**List of RES342 Final Exam Questions. Online Business Degree Study Guide. **

**Answers to the Final Exam in RES342 Statistics II in the Online Business Degree Program . **

- What are the critical z-values for a two-tailed hypothesis test if the significant level = 0.01?
- A statistician was setting up a hypothesis test with a level of significance dictated by upper management. However, she was concerned that the test she wished to perform might have unacceptable large possibilities of Type II error, ß. Which of the following would solve this problem?
- K & S Construction, located in Phoenix, Arizona, is working on its business plan for the upcoming year. They did a study to determine if they should focus on building condominiums or individual houses
- Doi Winery has two wine shops in the neighboring towns of Seamen and Batavia. The favorite wine, as advertised, is Raspberry wine. A survey of 300 customers at the Seamen store revealed that 225 individuals preferred the Raspberry wine while 290 out of 400 in Batavia preferred the same flavor
- A machine is set to fill the small size packages of Good and Better candies are packaged with 60 pieces of candies in each bag. Sampling results revealed: 3 bags of 61, 2 bags of 59, 1 bag of 58, and 2 bags of 62. How many degrees of freedom are there?
- Thomas Delivery has a fleet of 24 trucks that are utilized for the companies; business. Electro-Lite, a manufacturer of spark plugs, claims that its spark plugs have an average life in excess of 25,000 miles
- You are conducting a two-tailed test of means but your software package only calculates a one-tailed p-value equal to 0.13. The actual p-value for your test is
- Golf balls that are properly manufactured will have a rebound height of 42 inches when dropped by a testing machine from a height of 5 feet. The quality control inspector is concerned that a new manufacturing machine is not properly calibrated and that the resulting golf balls are falling short of the desired height. At random, 100 golf balls were selected for a test. The test results indicated that the rebound height was 41.6 inches with a standard deviation of 0.5. At the .05 significant level, what is the result of the test?
- In a test for the equality of two variances (two-tailed), when the populations are normal, a 5% level of significance was used. Sample sizes were n1 = 13 and n2 = 10. The upper critical value for the test is
- The owner of a bottling company is considering buying a new bottling machine. He has been testing two different machines that are being considered...
- Accounting procedures allow a business to evaluate their inventory at LIFO (Last In First Out) or FIFO (First In First Out). A manufacturer evaluated its finished goods inventory (in $ thousands) for five products both ways. Based on the following results, is LIFO more effective in keeping the value of his inventory lower?
- Indy H2O is a water bottling company. They are looking at two different bottling manufacturers’ equipment for the purpose of replacing some old equipment. The net weights of a sample of bottles filled by a machine manufactured by WTR, and the net weights of a sample filled by a similar machine manufactured by Target are
- A consumer researcher is testing the difference between two proportions at the 0.05 level of significance. The researcher was utilizing the z distribution for the test. If the computed test statistic z value was 1.12, what was the decision?
- If the paired differences are normal in a test of mean differences, then the distribution used for testing is the
- New college business graduates are finding it difficult to get a job. A business journal has reported that only one in five graduates is able to find a job within 6 months of their graduation. A report by the indicated that out of a survey of 300 recent business graduates, 75 had jobs.
- Analysis of variance is used to
- The F distribution is utilized with the ANOVA test. There are some basic assumptions associated with the distribution. Which of these assumptions is NOT valid?
- Blake's Mortgage Company utilizes four different appraisers for the purpose of determining the value of a house. There is a concern by the company's owner that the appraisers are not providing the same estimates. She wants to determine if there is a difference between the four appraisers. Six houses were selected and each appraiser provided an appraisal for each of the six houses. What would be the best statistical test to use for the analysis of this data?
- If an ANOVA test is conducted and the null hypothesis is rejected, what does this indicate?
- In ANOVA analysis, when the null hypothesis is rejected, we can find which means are different by
- What nonparametric test is used when the assumptions for the parametric analysis of variance (ANOVA) cannot be met? Its purpose is to test whether three or more populations are equal. The data must be at least ordinal scaled.
- The nonparametric counterpart of the randomized block model of the ANOVA is the
- Seamen's Manufacturing has five hundred employees at its plant. These employees are divided into three main groups: administration, clerical, and labor
- The Ohio Electric Company is investigating electric consumption by single family homes based on the number of rooms. The investigators wanted to determine the relationship between number of rooms and electric consumption in kilowatt-hours
- Smith's Appliances is evaluating its advertising budget. The owner is trying to decide if the budget needs to be altered or not. The question: Is there a positive return on the investment that is being made in advertising?
- When an insurance company is going to write a new home owner policy, one concern is the distance between the house and the nearest fire department station. This is one factor that goes in to determining the cost of the insurance for the home owner
- Conducting a multiple regression analysis, the residual analysis is used to test the requirement that
- In a multiple regression ANOVA table, explained variation is represented by
- The time series component that reflects variability over short, repetitive time periods that last less than one year is called
- Midwest State University Office of Registrar is reviewing the university's enrollment for the past 10 years. It is know that there are seasonal variable that affects the university's enrollment
- The area of rejection, on a bell shaped curve, defines the location of all those values that are
- A hypothesis test that involves a small sample requires that we make the following assumption that
- Flash Jolt, a manufacturer of camera equipment, annually introduces new models in the fall of the year. At the conclusion of the Christmas season, retail dealers are contacted regarding their stock on hand of each piece of equipment
- The 5% level of significance was selected for the t value. The calculated test statistic was 1.93. What is the decision?
- Watson’s TV claims that their televisions have the best performance record on the market. They advertise that after 3 years only 10% of their sold televisions have had any type of repairs
- The accountant for Thomas’s Furniture Store is concerned regarding the outstanding receivable owed the company. There has been a cash flow problem and it is believed that the slow collection of accounts receivable is partially the blame
- Ace Car Rental has three main models that are used in it midsize range of cars. The cars are very similar and perform at about the same level
- The chi-square has
- Which of the following values of Spearman's (rho) indicates the strongest relationship between two variables
- State Insurance Company believes that the age of the driver and number of accidents that occurs are related. The feeling is that younger drivers are more careless and will have more accidents
- Corny's Feed Company markets four different mixtures of feed for chickens. These feeds have different combinations of ingredients. One question that the manager is often asked by customers is if there is a difference between the four feeds in terms of weight gain
- In the chi-squared goodness-of-fit test, if the expected frequencies ei and the observed frequencies fi were quite different, we would conclude that the
- Seamen's Manufacturing has five hundred employees at its plant. These employees are divided into three main groups: administration, clerical, and labor
- Each Christmas season there is a hot toy that everyone must have, especially if you are under the age of nine. This prized toy can be purchased at many different types of stores. A consumer group wanted to determine if there was a difference in price for the toy depending on where the toy was purchased
- A manufacturer wants to increase the absorption capacity of a sponge. Based on past data, the average sponge could absorb 3.5 ounces. An organic candle manufacturer wants to increase the burning life of their candles
- The statement that determines if the null hypothesis is rejected or not is called the
- Newton’s, a tire manufacturer, wanted to set a mileage guarantee on its new Road Warrior 60 tire. A sample test of 500 tires revealed that the tire’s mileage is normally distributed with a mean of 50,000 miles and a standard deviation of 1,750 miles
- What is the critical value for a one-tailed hypothesis test in which a null hypothesis is tested at the 5% level of significance based on two samples, both sample sizes are 13?