Test — Test Answers

The two tables below show the success rates of several groups of businesses in a certain city. The first shows the number of businesses of several types started in Sharon’s city over the course of two years, and the number of those businesses which did not succeed and were forced to shut down within two years of opening. The second deals with separate records of successful new businesses, showing how much profit those new businesses turned over two years. Businesses on the boundary lines fall in the lower category.TypeFoodRetailFinancialServiceOpened3,1932,2801,8985,045Closed1,9771,6261,4433,548 Up to $25k$25-50k$50-75k$75-100kOver $100kFood945623601258114Retail81354834718863Financial3162441958651Service979739432174124Using the tables as experimental data, determine which of the following situations have a probability of at least 15.00%.I. a food establishment succeeding and earning $50,000 or moreII. a service establishment succeeding and earning between $25,000 and $75,000III. a retail establishment succeeding and earning no more than $50,000

Natasha is a regional manager for a chain of supermarkets. She has been tasked with researching the weekly sales records of two branch locations over the past month, which she must present to her board of directors. She was able to assemble the relevant information in the table below, but it is scrambled and hard to read. Sales are listed in thousands of dollars. Week 4 1 1 3 4 2 3 2 Sales 16.3 17.8 23.1 15.2 20.2 23.4 22.9 17.6 Branch North South North South South North North South In order to make the data more readable, Natasha has decided to put it into a graph. Which of the following graphs accurately matches the information in the table? I. II. III. IV.

You are the manager of a clothing store. You must decide how many of your employees to put on the sales floor, and how many to put on the register. Because employees on the sales floor cause customers to buy more products, if you do not have at least 2 employees on the register for every 5 employees working on the sales floor, your registers will get very clogged and you will lose business. You have a total of 84 employees, and you wish to have as many on the sales floor as possible. How should you divide your employees?

Korey is planning to open a comic book store. In his first year of operation, Korey expects to average $1,000 of profit each month. He then expects profits to increase by 6% each year for the next 4 years. How much does Korey expect to make in profits in his fifth year of operation?

Harold randomly selected one square tile and one round tile from the sets shown below. What is the probability that Harold selected a pink square tile, and either a red or a blue round tile?

Jake has decided to give a bonus to the employee who has worked the greatest total number of hours over the past six months. Four candidates are currently up for consideration. The following graph shows how many hours each one has worked over the past six months. To which employee will Jake give the bonus?

Which of the following is not a component included in a standard business plan?

What is an advantage that experimental probability has over theoretical probability?

If a letter of the alphabet is chosen at random, what is the probability that it will be a vowel? (Y is not a vowel.)

Which of the following is a pair of events which are dependent on one another?

Sam is planning to start a pool cleaning business. He expect to make a profit of $45,000 in his first year of business, after which he expects profits to increase by 5.5% annually for the next 5 years.Sam's business will cost $49,500 to set up and run for the first year. Sam then expects an annual operational expense total of $30,500. According to Sam's model, how long will it take Sam to see an overall profit in his business (where total profits exceed total expenses)?

Korey is planning to open a comic book store. When the store opens, he plans to be the only employee. As the business grows, he will extend his hours of operations and hire additional employees as necessary. In Korey’s business plan, this information should be included in the _____ component.

Which part of the decision-making process is directly related to brainstorming?

In the article, “Visual Business Intelligence”, Stephen Few claims that visualization analysis and presentation tools are important to a business decision-maker since they _____.

The following graph shows Caroline’s sales records since she started her position 22 months ago. Caroline’s two managers, Shawna and Morris, are having a meeting to discuss her performance. To prepare, Morris looks at Caroline’s sales over the past four months, and Shawna looks at Caroline’s total records. How is Shawna’s opinion likely to differ from Morris’s?

Sam is planning to start a pool cleaning company from his home. He has decided on a radius of 30 miles from his home as a region of operation. After surveying the region of operation, he found that 43% of the homes in the region have a swimming pool. If there are 36,248 homes within a 30 mile radius of Sam’s home, approximately how many potential customers does Sam have?

Sam is planning to start a pool cleaning business. The business comes with a set-up and first-year operational cost of $39,500. Sam has $9,000 in savings and $12,000 in credit that he has decided to invest in his business. Sam would like to obtain the rest of the money required to open his business from investors.This is information Sam should include in the _____ component of his business plan.

Which of the following is not a component included in a standard business plan?

Perry is considering trying to open a new business within the next few years, and he is doing research to determine what kind of businesses tend to be successful. So far, he has compiled two tables. The first shows the number of businesses of several types started in Perry’s city over the course of two years, and the number of those businesses which did not succeed and were forced to shut down within two years of opening. The second deals with separate records of successful new businesses, showing how much profit those new businesses turned over two years. Businesses on the boundary lines fall in the lower category. Type Food Retail Financial Service Opened 3,193 2,280 1,898 5,045 Closed 1,977 1,626 1,443 3,548 Up to $25k $25-50k $50-75k $75-100k Over $100k Food 945 623 601 258 114 Retail 813 548 347 188 63 Financial 316 244 195 86 51 Service 979 739 432 174 124 Using the tables as experimental data, determine whether it is more likely for a new food establishment to succeed and earn up to $25,000, or whether it is more likely for a new financial establishment to succeed and earn profits in either the $25,000-50,000 range or the $50,000-75,000 range, and how much more likely the one situation is than the other. Express all probabilities as percentages to two decimal places, and express differences by number of percentage points (for example, 23% is 5 percentage points greater than 18%).

Abger Electronics, a retail store, restructures its employees’ schedules every six months. The employees are asked for their shift preferences, and the schedules are rearranged according to these preferences. When there is a conflict, those with the best total sales over the past six months are given priority. The following graph and table show the most recent sales records and employee preferences, respectively. Employee 1st Pick 2nd Pick 3rd Pick 4th Pick Rachel 12 p.m. 3 p.m. 9 a.m. 6 p.m. Gary 9 a.m. 6 p.m. 12 p.m. 3 p.m. Hannah 12 p.m. 6 p.m. 3 p.m. 9 a.m. Christopher 9 a.m. 12 p.m. 3 p.m. 6 p.m. Based on this information, when will each employee’s shift begin? a. 9 a.m. - Gary; 12 p.m. - Rachel; 3 p.m. - Christopher; 6 p.m. - Hannah b. 9 a.m. - Christopher; 12 p.m. - Rachel; 3 p.m. - Hannah; 6 p.m. - Gary c. 9 a.m. - Christopher; 12 p.m. - Hannah; 3 p.m. - Rachel; 6 p.m. - Gary d. 9 a.m. - Gary; 12 p.m. - Rachel; 3 p.m. - Hannah; 6 p.m. - Christopher Please select the best answer from the choices provided