MBA624-MSF624–  Exam 1

·         The Test Period isFri, Fri., Jan 25, 2019 at 8:00 a.m., CT to Mon., Jan 28, 2019 at 8:00 a.m. CT.

·         If you are unable to complete the exam during the testing window, you must make arrangements with your instructor.

·         The exam will include 50 questions, each worth 2 points, for a total of 100 points.

·         This is a take-home exam.You may use your book, notes, calculator, Excel, and other resources such as videos and handouts provided to you in the course.

·         Due to rounding, an answer you compute may not exactly equal any of the options provided. In all such cases, choose the option which is closest to your own answer.

·         You must strictly observe the Honor Code. Do not give help to anyone, or receive help from anyone in completing this exam. Your answers must be original and your own. You must not discuss or share this exam, problems, solutions, or any part of it with other individuals.

Using the Car Sales data in the attached spreadsheet answer the following questions

* Note, other variables are included in “profit” such that the values in the Profit column do not necessarily equal the summation of Profit from New Car Sales and Profit from Used Car Sales.

1)      Assuming that the Dealership column lists the names of the dealerships (i.e., it is not a variable), which variables are qualitative?

A.    Sales people

B.     New Car Brand

C.     BBB Rating

D.    Profit

E.     Both B and C are correct

2)      The New Car Brand is

A.    nominal

B.     ordinal

C.     interval

D.    ratio

3)      New Cars Sold Each Week is

A.    ratio

B.     ordinal

C.     interval

D.    nominal

4)      Used Cars Sold Each Week is

A.    Discrete

B.     Continuous

C.     ratio

D.    nominal

E.     Both A and C are correct

5)      The relative frequency of “AA+” rating is

A.    0.375

B.     0.25

C.     0.475

D.    1.0

6)      Using the following class widths for Profit, what is the frequency for stores with a profit of 30,000 – 39,999

A.    8

B.     10

C.     7

D.    1

7)      Using the above classes, the percent frequency for 50,000 to 59,999 is

A.    0.15

B.     27.5

C.     15.0

D.    0.275

8)      Which histogram is correct?

9)      If the car sales data is from 50 of 100 total stores in the company and it was collected on the first of July, it is:

A.    A cross sectional population

B.     A cross sectional sample

C.     A time series sample

D.    A time series population

10)  If you wanted to compare Profit to Number of sales persons, which approach might be the used

A.    A scatter plot with profit on the x-axis and sales persons on the y-axis

B.     A scatter plot with profit on the y-axis and sales persons on the x-axis

C.     A contingency table with profit as the row labels and sales people as the column headings

D.    Either B or C are correct

E.     Either A or C are correct

11)  What is the average number of Sales People?

A.    12.93

B.     13.16

C.     11.85

D.    9.65

12)  What is the standard deviation for number of Sales People?

A.    3.5

B.     5.34

C.     28.49

D.    8.65

13)  Which of the following statements is correct

A.    Sales people is moredispersed than New Cars Sold Each Week

B.     Used cars sold each week is less dispersed New Cars Sold Each Week

C.     New cars sold each week is less dispersed than Used Cars Sold Each Week

D.    Both A and C are correct

14)  The mode for BBB Rating is

A.    15

B.     AA+

C.     AAA

D.    None of the above is correct (qualitative data can’t have a mode)

15)  The 35^th percentile for Used Cars Sold each Week (using excel) is

A.    12.00

B.     8.65

C.     3.00

D.    4.25

16)  The interquartile range for Sales People is

A.    8.5

B.     20

C.     8

D.    11

17)  The range for Profit is

A.    $41,748.00

B.     $53,875.00

C.     $26,664.00

D.    $48,328.00

18)  What is the median number of New Cars Sold Each Week?

A.    11

B.     5.5

C.     12

D.    6.75

19)  What is the correlation between New Cars sold each week and Profit?

A.    -0.254

B.     0.612

C.     -0.612

D.    0.779

20)  What is the variance for Used Cars Sold Each Week?

A.    7.86

B.     27.97

C.     4.56

D.    2.14

Use the following information to answer questions 21 – 24.
A survey was conducted by Public Policy Polling (PPP) to determine if Americans prefer Coke or Pepsi. The following result table was compiled. Use 3 decimals in all calculations.

21)  If an American is selected at random, what is the probability that he or she prefers Pepsi?

A.    0.43

B.     0.16

C.     0.63

D.    0.40

22)  If an American is selected at random, what is the probability that the individual is male and prefers Coke?

A.    0.43

B.     0.16

C.     0.63

D.    0.27

23)  If an American is selected at random, what is the probability that the individual is male or prefers Pepsi?

A.    0.43

B.     0.16

C.     0.70

D.    0.35

24)  If a male respondent is asked which soda he prefers, what is the probability that he will say Coke?

A.    0.84

B.     0.16

C.     0.58

D.    0.35

25)  Use the following information to answer questions 24 – 26. Use 3 decimals.
A municipal bond service has three rating categories (A, B, and C). Suppose that in the past year, of the municipal bonds issued throughout the United States, 70% were rated A, 20% were rated B, and 10% were rated C.

·         Of the municipal bonds rated A, 50% were issued by cities, 40% were issues by suburbs, and 10% were issued by rural areas.

·         OF the municipal bonds rated B, 60% were issued by cities, 20% were issued by suburbs, and 20% were issued by rural areas.

·         Of the municipal bonds rated C, 90% were issued by cities, 5% were issued by suburbs, and 5% were issued by rural areas.

What proportion of municipal bonds is issued by cities?

A.    56%

B.     35%

C.     4%

D.    50%

E.     62.5%

26)  If a new municipal bond is to be issued by a city, what is the probability that it will receive an A rating?

A.    35%

B.     50%

C.     28%

D.    62.5%

E.     12%

27)  What proportion of municipal bonds is issued by cities and are rated C?

A.    12%

B.     9%

C.     35%

D.    28%

E.     56%

28)  A lock on a bank vault consists of three dials, each with 25 positions. In order for the vault to open, each of the three dials must be in the correct position. How many possible dial combinations are there for this lock?

A.    13,800

B.     15,625

C.     27,000

D.    2,300

29)  A particular brand of women’s jeans is available in ten different sizes, four different colors, and three different styles. How many different women’s jeans does the store manager need to order to have one pair of each type.

A.    13

B.     120

C.     17

D.    153

30)  A gardener has 5 rows available in her garden to place tomatoes, eggplants, peppers, cucumbers, and lettuce. Each vegetable will be allowed one and only one row. How many ways are there to position these vegetables in her garden?

A.    1

B.     3125

C.     12

D.    120

Given the following distribution for new car sales, answer questions 31 – 33

31)  What is the probability that a randomly selected car is a Dodge?

A.    0.15

B.     0.28

C.     0.20

D.    0.35

32)  What is the probability that a randomly selected car is a Honda or a Toyota?

A.    0

B.     0.33

C.     0.53

D.    0.47

33)  What is the probability that a randomly selected car is a Ford and a VW?

A.    0.25

B.     0.47

C.     0.18

D.    0

34)  The binomial distribution has the following characteristics:

A.    Only two outcomes are possible (success and failure)

B.     The probability of success does not change from trial to trial

C.     The trials are independent

D.    All of the above are correct

E.     A and C are correct

35)  If 5 customers arrive at Crusty’s Pizza every 10 minutes, what is the probability of exactly 12 customers arriving in the next 30 minutes (assume Poisson distribution)?

A.    0.003

B.     0.27

C.     0.083

D.    0.07

36)  If the likelihood of an incomplete order form is 0.10, what is the probability that there are no more than one incomplete order forms in a sample of four? Assume binomial. Use 4 decimals.

A.    0.5385

B.     0.9477

C.     0.0842

D.    0.2916

37)  If the likelihood of an incomplete order form is 0.10, what is the probability that there are at least 3 incomplete order forms in a sample of 15?

A.    0.18

B.     0.82

C.     0.38

D.    0.62

38)  Use the following information for Questions 38 – 40.
The U.S. Department of Transportation maintains statistics for mishandled bags per 1,000 airline passengers. In February, XYZ airlines mishandled 4.05 bags per 1,000 passengers.
Assume Poisson distribution.

What is the probability that in the next 1,000 passengers, XYZ will have no mishandled bags?

A.    0.017

B.     0.983

C.     0.129

D.    0.5

39)  What is the probability that in the next 1,000 passengers, XYZ will have at least five mishandled bags?

A.    0.299

B.     0.381

C.     0.415

D.    0.687

40)  What is the probability that in the next 1,000 passengers, XYZ will have no more than ten mishandled bags?

A.    0.982

B.     0.653

C.     0.997

D.    0.014

Use the following information for questions 41 – 44. Consumers spend an average of $13.80 on a meal at a restaurant. Assume that the amount spent on a restaurant meal is normally distributed and the standard deviation is $2.00.

41)  What is the probability that a randomly selected person spent more than $10.00?

A.    0.644

B.     0.029

C.     0.971

D.    0.336

42)  What is the probability that a randomly selected person spent between $9.00 - $11.50?

A.    0.037

B.     0.117

C.     0.214

D.    0.135

43)  Between what two values will the middle 95% of the amounts spent fall?

A.    $9.88 to $17.72

B.     $8.22 to $16.59

C.     $9.51 to $18.69

D.    $7.75 to $17.45

44)  What is the amount that a randomly selected customer must pay for a meal to be in the top10% of expenditures for a restaurant meal?

A.    $17.77

B.     $12.94

C.     $15.12

D.    $16.36

Use the following information to answer questions 45 – 47.
A study of the time spent shopping in a supermarket for a market basket of 20 specific items showed an approximately uniform distribution between 20 minutes and 40 minutes.

45)  What is the probability that the shopping time will be between 27 and 45 minutes?

A.    0.35

B.     0.65

C.     0.90

D.    0.15

46)  What is the probability that the shopping time will be less than 26 minutes?

A.    0.70

B.     0.25

C.     0.30

D.    0.15

47)   What is the probability that shopping time will be exactly 30 minutes?

A.    0.00

B.     0.50

C.     0.25

D.    0.75

Use the following information for Questions 48 – 50.
Automobiles arrive at a toll plaza located at the entrance to a bridge at a rate of 51 per minute during the 5:00 to 6:00 p.m. hour (assume Exponential distribution).

48)  If an auto has just arrived, what is the probability that the next auto will arrive within 3 seconds?

A.    1.00

B.     0

C.     0.284

D.    0.922

49)  If an auto has just arrived, what is the probability that the next auto will arrive in the next 3 to 10 seconds?

A.    0.078

B.     0.024

C.     1.000

D.    0.000

50)  If an auto has just arrived, what is the probability that the next auto will arrive after 2 seconds?

A.    0.000

B.     1.000

C.     0.183

D.    0.632

.

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MBA-----------624----------- We-----------ek -----------7 E-----------xam----------- 1-----------

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file 1548862851-MBA624 Week 7 Exam 1 Answer File.docx preview (1761 words )

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