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COURSE: QUMT 3343

Final Exam: Practice A

Name: _______________________
Last, First (printed)

Instructions:

Please put your name, test version (i.e. 1- A or B), date, class section
number in subject box on your scantron.
You have 100 minutes to complete this exam. You may use your
memory enhancement documents and calculator. Please show all your
work on the exam and mark all answers on the exam and scantron.
No computers or cell phones.
This test consists of 30 questions. Each question is worth 3.33
points for a possible 100 total points.
Good luck!

QUMT 3343 Final Exam Study Guide


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Four levels of measurement


Sample vs. population; statistic vs. parameter
Stem and leaf interpretation
Stem and leaf; Frequency distribution table; how to convert
Mean
Mode
Median
Standard Deviation of a sample
Marginal prob
Union Prob
Conditional Prob
General Law of Addition
Properties of normal curve
Prob of standard Normal Distribution (between, greater, less)
Central limit theorem
Confidence intervals when is known
Ignore finite
Confidence intervals and the Empirical rule (from chapter 4)
correction
Confidence intervals when is unknown
computations
Hypothesis tests of single populations when is known
Hypothesis tests of single populations when is unknown
Hypothesis tests of two populations
Hypothesis test statistics
Hypothesis determine critical values
Hypothesis compute p-value of a Z-test
Interpret p-values by classic rules and rule-of-thumb (Ch 10 not covered very
well)
Classical rule: if p-value < reject H0
Rule of thumb:
If p-value < .05 reject H0
If p-value > 0.1 FTR H0
If 0.05 < p-value < 0.10 the test is inconclusive
ANOVA table application (ANOVA table and interpretation)
Simple and multiple regression model
Two hypothesis tests of regression
P-value of the regression model
Interpretation of Pearson R and R-square; what are their alternate names
coefficient of . And what do they tell you

1. The license plate on a car. It is __________ data and is _________________ data. (levels of
data in chapter1.)
A.
B.
C.
D.

Qualitative, Ratio
Qualitative, Nominal*
Qualitative, Interval
Qualitative, Ordinal

2. If the average age of UNT students in the Fall of 2006 is estimated from the ages of 500 students
selected at random across campus; this situation would be classified as a ---_______________ that
produces a ___________.
A.
B.
C.
D.

sample & parameter


census & parameter
census & statistic
sample & statistic*

Questions #3 - #4 refers to the following stem-and-leaf diagram which displays local mortgage rates
(annual percentages) for a sample of banks in North Texas. (charts and graphs in chapter2)
Stem

Leaf
4
5
6
8

0
2
4
6

(unit = .1)

1 5 7 8
3 6 6 8 8 8
5 6 8 9
6 7 8 9 9 9 9

3. What percentage of the interest rates are not less than 5.20%?
A. 79.4%
B. 20.0%
C. 21.6%
D. 80.0%*
4. What is the highest mortgage rate in the data set ?
A. 8.9% *
B. 4.9%
C. 2.8%
D. 5.8%
5. What is the cumulative frequency for mortgage rates under 6%?
A.
B.
C.
D.

89%
48%
12*
17
3

Use the following sample values to answer questions #6 through #9: (percentile, quartile, and other
measures in chapter 3)

5, 6, 4, 5, 11
6. What is the sample mean?
A. 5.00
B. 6.00
C. 6.20*
D. 6.50
7. This data has _________________.
A. No Mode
B. One mode*
C. Two modes
D. Three modes
8. What is the median?
A. 5.0*
B. 6.0
C. 7.0
D. 6.5
9. Compute the sample standard deviation

A. 7.70
B. 2.77*
C. 3.42
D. 6.50
A university is interested in determining whether an association exists between smoking and gender.
A random sample of 72 students results in the following two-way table of counts:
Smoking
Smoker (S)

Non-Smoker (NS)

Female (F)

31

Male (M)

32

Gender

10. ______
P (S)
What is the probability that a randomly selected student is a smoker?
(A) 9/63

(B) 3/6

(C) 3/9
4

(D) 9/72*

11. ______
P(S|M)?
What is the probability that a student is a smoker given that the student is male?
(A) 6/9

(B) 6/38*

(C) 6/32

(D) 6/72

12. ______
P(S M)
What is the probability that a randomly selected student is a smoker or male?
(A) 41/72 *

(B) 47/72

(C) 6/38

(D) 6/9

For Questions #13 - #15: Denton has recently installed computer controlled cameras to
issue traffic tickets. The contingency table below describes how 550 people react to
receiving these tickets:
Traffic Violation
Run Red Light
Speeding

Pays the Ticket


150
160

Fights the Ticket


110
130

13. What is the probability of selecting a person at random who Pays the Ticket?
(A) 0.564 *
(B) 0.273
(C) 0.472
(D) 0.436

14. What is the probability of selecting a person, at random, that receives a Speeding
Ticket or Fights the Ticket?
(A) 0.727 *
(B) 0.750
(C) 0.236
(D) 0.964
15. Given that a person Fights the Ticket, what is the probability that the person was Speeding?
(A) 0.964
(B) 0.542*
(C) 0.236
(D) 0.527
16. The area to the left of the mean in any normal distribution is equal to _______.
a) the mean
b) 1
c) the variance
d) 0.5*
e) -0.5
17. Let z be a normal random variable with mean 0 and standard deviation 1. What is P(z < 1.3)?
5

a) 0.4032
b) 0.9032*
c) 0.0968
d) 0.3485
e) 0. 5485
18. The area under the normal curve bounded by Z = 1.2 to 2.2 is approximately

(A) .3849
(B) .8710
(C) .1012*
(D) .1650
(E) .4861

19. Suppose a population has a mean of 90 and a standard deviation of 28. If a random sample of
size 49 is drawn from the population, the probability of drawing a sample with a mean of
more than 95 is _______.
a) 0.1056*
b) 0.3944
c) 0.4286
d) 0.8944
e) 1.0000
20. Suppose a population has a mean of 90 and a standard deviation of 28. If a random sample of
size 49 is drawn from the population, the probability of drawing a sample with a mean
between 80 and 100 is _______.
a) 0.9876*
b) 0.0124
c) 0.4938
d) 0.0062
e) 1.0000
21. Suppose a population has a mean of 400 and a standard deviation of 24. If a random sample
of size 144 is drawn from the population, the probability of drawing a sample with a mean of
more than 404.5 is _______.
a) 0.0139
b) 0.4861
c) 0.4878
d) 0.0122*
e) 0.5000

22. The expected (mean) life of a particular type of light bulb is 1,000 hours with a standard
deviation of 50 hours. The life of this bulb is normally distributed. What is the probability
that a randomly selected bulb would last fewer than 940 hours?
a) 0.3849
b) 0.8849
c) 0.1151*
d) 0.6151
e) 0.6563
23. The table t value associated with the upper 5% of the t distribution and 12 degrees of
freedom is _______.
a) 2.179
b) 1.782*
c) 1.356
d) 3.055

24. The dean of a business school claims that the average starting salary of its graduates is more
than 60 (in $000s). It is known that the population standard deviation is 10 (in $000s).
Sample data on the starting salaries of 64 randomly selected recent graduates yielded a mean
of 62 (in $000s). Which of the following sets of hypotheses is correct?
a) H0: = 60 and Ha: 60
b) H0: = 60 and Ha: < 60
c) H0: = 60 and Ha: > 60*
d) H0: > 60 and Ha: < 60
e) H0: < 60 and Ha: > 60

25. The dean of a business school claims that the average starting salary of its graduates is more
than 60 (in $000s). It is known that the population standard deviation is 10 (in $000s).
Sample data on the starting salaries of 64 randomly selected recent graduates yielded a mean
of 62 (in $000s). What is the value of the sample test statistic?
a) 2.00
b) 1.80
c) 1. 85
d) 1.65
e) 1.60 *

26. The dean of a business school claims that the average starting salary of its graduates is more
than 60 (in $000s). It is known that the population standard deviation is 10 (in $000s).
Sample data on the starting salaries of 64 randomly selected recent graduates yielded a mean
of 62 (in $000s). What is the critical value for the rejection region if the level of significance
is 5%?
a) 2.00
7

b) 1.80
c) 1. 85
d) 1.65*
e) 1.60

27. The dean of a business school claims that the average starting salary of its graduates is more
than 60 (in $000s). It is known that the population standard deviation is 10 (in $000s).
Sample data on the starting salaries of 64 randomly selected recent graduates yielded a mean
of 62 (in $000s). What is the p-value for the hypothesis test to check out the deans claim?
a) 1.60
b) 1.65
c) 0.4452
d) 0.05
e) 0.0548*

28. Consider the ANOVA table shown here for a one-way analysis of variance for an
experimental design in which there are four treatment levels.
Source
Between
Error
Total

Df

SS
485.50
715.50

MS

29

The F test statistic is __________.


5.88 *
29. The degrees of freedom for Between and for Error are ___________.
a) 4 and 29
b) 3 and 26 *
c) 3 and 29
d) 4 and 30
e) not determinable from the given information

Please answer questions #26 #30 based on the following information.


Louis Katz, a cost accountant at Papalote Plastics, Inc. (PPI), is analyzing the manufacturing
costs of a molded plastic telephone handset produced by PPI. Louis's independent variable is
production lot size (in 1,000's of units), and his dependent variable is the total cost of the lot (in
$100's). Regression analysis of the data yielded the following tables.
Coefficients Standard Error t Statistic p-value
Intercept
3.996
1.161268
3.441065 0.004885
x
0.358
0.102397
3.496205 0.004413
Source
Regression
Residual
Total

df
SS
MS
F
1 9.858769 9.858769 12.22345
11
8.872 0.806545
12 18.73077

Se = 0.898
r2 = 0.526341

30. Louis's regression model is ________________.


y = 3.996 + 0.358x
31. For a lot size of 10,000 handsets, Louis' model predicts total cost will be _____.
$757.60
32. p-value of the F-test is __________________.
0.004413
33. How to interpret R-square__________________.
89.8% of the variation of cost could be explained by the lot size/regression model.
34. If the actual cost is $800 when the lot size is 10,000 handsets, how much is the residual?
$43.40

The U.S. Bureau of Labor Statistics produced consumer price indexes for several different
categories. Shown here are the percent changes in consumer price indexes over a period of 20
year for food, shelter, apparel, and fuel oil. Also displayed are the percentage changes in
consumer prices indexes for all commodities. You did the multiple regression analysis to develop
a model that attempts to predict all commodities by the other four variables and the results are
displayed below.
Food
1
1.3
0.7
1.6
1.3
2.2
5
0.9

Shelter
2
0.8
1.6
1.2
1.5
1.9
3
3.6

Apparel
1.6
0.9
0.4
1.3
0.9
1.1
2.5
4.1

Fuel Oil
3.7
2.7
2.6
2.6
2.1
2.4
4.4
7.2

All
Commodities
0.9
0.6
0.9
0.9
1.2
1.1
2.6
1.9

SUMMARY
OUTPUT
Regression Statistics
Multiple R
0.9814
R Square
0.9631
Adjusted R Square
0.9533
Standard Error
0.7472
Observations
20
ANOVA
df
Regression
Residual
Total

Intercept
Food
Shelter
Apparel
Fuel Oil

4
15
19

SS
218.795
8.374
227.170

Coefficients
-1.0590
0.4753
0.2495
-0.0084
0.2721

Standard
Error
0.3899
0.0629
0.1005
0.1626
0.1154

MS
54.699
0.558

t Stat
-2.7161
7.5594
2.4816
-0.0515
2.3575

10

F
97.977

P-value
0.0159
0.0000
0.0254
0.9596
0.0324

Significance
F
1.46055E-10

Lower 95%
-1.8901
0.3413
0.0352
-0.3550
0.0261

Upper
95%
-0.2280
0.6093
0.4638
0.3382
0.5181

35. Which set of independent variables are found to be not significant predictors of all
commodities index at the 0.05 level of significance?
a.
b.
c.
d.
e.

Food
Shelter
Apparel *
Fuel oil
None of them

36. What is the calculated value of the test statistic for apparel index as a predictor of all
commodities?
-0.0515
37. The calculated value of the test statistic to test the complete regression model is _____
97.977
38. What is the value of the correlation coefficient?
0.9631
39. Overall, is this model significant at the 0.05 level of significance?
Yes.

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