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IVY SOFTWARE BUSINESS MATH AND STATISTICS EXAM 2024 NEWEST COMPLETE 200 QUESTIONS AND VERIFIED ANSWERSIVY SOFTWARE BUSINESS MATH AND STATISTICS EXAM 2024 NEWEST COMPLETE 200 QUESTIONS AND VERIFIED ANSWERSIVY SOFTWARE BUSINESS MATH AND STATISTICS EXAM 2024 NEWEST COMPLETE 200 QUESTIONS AND VERIFIED ANSWERSIVY SOFTWARE BUSINESS MATH AND STATISTICS EXAM 2024 NEWEST COMPLETE 200 QUESTIONS AND VERIFIED ANSWERSIVY SOFTWARE BUSINESS MATH AND STATISTICS EXAM 2024 NEWEST COMPLETE 200 QUESTIONS AND VERIFIED ANSWERSIVY SOFTWARE BUSINESS MATH AND STATISTICS EXAM 2024 NEWEST COMPLETE 200 QUESTIONS AND VERIFIED ANSWERSIVY SOFTWARE BUSINESS MATH AND STATISTICS EXAM 2024 NEWEST COMPLETE 200 QUESTIONS AND VERIFIED ANSWERSIVY SOFTWARE BUSINESS MATH AND STATISTICS EXAM 2024 NEWEST COMPLETE 200 QUESTIONS AND VERIFIED ANSWERS
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Which of the following is the monomial expression? A) 4x^3 + 6x^4 +12x^3 + 45x^4 + B) 143x^4 + 3x^ C) 143x^4 + 78x^4 + 6x^4 + 76 - ....ANSWER...B) 143x^4 + 3x^4 - its the only term where the x's can be added together to get one term Write an equation to related total cost to number of driveways paved. Asphalt, tar & concrete/driveway = $7, Direct Labor/Driveway = $12, Office Expenses & Other Labor = $5,000 - ....ANSWER...y = 19x + 5
Which of the following is the binomial expression? A) 4x^3 + 6x^4 +12x^3 + 45x^4 + B) 143x^4 + 3x^ C) 143x^4 + 78x^4 + 6x^4 + 76 - ....ANSWER...C) 143x^4 + 78x^4 + 6x^4 + 76 - tis the only term where the x's can be added together to get two terms Which of the following is the trinomial expression? A) 4x^3 + 6x^4 +12x^3 + 45x^4 + B) 143x^4 + 3x^ C) 143x^4 + 78x^4 + 6x^4 + 76 - ....ANSWER...A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6 - its the only term where the x's can be added together to get three terms True/False: the Contribution Margin is the amount that can be contributed to fixed costs. - ....ANSWER...True: the contribution margin is the amount the company receives from the sales of its product minus the product's variable costs. Therefore, the amount remaining (after variable costs) can be used to pay the company's fixed costs. True/False: When the following equation hold true, we are at the breakeven level in dollars:
Sales - Variable Costs = Fixed Costs - ....ANSWER...True True/False: for the equation 2x - 3y = 6, the x and y intercepts are x=3, y=-2 - ....ANSWER...True When solving for an unknown variable that has a number preceding it, you will divide both sides of the equation by this number, which is known as the: A) base B) power C) exponent D) coefficient E) none of the above - ....ANSWER...D) coefficient To separate an unknown variable from its exponent one should: - ....ANSWER...multiply the exponent by its inverse Which of the following are fixed costs: Sales, office payroll (receptionist & bookeeper), advertising, home remodeling, office remodeling, sales commission, interest expense - ....ANSWER...office payroll, advertising, office remodeling, interest expense
Given these two equations, solve for x and y: 8x = 2y + 36 and 9y = 3x + 3 - ....ANSWER...(5,2) What is the correct order for separating, ordering and organizing of expressions? A) parentheses, brackets, braces, parentheses, and so on.... B) brackets, braces, parentheses, brackets, and so on.... C) braces, parentheses, brackets, braces, and so on....
x^5 = 32 solve for x
for this purpose), for how much should the president ask? - ....ANSWER...$ 5,650, Contribution Margin - ....ANSWER...(price per unit X * # of units sold) - (variable cost per unit X * units sold) Breakeven - ....ANSWER...Breakeven = Fixed Costs/Contribution Margin per unit A company is making a product and has invested $100, on an advertising campaign and $75,000 each on five salespeople (annual salary, including benefits and support). These are the only fixed costs that the company has assigned to the product, and the contribution margin per unit is $50. To cover those fixed costs, how many units will the company have to sell to breakeven?
True/False: the fixed costs for a certain project are $50 and it costs $2 to produce one unit. The equation that relates y (total costs) to x (total number of units produced) is y = 2
2x =32, x is a. 5 b. 4 c. 3 d. none of the above - ....ANSWER...a. 5 Time Series Analysis - ....ANSWER...A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend, cycle, seasonal, and random factor analyses Simple Average - ....ANSWER...Found by adding the values of all the data samples and dividing the sum by the number of samples Moving Average - ....ANSWER...similar to simple average except that this method only incorporates the most recent data samples Weighted Average - ....ANSWER...includes as many data samples as desired and assigns "weights" or measures of importance to each
Weighed moving average - ....ANSWER...A method of combining the moving average and the weighted average Trend Analysis - ....ANSWER...uses past actual values to forecast; however, it is used when there is a noticeable trend over time True/False: When forecasting data that are arranged in time periods, i.e., a time series analysis, there are two different approaches: trend analysis and averaging.
C) a beta method D) a trend analysis method E) none of the above - ....ANSWER...B) an averaging method True/False: If the data points in a trend line are plotted on a graph, a trend line can be fitted to the data using the least squares method. - ....ANSWER...True. The least squares method attempts to find the line which minimizes the sum of the squared deviations (distances) of the data points to the trend line. in the formula y = a + bx, what is b? - ....ANSWER...B is the slope in the formula y = a + bx, what is a? - ....ANSWER...a is the y-intercept How do you calculate y in y = a + bx? - ....ANSWER...y is the sum of y divided by n How do you calculate x in y = a + bx? - ....ANSWER...x is the sum of x divided by n
Which of the following statements is false? A) Simple averaging considers all data samples equally B) Using simple averaging when data samples have a lot of variability will provide accurate forecasts C) Simple averaging is easy to understand and apply
The Atlanta Braves marketing staff knows it has 20, seats in the stadium priced at $20 per ticket, 13,000 priced at $30 per ticket, and 17,000 priced at $50 per ticket. Jim says that the marketing materials should say that average ticket price is $30, Jill says it should be $33, and Fred says it should be $35.20. Who is most correct? a. Jim b. Jill c. Fred d. none of the above - ....ANSWER...b. Jill When analyzing data where a steady increase or decrease over time can be observed, which method of forecasting would best fit and would probably predict a similar increase or decrease? a. Modified Trend Method b. Weighted Series Method c. Trend Analysis Method d. Normal Curve Method e. Moving Average Method - ....ANSWER...c. Trend Analysis Method Weighting factors for a weighted moving average forecast a. weight the most recent data heaviest. b. weight the oldest data heaviest.
c. weight all the data the same. d. weight the data in accordance with natural business cycles. - ....ANSWER...a. weight the most recent data heaviest. When gathering times series data for a trend analysis, it is important to collect the data at the same time each period because a. it's easier to remember. b. it reduces variation. c. it increases accuracy. d. all of the above. e. none of the above. - ....ANSWER...d. all of the above. Scatter Diagram - ....ANSWER...displays data of two variables. Similar to those done in time series except that the data follows no clear progression through time. True/False: A regression analysis attempts to find the line through a scatter of data points which minimizes the sum of the squared deviations of the points from the line.
True/False: The coefficient of determination is the unexplained variation divided by the total variation.
True/False: if r^2 of 0.5 means that as x goes up, y goes down, and vice versa. - ....ANSWER...False: r^2 is the coefficient of determination, which tells us how much of the scatter of data points is explained by the regression model. The coefficient of correlation (r) would tell us which way the y would change (increase or decrease) as x changes. Zero-one or dummy variable - ....ANSWER...One that cannot be given a numerical value True/False: a correlation coefficient of -2 means that as x goes up, so does y. - ....ANSWER...False: a negative correlation coefficient means that as x increases, y decreases. Also, it is not possible to have -2 as a correlation coefficient. Susan wants to study the effect of water on the growth of flowers in her garden. She determines a regression line where water is the independent variable (measured in fluid ounces) and flower growth is the dependent variable (measured in cm). If one of her flowers is 40 cm tall, and the regression line is y = 15 + 5x, estimate how many fluid ounces of water it has been given. A) 20 B) 215
Plug 40 cm in for y and solve for x. True/False: In a study, the correlation coefficient between class attendance and grades for a group of students was 0.18. Thus 3.24% of the variation in grades was explained by differences in class attendance. - ....ANSWER...True. The coefficient of determination is the square of the correlation coefficient. Dependent variable - ....ANSWER...The variable the forecaster wishes to predict True/False: Simple regression is made up of one independent and one dependent variable, while multiple regression is made up of one independent and many dependent variables. - ....ANSWER...False: multiple regression is made up of one dependent and many independent variables. Edna's T-ratio is less than 2 for the constant term in her regression equation. She should be: A) looking for another set of data since she cannot use this one.
B) very concerned. C) not very concerned. D) None of the above. - ....ANSWER...C) not very concerned T-statistics less than 2 are an area of concern for the coefficient of the independent variable because they may indicate a zero coefficient. A zero coefficient means there is no relationship between the independent and dependent variables. On the other hand, the constant term has no particular significance to the analyst and can enjoy a low T-ratio. Jamie's regression equation shows a correlation between X3 (the T-ratio is 5) and X4 (The T-ratio is 12) of 0.4. He should: A) throw both variables out B) keep both C) Throw out X3, keep X D) Throw out X4, keep X E) None of the above - ....ANSWER...B) Keep both This question addresses multicollinearity. How high is high? While 0.4 appears to be high, the T-ratios are large, indicating believable coefficients for X3 and X4, therefore we should keep both.
True/False: A low T-ratio for the coefficient of an independent variable is a concern because it indicates that the true coefficient may be zero or close to zero.
If you have a coefficient of determination of 0.49, in simple regression, what is the coefficient of correlation? A) 0. B) 0. C) 0. D) None of the above - ....ANSWER...D) None of the above Since we do not know the slope (+/-), we do not know if the answer is a +0.7 or -0. A regression model has the equation: Y = 7(x1) + 4(x2) + 9(x3) + 17 with 75 observations. How many degrees of freedom are there in this model? A) 75 B) 70 C) 71 D) None of the above - ....ANSWER...C) 71 Determined by taking the number of observations (75) and subtracting 1 plus the number of independent variables in the model (3). 75 - 1 + 3 = 71 Which of the following is a dummy variable? Select one: a. fish weight
b. fish length c. fish species d. None of these make sense - ....ANSWER...c. fish species True/False: A simple regression involves a single independent variable. - ....ANSWER...True A coefficient of determination of 0.94 for a regression analysis would indicate Select one: a. 6% of the variation is explained by the regression equation b. 94 % of the variation is not explained by the regression equation c. 94% of the variation is explained by the regression equation d. 6% of the variation is random - ....ANSWER...c. 94% of the variation is explained by the regression equation Coefficient of determination = explained variation/total variation, or r^2 = EV/TV A real estate agent says he can approximate the value of a house through the following equation: SP = 125,000 +
3000BR + 500BDR + 4000WC -6000P; where BR= # of bathrooms, BDR= # bedrooms, WC =Wine cellar and P=Pool. The best selling price estimate for a 3 bedroom, 2 bath house with a wine cellar and pool is Select one: a. $133,000 b. $132,500 c. $131,000 d. $130,500 - ....ANSWER...d. $130,500 A typing instructor builds a regression model to investigate what factors determine typing speed for students with two months of instruction. Her regression equation looks like: Y' = 11 + 7x1 + 5x2 + 3x3 where: Y' = typing speed in words per minute; x1= hours of instruction per week; x2= hours of practice per week; x3 = hours of typing per week necessary for school or work; A new student is taking 2 hrs of typing instruction per week, will practice 5 hrs per week and must type 2.5 hours per week for work. If the standard error of the estimate is 2, within what range do we have a 95.45% probability that that student's typing speed will be in two months? Select one: a. 53.5 and 61.5 words per minute b. 49.5 and 65.5 words per minute c. 57.5 and 65.5 words per minute
d. none of the above - ....ANSWER...a. 53.5 and 61.5 words per minute I do not know how to calculate this. A study is being made of the relationship between seniority, i.e., years of service with the company, and the number of workdays absent per year. The following regression line is derived from the data: Days Absent = 9.44 -1.09(Years Employed) The best estimate of the number of times a 5-year employee will be absent is Select one: a. 8.35 b. 3.99 c. 5.45 d. None of these make sense - ....ANSWER...b. 3.99 I do not know how to calculate this. True/False: A researcher believes, among other things, the town one lives in within the state influences the likelihood of contracting cancer. He has data from three towns and has decided to code the towns as follows X = Town, where: X = 0 if C'burg, X = 1 if B'burg, X = 2 if L'burg. This is an appropriate means for including qualitative data into his analysis. - ....ANSWER...False
True/False: Unlike regression, trend analysis limits the prediction of the unknown variable to historical levels of the same variable. - ....ANSWER...True For trend analysis, its just time-based True/False: Regression limits the prediction of the unknown variable to historical levels of that same variable.
d. 306 - ....ANSWER...a. 75 I did not get this answer. True/False: A distribution that is not a normal distribution still has a standard deviation - ....ANSWER...True True/False: The mode of a probability distribution is the most likely outcome. - ....ANSWER...True Tracy flips a coin five times. What is the probability of that coin landing tails up exactly two or more of those five times? A) 0.3125 B) 0.1875 C) 0.8125 D) 0.5 - ....ANSWER...C) 0.8125 You would find the answer in the table (Appendix B) of the Probability of Individual Success, where n = 5 tries, r = 2 outcomes and 0.5 (two sides of a coin) = 0.3125. Then, add it to the probabilities of two or more success: 0.3125 + 0.31250 + 0.15625 + 0.03125 = 0.8125 There are 50 people in a room. The probability that a person in the room has brown hair is 0.80. Of these people with brown hair, 40% of them have brown eyes. How
many people in the room have brown hair but do not have brown eyes? - ....ANSWER...24 people True/False: Z-score is (plus or minus) the number of standard deviations that an observation is away from the mean. - ....ANSWER...True. True/False: Standard deviation is a measure of spread or dispersion - ....ANSWER...True. Standard Deviation measures the Variance, which measures spread and dispersion. Kate is an avid bowler. Her bowling scores are normally distributed with a mean of 186 and a standard deviation of