BUS101: Business Analytics

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Revision for the course Business Analytics

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A chi-square test was run to see if the objective of a mutual fund (either growth or value driven) is associated with risk (low, average, or high).

Looking at the results, the p-value was <0.001. This means that:
A) the objective of a mutual fund is independent of risk level;
B) there is strong evidence to support an association between the objective of a mutual fund and risk level;
C) there is a relationship between the objective of a mutual fund and risk level;
D) there is no significant difference between the objective of a mutual fund and risk level.

B) there is strong evidence to support an association between the objective of a mutual fund and risk level

Which of the following is a discrete numerical variable?
a) The daily average temperature.
b) The volume of water released from a dam
c) The distance you drove yesterday.
d) The number of employees of an insurance company

d) The number of employees of an insurance company

The manager of the customer service division of a major consumer electronics company is interested in determining whether the customers who have purchased a smart TV made by the company over the past 12 months are satisfied with their products.
The population of interest is
a) all the customers who have bought a smart TV made by the company over the past 12 months.
b) all the customers who have bought a smart TV made by the company and brought it in for repair over the past 12 months.
c) all the customers who have used a smart TV over the past 12 months.
d) all the customers who have ever bought a smart TV made by the company.

a) all the customers who have bought a smart TV made by the company over the past 12 months.

True or False: The answer to the question “What is your favourite colour?” is an example of an ordinal scaled variable.

ANSWER: FALSE

Which one of the following does not measure some form of variation?
(a) The mean.
(b) The standard deviation.
(c) The inter-quartile range.
(d) The standard error.
(e) The range.

(a) The mean.

In a study of ear infections, a scientist approached swimmers at a Sydney beach and recorded their age, gender, and whether or not they reported an ear infection in the last two weeks. Which recorded variable is a quantitative variable?
(a) Gender.
(b) Age.
(c) Whether or not an ear infection is reported.
(d) The number of reported ear infections.
(e) None of the variables are quantitative.

(b) Age.

A study (Dan et al., 2012) examined the relationship between the amount of beer drank (liters) and hours of study for exams (hours). What graph would be used to show the relationship between the two variables?
(a) A bar chart.
(b) A scatterplot.
(c) A histogram.
(d) A boxplot.
(e) A stem-and-leaf plot

(b) A scatterplot.

An R-square of .885 means that the data fits the model:
a) Very well
b) Moderately well
c) Poorly
d) Not at all

a) Very well (R-square of 88.5 %)

When we say the true regression slope is different from zero…this means:
a) Observations do not include the zero value
b) The dependent variable is not related to the independent variable
c) A real average linear relationship exists between the two variables
d) The p value is not zero

c) A real average linear relationship exists between the two variables

When we find a p-value for distance to be less than α (alpha = 0.05), this means that the true regression slope is:
a) Not related
b) Independent
c) Not zero
d) Not to be interpreted, as the p value cannot be zero

c) Not zero

An R-square of 0.885 means that:
a) 88.5% of the variation in the dependent variable can be explained by the variation in the independent variable
b) The dependent variable is not related to the independent variable
c) A real average linear relationship exists
d) That the p value is not zero

a) 88.5% of the variation in the dependent variable can be explained by the variation in the independent variable

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