Studyhelpline: June 2016

Monday, June 20, 2016

You should complete 2 (TWO) . Each one should be a double spaced, one page entry with one inch margins, 12pt font and name on the top . Each topic paper is worth 5 points.

References (with whatever format you are comfortable using)should be included at the end of your paper.

Please attach using one of the following formats (.doc .pdf or .txt). Please include both (if you do both)papers in one file.

Topics:

2.) Is blue sky polarized, is the sun polarized? Blue light reflected from a glass table polarized? Why do some sunglasses block glare of off water and others do not? What other applications are there for polarizers?

3.) Discuss Chromatic aberration in a lens.

4.) Why does a blue sky have white clouds? Why do the clouds appear red at sunset. What is the "Green Flash seen in some sunsets in Hawaii?

5) IR and UV - Compare IR and UV traversing air in terms of velocity,

wavelength, and energy. Also include some uses for IR and UV that you have researched.

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Monday, June 13, 2016

Blanchard Company manufactures a single product that sells for $160 per unit and whose total variable costs are $128 per unit. The company’s annual fixed costs are $464,000. Management targets an annual pretax income of $800,000.

Blanchard Company manufactures a single product that sells for $160 per unit and whose total variable costs are $128 per unit. The company’s annual fixed costs are $464,000. Management targets an annual pretax income of $800,000.

save image

Explanation:

		(Fixed costs + Target income)
Unit sales at target income	=
		Contribution margin/unit

		($464,000 + 800,000)
	=
		$32

39,500 units

		(Fixed costs + Target income)
Dollar sales at target income	=
		Contribution margin ratio

		($464,000 + 800,000)
	=
		20%

$6,320,000

A jeans maker is designing a new line of jeans called Slims. The jeans will sell for $330 per pair and cost $260.70 per pair in variable costs to make. (Round your answers to 2 decimal places.)

(1) Compute the contribution margin per pair.

(2) Compute the contribution margin ratio.

Blanchard Company manufactures a single product that sells for $210 per unit and whose total variable costs are $168 per unit. The company’s annual fixed costs are $575,400.

(a) Compute the company's contribution margin per unit.

(b) Compute the company's contribution margin ratio.

(c) Compute the company's break-even point in units.

(d) Compute the company's break-even point in dollars of sales.

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Thursday, June 9, 2016

1. Question : A person who is an active partner but is unknown to the public as a partner. Student Answer: Dormant partner General Partner Nominal partner Secret partner Silent partner Trading partner Points Received: 1 of 1 Comments: Question 2. Question : Do personal profits earned directly as a result of one partner's connection with the partnership belong to the firm? Student Answer: Yes No Points Received: 1 of 1 Comments: Question 3. Question : A partnership with no limitation on the rights and duties of the partners. Student Answer: Dormant partner General Partner Nominal partner Secret partner Silent partner Trading partner Points Received: 1 of 1 Comments: Question 4. Question : Can three persons who agree to contribute property to the running of a business as co-owners for the purpose of making a profit have formed a partnership even though they do not call themselves partners? Student Answer: Yes No Points Received: 1 of 1 Comments: Question 5. Question : Can a partnership exist only if the parties have a written agreement? Student Answer: Yes No Points Received: 1 of 1 Comments: Question 6. Question : There are no formalities to existing and operating as a sole proprietorship. Student Answer: True False Points Received: 1 of 1 Comments: CLICK HERE TO GET THE ANSWER !!!!

1. Question : A person who is an active partner but is unknown to the public as a partner.

Student Answer: Dormant partner

General Partner

Nominal partner

Secret partner

Silent partner

Trading partner

Points Received: 1 of 1

Comments:

Question 2. Question : Do personal profits earned directly as a result of one partner's connection with the partnership belong to the firm?

Student Answer: Yes

No

Points Received: 1 of 1

Comments:

Question 3. Question : A partnership with no limitation on the rights and duties of the partners.

Student Answer: Dormant partner

General Partner

Nominal partner

Secret partner

Silent partner

Trading partner

Points Received: 1 of 1

Comments:

Question 4. Question : Can three persons who agree to contribute property to the running of a business as co-owners for the purpose of making a profit have formed a partnership even though they do not call themselves partners?

Student Answer: Yes

No

Points Received: 1 of 1

Comments:

Question 5. Question : Can a partnership exist only if the parties have a written agreement?

Student Answer: Yes

No

Points Received: 1 of 1

Comments:

Question 6. Question : There are no formalities to existing and operating as a sole proprietorship.

Student Answer: True

False

Points Received: 1 of 1

Comments:

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When the contract specifies what is to happen in the case of a mistake:

1. Question : When the contract specifies what is to happen in the case of a mistake:

The contract provision applies only if it is unconscionable.

Since the law is supreme it overrules conflicting contract provisions.

The contract provision applies even if the law would be otherwise.

The contract provision applies when the mistake is unilateral.

Points Received: 1 of 1

Question 2. If an executory contract is entered into as a result of undue influence, the innocent party may refuse to perform.

True

False

Points Received: 1 of 1

Question 3. When there is a unilateral mistake the mistaken party never can obtain legal relief.

True

False

Points Received: 1 of 1

Question 4. A party intends to make a contract and is defrauded into making it.

Active fraud

Fraud in the Execution

Fraud in the Inducement

Misrepresentation

Passive fraud

Undue Influence

Points Received: 1 of 1

Question 5. Question : A party is tricked into signing a contract when the nature of the writing could not be understood.

Active fraud

Fraud in the Execution

Fraud in the Inducement

Misrepresentation

Passive fraud

Undue Influence

Points Received: 1 of 1

Question 6. Whether a mistake affects the validity of a contract normally depends on whether just one of the parties or both parties have made a mistake.

True

False

Points Received: 1 of 1

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Silence never ratifies a minor's contracts. True False

1. Question : Silence never ratifies a minor's contracts.

True

False

Points Received: 1 of 1

Question 2. If a minor does not still have possession of property received under a contract, the contract cannot be disaffirmed.

True

False

Points Received: 1 of 1

Question 3. A person formally adjudicated incompetent cannot make a valid contract.

True

False

Points Received: 1 of 1

Question 4. Which of the following is sufficient and valid consideration?

Performing or promising to perform what one is already obligated to do.

Refraining from doing or promising to refrain from doing what one has no right to do.

Past performance.

Accepting a secured note in discharge of an unsecured note for a greater amount.

Points Received: 1 of 1

Question 5. If Agnes agrees to give $1,000 to her college:

This does not require consideration.

She receives consideration from the college.

The agreement requires all the elements of any other contract.

The agreement meets all the technical requirements of ordinary contracts.

Points Received: 1 of 1

Question 6. If two minors enter into a contract, each has the right to avoid it.

True

False

Points Received: 1 of 1

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Simple contracts: Can be implied from the conduct of the parties. Never need to be in writing. Must be in a particular form. Must be sued within one year if they are breached.

1. Question : Simple contracts:

Can be implied from the conduct of the parties.

Never need to be in writing.

Must be in a particular form.

Must be sued within one year if they are breached.

Points Received: 1 of 1

Question 2. Only the promisor needs to supply consideration to have an enforceable contract.

True

False

Points Received: 1 of 1

Question 3. The promises or obligations of parties to a contract must be supported by consideration.

True

False

Points Received: 1 of 1

Question 4. An offer can be accepted:

In any manner the person receiving it chooses to accept it.

By putting a properly mailed acceptance in a mailbox.

Only by the same means by which the offer was communicated.

By fax only if it is received by fax.

Points Received: 1 of 1

Question 5. A sales letter is an offer if:

The wording is such as to indicate that the writer is merely trying to evoke an offer on certain terms.

It is a circular sales letter.

It is an advertisement.

It is a personal sales letter containing an offer.

Points Received: 1 of 1

Question 6. A written offer can be accepted by the offeree:

Any time after it is written.

Any time the offeree receives it.

When the offeror knows the offeree has received it.

After the offeror has communicated it to the offeree.

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What items must be included in either type of deed? In what manner does the tenancy by entirety differ from the tenancy in common? How does a deed of trust differ from a mortgage?

What items must be included in either type of deed?

In what manner does the tenancy by entirety differ from the tenancy in common?

How does a deed of trust differ from a mortgage?

How does the quitclaim deed differ from the general warranty deed?

How does the legal notion of tenancy in common function?

How is real property transferred?

How does real property differ from personal property and what distinguishes real property?

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Trees and perennial crops are personal property. True False

1. Question :

Trees and perennial crops are personal property.

True

False

Points Received: 1 of 1

Question 2.

Property acquired during marriage owned separately and equally by both spouses:

Adverse Possession

Community property

Easement

Joint tenancy

License

Partition

Points Received: 1 of 1

Question 3.

Should a deed be signed by the grantee and grantor?

Yes

No

Points Received: 1 of 1

Question 4.

A suit to divide a joint tenancy. Property acquired during marriage owned separately and equally by both spouses:

Adverse Possession

Community property

Easement

Joint tenancy

License

Partition

Points Received: 1 of 1

Question 5.

When more than one person owns land, each has the right to use and possess it.

True

False

Points Received: 1 of 1

Question 6.

Does an affirmative covenant obligate the person receiving the property to do something?

Yes

No

Points Received: 1 of 1

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The person who temporarily gives up possession of personal property to another.

Question : The person who temporarily gives up possession of personal property to another.

Accession

Bailee

Bailment

Bailor

Pawn

Pledge

Points Received: 1 of 1

Question 2. Tangible personal property left as security for a debt.

Accession

Bailee

Bailment

Bailor

Pawn

Pledge

Points Received: 1 of 1

Question 3. A bailment arises when property is left for repair even though when returned it is repaired and therefore not identical to the property left.

True

Fasle

Points Received: 1 of 1

Question 4. In order to have a valid gift, the donor need only have the intention to make the gift.

True

False

Points Received: 1 of 1

Question 5. When the bailment is for the sole benefit of the bailor, may the bailee receive the benefits of ownership during the bailment?

Yes

No

Points Received: 1 of 1

Question 6. Are evidences of ownership of rights a type of personal property even though they cannot be touched or seen?

Yes

No

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Discuss how the Saint Leo core value of responsible stewardship relates to how managers make decisions regarding the optimal use of resources.

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Wednesday, June 8, 2016

Question : The events in an experiment are ________ if only one can occur at a time.

1. Question : The events in an experiment are ________ if only one can occur at a time.

mutually exclusive

non-mutually exclusive

mutually inclusive

independent

Points Received: 5 of 5

Question 2. Question : The quantitative analysis approach requires:

mathematical expressions for the relationship.

uncomplicated problems.

the manager to have prior experience with similar problems.

access to a computer.

Points Received: 5 of 5

Question 3. Question : Which variable is not a component of break-even analysis?

Fixed costs

Variable costs

Number of employees

Selling price

Points Received: 5 of 5

Question 4. Question : A single-channel queuing system has an average service time of 8 minutes and an average time between arrivals of 10 minutes. What is the hourly arrival rate?

8

6

4

2 Points Received: 5 of 5

Question 5. Question : In the basic EOQ model, if D=60 per month, Co=$12, and Cc=$10 per unit per month, what is the EOQ?

11

12

13

14 Points Received: 5 of 5

Question 6. Question : Total variable cost:

depends on the number of units produced.

plus marginal cost equals fixed cost.

is equal to total cost in deterministic models.

is the same as average cost.

Points Received: 5 of 5

Question 7. Question : ________ is the difference between the forecast and actual demand.

Forecast mistake

Forecast error

MAD

Forecast accuracy

Points Received: 5 of 5

Question 8. Question : A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.

Alternative Brisk Slow

Buy 90 -10

Rent 70 40

Lease 60 55

The maximax strategy is:

buy.

rent.

lease.

brisk.

Points Received: 5 of 5

Question 9. Question : A technique that assumes certainty in its solution is referred to as:

stochastic.

probabilistic.

deterministic.

parametric.

Points Received: 5 of 5

Question 10. Question : Which of the following is incorrect with respect to the use of models in decision making?

Student Answer: They improve understanding of the problem

They promote subjectivity in decision making

They are generally easy to use

They provide a systematic approach to problem solving

Points Received: 5 of 5

Question 11. Question : ________ techniques assume that no uncertainty exists in model parameters.

Probability

Probabilistic

Deterministic

Distribution

Points Received: 5 of 5

Question 12. Question : Variable cost does not include:

raw materials and resources.

staff and management salaries.

material handling and freight.

direct labor and packaging.

Points Received: 5 of 5

Question 13. Question : A tabular presentation that shows the outcome for each decision alternative under the various possible states of nature is called a:

decision tree.

payoff table.

feasible region.

payback matrix.

Points Received: 5 of 5

Question 14. Question : The term ________ refers to testing how a problem solution reacts to changes in one or more of the model parameters.

graphical solution

decision analysis

sensitivity analysis

break-even analysis

Points Received: 5 of 5

Question 15. Question : In an EOQ model, as the carrying cost increases, the order quantity:

increases.

decreases.

remains the same.

cannot be determined.

Points Received: 5 of 5

Question 16. Question : ________ methods assume that what has occurred in the past will continue to occur in the future.

Time series

Regression

Quantitative

Qualitative

Points Received: 5 of 5

Question 17. Question : Mutually exclusive events are:

events with identical probabilities.

events that have no outcomes in common.

events that have no effect on each other.

events that are represented in a Venn diagram by two overlapping circles.

Points Received: 5 of 5

Question 18. Question : Which of the following is an equation or an inequality that expresses a resource restriction in a mathematical model?

Decision variable

Objective function

Constraint

Parameter

Points Received: 5 of 5

Question 19. Question : A difficult aspect of using spreadsheets to solve management science problems is:

obtaining the solution to standard management science problems.

data entry.

performing sensitivity analysis.

setting up a spreadsheet with complex models and formulas.

Points Received: 5 of 5

Question 20. Question : If the price decreases, but fixed and variable costs do not change, the break-even point:

decreases

increases

remains the same

may increase or decrease, depending on sales

Points Received: 5 of 5

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Discuss how you would use the material covered in this module for a future position in management. Read your classmates' responses and offer constructive comments.

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Tuesday, June 7, 2016

Corporate social responsibility considers environmental, but not legal issues.

True

False

The Sustainable Business view:

A. is Milton Friedman’s philosophy.

B. is advocated by all U.S. corporations.

C. thinks that, in the short run, profits will suffer if firms invest in social interests that benefit people and the planet.

D. posits that. in the long run, profits may be enhanced if firms invest in social interests that benefit people and the planet.

Ethisphere considers corporate governance in its assessment of an ethics quotient.

True

False

A company’s internal stakeholders:

A. include employees of other organizations.

B. include competitors to the company.

C. include the environment and nature.

D. include the top management team within the company.

The three questions that are usually asked when addressing ethical scenarios are:

A. Is it a dilemma? Would I want to be treated that way? Is it culturally acceptable?

B. Is it legal? Would I want to be treated that way? Would I want to hide this from others?

C. Is it legal? Would I want to be treated that way? Is it culturally acceptable?

D. Is it legal? Would my government consider the action appropriate? Would I want to hide this from others?

A company’s external stakeholders:

A. do not include the environmental in which the firm operates.

B. include the community in which the firm operates.

C. include company employees.

D. include people in countries other than the one in which the company operates.

Enron presents an example of a company, which teaches us that:

A. a well-developed code of ethics is sufficient to assure a high standard of ethics in an organization.

B. rank and yank performance appraisal programs are motivating for all employees involved.

C. he who dies with the most toys wins.

D. a well-developed code of ethics is not sufficient to assure a high standard of ethics in an organization.

All employees in firms should be held equally accountable to following the company’s ethical code.

True

False

Corporate social responsibility considers social and environmental issues, but not economic issues.

True

False

The action taken in response to an ethical scenario may be maliciously intended.

True

False

The following statement is true:

A. Firms that increase profits by downsizing are not allowed to increase the compensation packages of their chief executive officers.

B. Firms that increase profits by downsizing their workforces are acting in the best interests of all stakeholders.

C. Firms that increase profits by downsizing are acting illegally.

D. Firms that increase profits by downsizing their workforces may be acting in the interests of some stakeholders, but not others.

Employees can be held accountable to both a company’s written and unwritten rules of corporate conduct.

True

False

Ethical dilemmas can be viewed as a trade-off between opportunities for short-term gains versus long-term benefits.

True

False

A company’s stakeholders:

A. are only important to companies if related directly to company profits.

B. should only be considered when they impact the company’s bottom line.

C. may have varying motivations and interests with respect to company decisions.

D. are reputed to share the same motivations and interests.

Ethisphere considers the personal credit ratings of company leaders when assessing an ethics quotient.

True

False

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According to the Empirical Rule, what percent of the observations lie within plus and minus one standard deviation of the mean? ________

121. Five students were given a page of problems with the instructions to solve as many as they could in one hour. Five students solved the following number of problems: 12, 10, 8, 6 and 4. What is the arithmetic mean number of minutes required per problem?________

Answer: 7.5 minutes (average of 8 problems in an hour)

122. David Electronics had a profit of $10 million in 2002. Profit doubled from 2002 to 2003 and profit increased eight fold from 2003 to 2004. What was the annual geometric mean rate of growth from 2002 to 2004? ______________

Answer: 300% (4 fold)

123. What is the difference between the largest and the smallest values in a set of data? __________

Answer: range

124. When is the only time the variance equals the standard deviation? ________________

Answer:

125. According to the Empirical Rule, what percent of the observations lie within plus and minus one standard deviation of the mean? ________

Answer:

126. What is the positive square root of the standard deviation? _________

Answer:

127. The capacities of several metal containers are: 38, 20, 37, 64, and 27 liters. What is the range in liters? _____

Answer:

128. What does the sum of the deviations of each value from the mean equal? _____________________________________

Answer:

129. A company studied the commissions paid to furniture salespersons. If the variance is computed, what would be measured the unit of measure? ____________

Answer:

130. A study measured the number of hours a light bulb will operate before it burns out. If the variance of this distribution were computed, what would be the unit of measure? _____________________

Answer:

Use the following to answer questions 131-141.

A sample of five full service gasoline stations, each carrying three grades of gasoline, was taken and the price per gallon (to the nearest cent) was recorded for each grade of gasoline, as shown in the table below.

131. What is the mean price of Unleaded gas? ________

Answer:

132. What is the mean price of Unleaded Plus gas? ________

Answer:

133. What is the mean price of Super Unleaded gas? ________

Answer:

134. What is the median price of Unleaded gas? ________

Answer:

135. What is the median price of Unleaded Plus gas? ________

Answer:

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104. What measure of central location uses all of the observations in its calculation? ______________

Answer: mean

105. What is the class with the largest number of observations called? ______________

Answer: mode

106. If a set of observations contains an extreme value and none of the observations repeat themselves, what is the most representative measure of central location? ? _____________

Answer: median

107. The value that occurs most often in a set of data is called the _____

108. The weekly sales from a sample of ten computer stores yielded a mean of $25,900; a median $25,000 and a mode of $24,500. What is the shape of the distribution? ___________________

109. Which measure of central location requires that the data be ranked before it is possible to determine it? _____________

110. A statistic computed by summing all of the values of a distribution and dividing by the number of values is called: _____________

111. If a distribution is highly skewed, what measure of central location should be avoided? _____________

112. If the n-th root is taken of the product of ""n"" values, what is the result? _____________________

113. What is a characteristic of a population called? __________________

114. A sample revealed that the ages of musicians playing in small local combos are 36, 29, 37, 32, 36 and 75. What is the most appropriate measure of central location to represent the ages of the musicians? ______________

115. What measure of central location cannot be determined if the distribution has an open-ended class? ______________________.

116. What is the measure of central location used to determine the average annual percent increase in sales from one time period to another? __________________

117. What is the smallest measure of central location in a positively skewed distribution? ____________

118. A small manufacturing company with 52 employees has annual salaries distributed such that the mean is $25,459, the median is $24,798 and the mode is $24,000. An additional foreman is hired at an annual salary of $50,700. What measure of central location that is most affected by the addition of this salary? ____________________

119. What is the relationship between the mean and median in a negatively skewed distribution? ________________

120. What is the relationship between the median and the mode in a positively skewed distribution? _________________

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A purchasing agent for a trucking company is shopping for replacement tires for their trucks from two suppliers. The suppliers' prices are the same. However, Supplier A's tires have an average life of 60,000 miles with a standard deviation of 10,000 miles. Supplier B's tires have an average life of 60,000 miles with a standard deviation of 2,000 miles.

76. A purchasing agent for a trucking company is shopping for replacement tires for their trucks from two suppliers. The suppliers' prices are the same. However, Supplier A's tires have an average life of 60,000 miles with a standard deviation of 10,000 miles. Supplier B's tires have an average life of 60,000 miles with a standard deviation of 2,000 miles.

Which of the following statements is true?

A) The two distributions of tire life are the same

B) On average, Supplier A's tires have a longer life then Supplier B's tires

C) The life of Supplier B's tire is more predictable than the life of Supplier A's tires

D) The dispersion of Supplier A's tire life is less than the dispersion of Supplier B's tire life

Answer: C

77. The sum of the differences between sample observations and the sample mean is

A) Zero

B) The mean deviation

C) The range

D) The standard deviation

Answer: A

78. What disadvantage(s) are there of the mean deviation?

A) Based on only two observations

B) Based on deviations from the mean

C) Uses absolute values, which are difficult to manipulate

D) All of the above

Answer: C

79. Which of the following measures of dispersion are based on deviations from the mean?

A) Variance

B) Standard deviation

C) Mean deviation

D) All of the above

Answer: D

80. What is the relationship between the variance and the standard deviation?

A) Variance is the square root of the standard deviation

B) Variance is the square of the standard deviation

C) Variance is twice the standard deviation

D) No constant relationship between the variance and the standard deviation

81. According to Chebyshev's Theorem, what percent of the observations lie within plus and minus 1.75 standard deviations of the mean?

A) 56%

B) 95%

C) 67%

D) Cannot compute because it depends on the shape of the distribution

82. What is the range for a sample of March electric bills amounts for all-electric homes of similar sizes (to the nearest dollar): $212, $191, $176, $129, $106, $92, $108, $109, $103, $121, $175 and $194.

A) $100

B) $130

C) $120

D) $112

83. A survey of passengers on domestic flights revealed these miles:

What is the range (in miles)?

A) 2,499

B) 1,100

C) 2,400

D) 1,999

84. Which measure of dispersion disregards the algebraic signs (plus and minus) of each difference between X and the mean?

A) Standard deviation

B) Mean deviation

C) Arithmetic mean

D) Variance

85. The following are the weekly amounts of welfare payments made by the federal government to a sample of six families: $139, $136, $130, $136, $147 and $136. What is the range?

A) $0

B) $14

C) $52

D) $17

86. Measures of dispersion calculated from grouped data are

A) Estimates

B) Biased

C) Means

D) Skewed

87. The ages of a sample of the typewriters used by the typists in the typing pool were organized into the following table:

What is the sample variance?

A) About 10.2

B) About 6.1

C) About 14.0

D) About 3.2

E) None of the above

88. The weights of a sample of crates ready for shipment to Laos are (in kilograms): 103, 97, 101, 106 and 103. What is the mean deviation?

A) 0 kg

B) 6.9 kg

C) 102.0 kg

D) 2.4 kg

E) 9.0 kg

89. The closing prices of a common stock have been 61.5, 62, 61.25, 60.875 and 61.5 for the past week. What is the range?

A) $1.250

B) $1.750

C) $1.125

D) $1.875

90. Ten experts rated a newly developed chocolate chip cookie on a scale of 1 to 50. Their ratings were: 34, 35, 41, 28, 26, 29, 32, 36, 38 and 40. What is the mean deviation?

A) 8.00

B) 4.12

C) 12.67

D) 0.75

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Assume a student received the following grades for the semester: History, B; Statistics, A; Spanish, C; and English, C. History and English are 5 credit hour courses, Statistics a 4 credit hour course and Spanish a 3 credit hour course. If 4 grade points are assigned for an A, 3 for a B and 2 for a C, what is the weighted mean for the semester grades?

61. Assume a student received the following grades for the semester: History, B; Statistics, A; Spanish, C; and English, C. History and English are 5 credit hour courses, Statistics a 4 credit hour course and Spanish a 3 credit hour course. If 4 grade points are assigned for an A, 3 for a B and 2 for a C, what is the weighted mean for the semester grades?

A) 4.00

B) 1.96

C) 2.61

D) 3.01

E) 2.88

Answer: C

62. Production of passenger cars in Japan increased from 3.94 million in 1994 to 6.74 million in 2004. What is the geometric mean annual percent increase?

A) 4.0

B) 1.9

C) 5.5

D) 16.6

E) 47.3

Answer: C

63. A sample of the paramedical fees charged by clinics revealed these amounts: $55, $49, $50, $45, $52 and $55. What is the median charge?

A) $47.50

B) $51.00

C) $52.00

D) $55.00

Answer: B

64. The lengths of time (in minutes) several underwriters took to review applications for similar insurance coverage are: 50, 230, 52 and 57. What is the median length of time required to review an application?

A) 54.5

B) 141.0

C) 97.25

D) 109.0

Answer: A

65. A bottling company offers three kinds of delivery service – instant, same day and within five days. The profit per delivery varies according to the kind of delivery. The profit for an instant delivery is less than the other kinds because the driver has to go directly to a grocery store with a small load and return to the bottling plant. To find out what effect each type of delivery has on the profit picture, the company summarized the data in the following table based on deliveries for the previous quarter.

What is the weighted mean profit per delivery?

A) $72

B) $110

C) $142

D) $97

E) $66.67

Answer: D

66. The U.S. Department of Education reported that for the past seven years 4,033, 5,652, 6,407, 7,201, 8,719, 11,154, and 15,121 people received bachelor's degrees in computer and information sciences. What is the annual arithmetic mean number of degrees awarded?

A) About 12,240

B) About 8,327

C) About 6,217

D) About 15,962

67. Which measure of central location is found by arranging the data from smallest to largest and selecting the middle value?

A) Arithmetic mean

B) Median

C) Mode

D) Geometric mean

E) Standard deviation

68. The number of students at a local university increased from 2,500 students to 5000 students in 10 years. Based on a geometric mean, the university grew at an average percentage rate of

A) 2,500 students per year

B) 1.071 percent per year

C) 7.1 percent per year

D) 250 students per year

69. A question in a market survey asks for a respondent's favorite car color. Which measure of central location should be used to summarize this question?

A) Mode

B) Median

C) Mean

D) Geometric mean

70. Sometimes, data has two values that have the highest and equal frequencies. In this case, the distribution of the data can best be summarized as

A) symmetric

B) bimodal (having two modes)

C) positively skewed

D) negatively skewed

71. A disadvantage of using an arithmetic mean to summarize a set of data is

A) The arithmetic mean sometimes has two values

B) It can be used for interval and ratio data

C) It is always different from the median

D) It can be biased by one or two extremely small or large values.

72. The denominator for a mean of grouped data is:

A) N, the population size

B) n, the sample size

C) The sum of the group frequencies

D) The number of groups

73. The mean, as a measure of central location would be inappropriate for which one of the following?

A) Ages of adults at a senior citizen center

B) Incomes of lawyers

C) Number of pages in textbooks on statistics

D) Marital status of college students at a particular university

74. What is a disadvantage of the range as a measure of dispersion?

A) Based on only two observations

B) Can be distorted by a large mean

C) Not in the same units as the original data

D) Has no disadvantage

75. Rank the measures of dispersion in terms of their relative computational difficulty from least to most difficulty.

A) Mode, median, mean

B) Range, mean deviation, variance

C) Variance, mean deviation, range

D) There is no difference

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31. For a symmetrical distribution, the variance is equal to the standard deviation. Answer: False

31. For a symmetrical distribution, the variance is equal to the standard deviation.
Answer: False

32. In a company, the standard deviation of the ages of female employees is six years and the standard deviation of the ages of male employees is ten years. These statistics indicate that there is more spread in the ages of the female employees.
Answer: False

33. If we find the deviation of each value from the median, the sum of these deviations is always zero.
Answer: False

34. If a frequency distribution is open-ended, the variance cannot be determined.
Answer: True

35. The range cannot be computed for data grouped in a frequency distribution having an open end.
Answer: True

Multiple Choice

36. For which measure of central location will the sum of the deviations of each value from the data's average will always be zero?
A) Mode
B) Mean
C) Median
D) Geometric mean
E) None of the above
Answer: B

37. For a set of grouped or ungrouped data, which measures of central location always have only one value?
A) Mode and median
B) Mode and mean
C) Mode and geometric mean
D) Mean and median
Answer: D

38. Which measures of central location are not affected by extremely small or extremely large values?
A) Mean and median
B) Mean and mode
C) Mode and median
D) Geometric mean and mean
E) None of the above

39. What is the relationship among the mean, median and mode in a symmetric distribution?
A) They are all equal
B) The mean is always the smallest value
C) The mean is always the largest value
D) The mode is the largest value

40. For a data set, half of the observations are always greater than the ________ .
A) Median
B) Mode
C) Mean
D) Geometric mean

41. What is the lowest level of measurement that a median can be computed?
A) Nominal
B) Ordinal
C) Interval
D) Ratio

42. For an ungrouped data set with an odd number of observations that have been sorted or arrayed from smallest to largest values, where is the median located?
A) n
B) n/2
C) (n + 1)/2
D) n + 1/2

43. Which measure of central location is used to determine an average annual percent increase?
A) Arithmetic mean
B) Weighted mean
C) Mode
D) Geometric mean
E) Median

44. If a frequency distribution has open-ended intervals at the extremes, which measure of central location is the most difficult to estimate?
A) Median
B) Mode
C) Mean
D) All of the above
E) None of the above

45. Which one of the following is referred to as the population mean?
A) Statistic
B) 
C) Sample
D) None of the above

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For salaries of $102,000, $98,000, $45,000, $106,000 and $101,000, the arithmetic mean would be an appropriate average.

16. For salaries of $102,000, $98,000, $45,000, $106,000 and $101,000, the arithmetic mean would be an appropriate average.

Answer: False

17. Three persons earn $8 an hour, six earn $9 an hour, and one earns $12 an hour. The weighted mean hourly wage is $9.

Answer: True

18. For any distribution, there are an equal number of values above the mean and below it.

Answer: False

19. For a data set with an even number of ungrouped values, the median is the arithmetic mean of the two middle values.

Answer: True

20. For a data set with an even number of ungrouped values, half of the values will be less than the median.

21. In a negatively skewed distribution, the mean is always greater than the median.

22. In a negatively skewed distribution, the mean is smaller than the median or mode and the mode occurs at the peak of the curve.

23. In a positively skewed distribution, the mode is greater than the median.

24. Dispersion is the degree of variation in the data.

25. The mean deviation is the mean of the actual values of the deviations from the arithmetic mean.

26. The variance is the mean of the sum of the squared deviations between each observation and the median.

27. The standard deviation is the positive square root of the variance.

28. Chebyshev's Theorem gives the proportion of observations in any data set that occurs within k standard deviations of the mean, where k is greater than 1.0.

29. The Empirical states that about 68% of the observation will lie within one standard deviation of the mean; about 95% of the observations will lie within two standard deviations of the mean; and virtually all (99.7%) will lie within three standard deviations of the mean.

30. The mean absolute deviation is the most widely used measure of dispersion.

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A value that is typical or representative of the data is referred to as a measure of central location.

1. A value that is typical or representative of the data is referred to as a measure of central location.

Answer: True

2. The arithmetic mean is the sum of the observations divided by the total number of observations.

Answer: True

3. For a set of data arranged or sorted in numerical order, the value of the observation in the center is called the weighted mean.

Answer: False

4. A set of ordinal, interval or ratio level data may only have one mode.

5. If a variable is measured at the interval or ratio level, all the values are included when computing the mean.

6. A variable measured at the interval or ratio level can have more than one arithmetic mean.

7. The mode is the value of the observation that appears most frequently.

8. A distribution that has the same shape on either side of the center is said to be symmetrical.

9. A negatively skewed distribution is not symmetrical. The long tail is to the left or in the negative direction.

10. The geometric mean is the nth root of n observations.

11. A statistic is a measurable characteristic of the population.

12. A parameter is a measurable characteristic of a sample.

13. The median can be determined for any set of interval-level data.

14. Extremely high or low scores affect the value of the median.

15. The sum of the deviations from the mean for the set of numbers 4, 9 and 5 will equal zero.

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