AnswersFowU - Financial Math - BUsing Graphs to Advertise

Topic Test Answers

49 verified answers5 views
1
Free Preview

What are the mean and mode of the data set?37293639433229

A
mean: 39, mode: 29
B
mean: 35, mode: 43
C
mean: 35, mode: 29
D
mean: 39, mode: 43
5

The following graph shows the size of minnows that were caught over the course of a day. During which interval were the most minnows caught?

Question illustration
A
early morning (0:00 - 6:00)
B
late morning (6:00 - 12:00)
C
afternoon (12:00 - 18:00)
D
evening (18:00 - 0:00)
6

Year

Question illustration
A
A
B
B
C
C
D
D
8

I.

Question illustration
A
A
B
B
C
C
D
D
10

What kind of graph is shown below?

Question illustration
A
bar graph
B
histogram
C
scatter plot
D
line graph
12

What is the first step in the decision-making process, and why is it important?

Answer:

The first step is to clearly identify/define the problem (or decision) that needs to be made. It’s important because it sets the goal and guides what information you gather and what options you consider, so you solve the right issue.

13

Sharon is considering trying to open a new business within the next few years, and she is doing research to determine what kind of businesses tend to be successful. So far, she has compiled two tables. 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. 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 retail establishment to succeed and earn profits of $50,000 or more, or whether it is more likely for a new service establishment to succeed and earn profits of $25,000 or less, 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%).

A
The situation involving the retail establishment has a probability 0.99 percentage points higher than the situation involving the service establishment.
B
The situation involving the retail establishment has a probability 4.91 percentage points higher than the situation involving the service establishment.
C
The situation involving the service establishment has a probability 5.66 percentage points higher than the situation involving the retail establishment.
D
The situation involving the service establishment has a probability 6.35 percentage points higher than the situation involving the retail establishment.
16

You are in charge of managing the advertising for a restaurant. You are able to buy up to 62 advertisements a month, and your data from the previous month shows that you need to buy at least 5 newspaper ads for every 3 television ads to draw in the most customers. What is the greatest number of newspaper and television ads you could buy?

A
30 newspaper ads, 27 television ads
B
32 newspaper ads, 30 television ads
C
40 newspaper ads, 21 television ads
D
45 newspaper ads, 18 television ads
17

Consider the following graph, which shows a store’s sales of fruit over the course of one week. How could this graph be misleading?

Question illustration
A
The units of measurement are unclear.
B
The data should be presented in increasing or decreasing order.
C
There might be other kinds of fruit that the graph does not list.
D
The scale on the y-axis is very small.

Did you find these answers helpful?