Test Bank for Business Statistics Communicating with Numbers 2nd

Edition by Jaggia and Kelly ISBN 0078020557 9780078020551

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Chapter 03 Test Bank Key

1. The terms central location or central tendency refer to the way quantitative data tend to
cluster around some middle or central value.

TRUE

The term <i>central location</i> relates to the way quantitative data tend to cluster around
some middle or central value.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #1
Learning Objective: 03-01 Calculate and interpret the mean, the median, and the mode.
Topic: Measures of Central Location
2. The arithmetic mean is the middle value of a data set.

FALSE

The median is the middle value of a data set.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #2
Learning Objective: 03-01 Calculate and interpret the mean, the median, and the mode.
Topic: Measures of Central Location

3. Approximately 60% of the observations in a data set fall below the 60th percentile.

TRUE

Percentile is defined as the approximate percentage of the observations have values

below the percentile value.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #3
Learning Objective: 03-02 Calculate and interpret percentiles and a box plot.
Topic: Percentiles and Box Plots
4.
The median is not always the 50th percentile.

FALSE

The median is always the 50th percentile. If n is odd, L50 = (n + 1)/2 is an integer directly
defining the unique middle position in the sorted data set. If n is even, L50 = (n + 1)/2 is the
average of the two middle positions n/2 and n/2 + 1, and hence the median is the average
of the corresponding two middle values.

AACSB: Analytical Thinking

Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #4
Learning Objective: 03-01 Calculate and interpret the mean, the median, and the mode.
Learning Objective: 03-02 Calculate and interpret percentiles and a box plot.
Topic: Percentiles and Box Plots

5. In a data set, an outlier is a large or small value regarded as an extreme value in the data set.

TRUE

Outliers are extremely small or large values in the data set.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #5
Learning Objective: 03-02 Calculate and interpret percentiles and a box plot.
Topic: Percentiles and Box Plots
6. A box plot is useful when comparing similar information gathered at different places or times.

TRUE

A boxplot or box-and-whisker plot is a convenient way to graphically display the

smallest value, the quartiles, and the largest value.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #6
Learning Objective: 03-02 Calculate and interpret percentiles and a box plot.
Topic: Percentiles and Box Plots

7. The geometric mean is a multiplicative average of a data set.

TRUE

The geometric mean is a multiplicative average, as opposed to an additive average.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #7
Learning Objective: 03-03 Calculate and interpret a geometric mean return and an average growth rate.
Topic: The Geometric Mean
8. The mean absolute deviation (MAD) is a less effective measure of variation when
compared with the average deviation from the mean.

FALSE

The MAD is a much more effective measure. The average deviation from the mean is
actually useless because it is always zero.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #8
Learning Objective: 03-04 Calculate and interpret the range, the mean absolute deviation, the variance, the standard deviation, and the coefficient of
variation.
Topic: Measures of Dispersion

9. The variance and standard deviation are the most widely used measures of central location.

FALSE

The variance and standard deviation are the most widely used measures of dispersion.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 1 Easy
Jaggia - Chapter 03 #9
Learning Objective: 03-04 Calculate and interpret the range, the mean absolute deviation, the variance, the standard deviation, and the coefficient of
variation.
Topic: Measures of Dispersion
10.
12. The coefficient
standard deviation
of variation
is the
is apositive
unit-free
square
measure
root of
of dispersion.
the variance.

TRUE

The standard deviation is the positive square root of the variance:

AACSB: Analytical Thinking

Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #10
Learning Objective: 03-04 Calculate and interpret the range, the mean absolute deviation, the variance, the standard deviation, and the coefficient of
variation.
Topic: Measures of Dispersion

11. The variance is an average squared deviation from the mean.

TRUE

The variance is computed as

AACSB: Analytical Thinking

Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #11
Learning Objective: 03-04 Calculate and interpret the range, the mean absolute deviation, the variance, the standard deviation, and the coefficient of
variation.
Topic: Measures of Dispersion
10.
12. The coefficient
standard deviation
of variation
is the
is apositive
unit-free
square
measure
root of
of dispersion.
the variance.

TRUE

The coefficient of variation is computed as and is a relative measure of dispersion.

AACSB: Analytical Thinking

Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #12
Learning Objective: 03-04 Calculate and interpret the range, the mean absolute deviation, the variance, the standard deviation, and the coefficient of
variation.
Topic: Measures of Dispersion

13. Mean-variance analysis suggests that investments with lower average returns are
also associated with higher risks.

FALSE

Mean-variance analysis suggests that investments with lower average returns are
also associated with lower risks.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #13
Learning Objective: 03-05 Explain mean-variance analysis and the Sharpe ratio.
Topic: Mean-Variance Analysis and the Sharpe Ratio
14.
16. The empirical
Sharpe ratio
rulemeasures
is only applicable
the extrafor
reward
approximately
per unit ofbell-shaped
risk. data.

TRUE

The Sharpe ratio for an investment is computed as

AACSB: Analytical Thinking

Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #14
Learning Objective: 03-05 Explain mean-variance analysis and the Sharpe ratio.
Topic: Mean-Variance Analysis and the Sharpe Ratio

15. Chebyshev’s theorem is only applicable for sample data.

FALSE

Chebyshev’s theorem is valid for both sample and population data.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #15
Learning Objective: 03-06 Apply Chebyshevs theorem, the empirical rule, and z-scores.
Topic: Analysis of Relative Location
14.
16. The empirical
Sharpe ratio
rulemeasures
is only applicable
the extrafor
reward
approximately
per unit ofbell-shaped
risk. data.

TRUE

The empirical rule can be applied to the distribution that is relatively symmetric and bell-
shaped.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #16
Learning Objective: 03-06 Apply Chebyshevs theorem, the empirical rule, and z-scores.
Topic: Analysis of Relative Location

17. Z-scores can always be used to detect outliers.

FALSE

<i>Z</i>-scores can only be used to detect outliers when the data are relatively symmetric
and bell-shaped.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #17
Learning Objective: 03-06 Apply Chebyshevs theorem, the empirical rule, and z-scores.
Topic: Analysis of Relative Location
18.
The formula for a z-score is

FALSE

The formula for a z-score is

AACSB: Analytical Thinking

Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #18
Learning Objective: 03-06 Apply Chebyshevs theorem, the empirical rule, and z-scores.
Topic: Analysis of Relative Location

19. Outliers are extreme values above or below the mean that require special consideration.

TRUE

Outliers are extremely small or large values.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #19
Learning Objective: 03-01 Calculate and interpret the mean, the median, and the mode.
Topic: Measures of Central Location
20. Mark’s grade on the recent business statistics test was an 85 on a scale of 0-100. Based onthis
information we canconclude that Mark’s grade was in the 85th percentile in his class.

FALSE

The pth percentile divides the class into two parts, where approximately p percent of the values are
less than pth percentile and the rest of the grades are greater than the pth percentile.

AACSB: Analytical Thinking

Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #20
Learning Objective: 03-02 Calculate and interpret percentiles and a box plot.
Topic: Percentiles and Box Plots

21. Geometric mean is greater than the arithmetic mean.

FALSE

Geometric mean is smaller than the arithmetic mean and is less sensitive to outliers.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #21
Learning Objective: 03-03 Calculate and interpret a geometric mean return and an average growth rate.
Topic: The Geometric Mean
22. In quality control settings, businesses prefer a larger standard deviation, which is an indication
of more consistency in the process.

FALSE

The larger the standard deviation is, the more variable the data are. Businesses prefer
a smaller standard deviation.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #22
Learning Objective: 03-04 Calculate and interpret the range, the mean absolute deviation, the variance, the standard deviation, and the coefficient of
variation.
Topic: Measures of Dispersion

23. The z-score has no units even though the original values will normally be expressed in
units such as dollars, years,pounds, or calories.

FALSE

A <i>z</i>-score is a unitless measure because its numerator and the denominator have
the same units.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #23
Learning Objective: 03-06 Apply Chebyshevs theorem, the empirical rule, and z-scores.
Topic: Analysis of Relative Location
24. When working with grouped data, the class median is the value in the middle of the class
and can be found by taking the average of the endpoints for each class.

FALSE

The midpoint is the value in the middle of the class and is calculated by averaging the
endpoints of the class.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #24
Learning Objective: 03-07 Calculate the mean and the variance for grouped data.
Topic: Summarizing Grouped Data

25. The median is defined asthe .

A. middle point in a data set.

B. geometric average of a data set.

C. arithmetic average of a data set.

D. most common value of a data set.

AACSB: Analytical Thinking

Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #25
Learning Objective: 03-01 Calculate and interpret the mean, the median, and the mode.
Topic: Measures of Central Location
26. The mode is defined as the .

A. middle point in a data set.

B. geometric average of a data set.
C. arithmetic average of a data set.
D. most frequent value in a data set.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #26
Learning Objective: 03-01 Calculate and interpret the mean, the median, and the mode.
Topic: Measures of Central Location

27. Which of the following is the most influenced by outliers?

A. Mode
B. Median
C.
75th percentile

D. Arithmetic mean

AACSB: Analytical Thinking

Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #27
Learning Objective: 03-01 Calculate and interpret the mean, the median, and the mode.
Topic: Measures of Central Location
28. How do we find the median if the number of observations in a data set is odd?

A. By averaging the first and the third quartile

B. By taking the middle value in the sorted data set
C. By averaging the minimum and maximum values

D. By taking the middle value in the sorted data set after eliminating outliers

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Jaggia - Chapter 03 #28
Learning Objective: 03-01 Calculate and interpret the mean, the median, and the mode.
Topic: Measures of Central Location

29. Is it possible for a data set to have no mode?

A. Yes, if two observations occur twice.

B. No, unless there is an odd number of observations.

C. No, if the data set is nonempty, there is always a mode.

D. Yes, if there are no observations that occur more than once.

AACSB: Analytical Thinking

Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: 2 Medium
Jaggia - Chapter 03 #29
Learning Objective: 03-01 Calculate and interpret the mean, the median, and the mode.
Topic: Measures of Central Location
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