way is called …

4. List the two types of quantitative variables.

5. The number of bedrooms in a house is an example of a ………………… (discrete variable,

7. The classification of students by eye color is an example of what level of measurement?

8. what is the difference between sample and sampling?

11. The square root of the variance is ………..

14. Define the following

ii) Frequency table

ii) Scatter diagram

iv) Pie chart

IBS/Revision worksheet/ BHRM/ 2020

14. b) write the formulas of the following

ii) mean/ arithmetic mean

iv) variance (population and sample)

v) standard deviation (population and sample)

vi) Pearson correlation coefficient

vii) first and third quartile

ix) Geometric mean

x) deciding nth class

xii) class interval

Calculate a) mean b) mode c) median d) standard deviation e) Pearson correlation coefficient

IBS/Revision worksheet/ BHRM/ 2020

a. What is the class interval?

a. How many classes would you recommend?

IBS/Revision worksheet/ BHRM/ 2020

a. Estimate the mean cost.

a. draw a stem and leaf diagram

b. Determine the mean, median, and the standard deviation.

24. For the following data

Find a) first quartile b) third quartile c) median

IBS/Revision worksheet/ BHRM/ 2020

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