fin 370

fin 370

QNT/351 Final Examination Study Guide

This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers.

Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week.

Week One: Understanding the Meaning of Statistics

Objective: Explain the role of statistics in business research and its application in business decision making.

1. When TV advertisements report, "2 out of 3 dentists surveyed indicated they would recommend Brand X toothpaste to their patients," an informed consumer may question the conclusion because
a. the sample was only 5 dentists
b. the sample of dentists is clearly explained
c. the advertisement does not include the total number of dentists surveyed
d. the conclusion is not illustrated with a graph

2. A marketing class of 50 students evaluated the instructor using the following scale: superior, good, average, poor, and inferior. The descriptive summary showed the following survey results: 2% superior, 8% good, 45% average, 45% poor, and 0% inferior.
a. The instructor's performance was great!
b. The instructor's performance was inferior.
c. Most students rated the instructor as poor or average.
d. No conclusions can be made.

Objective: Differentiate between qualitative and quantitative variables.

3. Which of the following is an example of a continuous variable?
a. Family income
b. Number of students in a statistics class
c. Zip codes of shoppers
d. Rankings of baseball teams in a league

4. What type of variable is the number of gallons of gasoline pumped by a filling station during a day?
a. Qualitative

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