AnswersFowU - Financial Math - BBusiness Summary Statistics

Business Summary Statistics Answers

27 verified answers7 views
1
Free Preview

What are the mean, median, and mode of the following data set? 3/4 2/5 1/10 3/4 1/4

A
mean: 1/10, median: 1/10, mode: 3/4
B
mean: 9/20, median: 1/10, mode: 3/4
C
mean: 9/20, median: 2/5, mode: 3/4
D
mean: 2/5, median: 4/9, mode: 3/4
2
Free Preview

Jerry has been a returning contestant on a game show for the last seven weeks. In a contestant's first seven appearances on the show they have a chance to answer one question and win anywhere between $200-$900. On their eighth appearance they get a chance to answer a question worth $10,000. Given Jerry's winnings in the following table, describe what would happen to the mean and median of the data set if he were to get the Week 8 question right.Week 1Week 2Week 3Week 4Week 5Week 6Week 7$684$770$481$647$277$853$712

A
The mean increases by $1,803, the median increases by $698.
B
The mean decreases by $1,803, the median decreases by $698.
C
The mean decreases by $1,171, the median decreases by $14.
D
The mean increases by $1,171, the median increases by $14.
3

What are the mean and mode of the following data set?59165746582136412364206640512846

A
mean: 43.5, mode: 46
B
mean: 42, mode: 46
C
mean: 43.5, mode: 42
D
mean: 46, mode: 42
4

Molly records the interest earned in her savings account in the last 5 months. What are the mean, median, and mode of the data set?Month 1Month 2Month 3Month 4Month 50.240.420.370.380.24

A
mean: 0.37, median: 0.33, mode: 0.24
B
mean: 0.24, median: 0.37, mode: 0.33
C
mean: 0.33, median: 0.37, mode: 0.24
D
mean: 0.33, median: 0.37, mode: 0.42
5

The following chart represents the record high temperatures recorded in Phoenix for April-November. Select the answer below that best describes the mean and the median of the data set (round answers to the nearest tenth).

Question illustration
A
The mean is 114.5°F, and the median is 111.9°F.
B
The mean is 121°F, and the median is 118.5°F.
C
The mean is 111.9°F, and the median is 114.5°F.
D
The mean is 118.5°F, and the median is 121°F.
6

Which of the following statements is not true?

A
The median is not affected by outliers as much as the mean.
B
The mode is the most frequently occuring value(s) in a data set.
C
The best measure of central tendency depends on the data set.
D
The mean is the middle value of a data set.
7

Lisa is a leading player on her basketball team. She has kept track of how many points she has scored over the course of the season. Her scores may be viewed in the table below. 36203513301436112919224034172621What is the median of Lisa’s scores? Round to the nearest point, if necessary.

A
23
B
24
C
26
D
30
8

Which measure of central tendency would be best to describe the distribution of hair colors at the mall?

A
median
B
mode
C
mean
D
none of the above
9

Dave works as a waiter. He is calculating his average tips from the past two weeks. His total tips from each night can be found in the table below, with all values being in dollars.DaySunMonTueWedThuFriSatWeek 1100.85166.57135.74148.12113.94190.13235.31Week 2102.57124.02142.40108.60110.50163.82183.01Find the mean of Dave’s nightly tips. Round to the nearest cent, if necessary.

A
$168.08
B
$144.68
C
$139.07
D
$133.56
10

Which of the following is not a measure of variability?

A
range
B
variance
C
standard deviation
D
regulated differences
11

Jack works as a waiter and is keeping track of the tips he earns daily. About how much does Jack have to earn in tips on Sunday if he wants to average $19 a day?

Question illustration
A
$25
B
$16
C
$35
D
$15
12

Which of the following is a reason people sometimes use mean or median to misrepresent the “average” of a set of data?

A
In many data sets, the mean and median are always similar.
B
In most data sets, the mean and median are always different.
C
The median is meaningless but is often confused with the mean.
D
In data sets with outliers, either the mean or median can be used to make the data set appear more favorable to their agenda.
13

Gabe rolls a six sided die twenty times, and records the result in the table below. How many times did Gabe roll above the average?36234514232223156132

A
2
B
3
C
5
D
6
14

Lisa is currently taking physics as one of her electives in school. Her grade at the end of the year is determined by the average of four exams, each worth 100 points. On her first test she got an 84, on her second she got a 92, and on her third an 80. What must she score on her fourth exam to get exactly 80% in the course?

A
60
B
64
C
84
D
85
15

Katie works as a waitress and records her monthly tips in the table shown below. If Katie decided not to work the month of November, how would her five month average compare to her six month average for monthly tips?JuneJulyAugustSeptemperOctoberNovember$133.45 $235.31 $239.45 $258.87 $298.45 $115.67

A
Her monthly average would have decreased by $19.57.
B
Her monthly average would have increased by $19.57.
C
Her monthly average would have increased by $2.07.
D
Her monthly average would have decreased by $2.07.
16

Which of the following is a reason people sometimes use mean or median to misrepresent the “average” of a set of data?

A
In many data sets, the mean and median are always similar.
B
In most data sets, the mean and median are always different.
C
The median is meaningless but is often confused with the mean.
D
In data sets with outliers, either the mean or median can be used to make the data set appear more favorable to their agenda.
17

The following chart represents the record high temperatures recorded in Phoenix for April-November. Select the answer below that best describes the mean and the median of the data set (round answers to the nearest tenth).

Question illustration
A
The mean is 114.5°F, and the median is 111.9°F.
B
The mean is 121°F, and the median is 118.5°F.
C
The mean is 111.9°F, and the median is 114.5°F.
D
The mean is 118.5°F, and the median is 121°F.
18

Sarah is saving for a vacation. She kept track of how much she saved each month over the last six months in the following table. What did Sarah save per month on average?SepOctNovDecJanFeb$135.00$144.00$104.00$80.00$90.00$160.00

A
$118.80
B
$119.50
C
$713.00
D
$118.83
19

Which of the following is not a measure of variability?

A
range
B
variance
C
standard deviation
D
regulated differences
20

Katie works as a waitress and records her monthly tips in the table shown below. If Katie decided not to work the month of November, how would her five month average compare to her six month average for monthly tips?JuneJulyAugustSeptemperOctoberNovember$133.45 $235.31 $239.45 $258.87 $298.45 $115.67

A
Her monthly average would have decreased by $19.57.
B
Her monthly average would have increased by $19.57.
C
Her monthly average would have increased by $2.07.
D
Her monthly average would have decreased by $2.07.

Did you find these answers helpful?

More from this Course

Quiz
24 verified answers

Probability in the Business Setting

Quiz
23 verified answers

The Business Plan

Quiz
25 verified answers

Break-Even Analysis