## For Mike Bayville: Statistical Analysis

1.Oak Construction Company built 128 houses in Hilltop Estates. If the company built 7 times as many colonial style houses as ranch style houses, how many ranch style houses were erected?

14 |

21 |

16 |

24 |

2.Calculate the weighted mean for the following data: value=10, weight=2; value=12, weight=6; value=15, weight=8; value=18, weight=6; value=20, weight=2

36 |

4.8 |

24 |

3.This year Bronson’s Tire Co. reported assets of $545,350 which is $120,640 more than last year. If owner’s equity was $192,500 last year, what was the amount of liabilities reported on last year’s balance sheet?

$232,210 |

$473,490 |

$352,850 |

$427,930 |

4. Laser Printing and Graphics offers cash discounts of 2/15, 1/20, n/30 to customers on all purchases. A customer purchased $18,000 of merchandise on May 20. What is the amount of the net payment if the invoice was paid on June 8?

$17,640 |

$18,000 |

$17,820 |

$16,200 |

5.Matt Stinson invested $4,000 in a simple interest account paying 5.5% per year. If he received $385 in interest, how long did he leave the money in the investment? (Express your answer to the nearest hundredth of a year.)

21 months |

1.5 years |

21 weeks |

175 days |

6.Junko Kiera borrowed $13,000 at a discount loan rate of 12% for 30 months. Determine the true interest rate of Junko’s loan.

0.171 |

0.152 |

0.133 |

0.141 |

7.Klemson High-Tech Industries borrowed $65,000 for three years at 14% compounded semi-annually. How much interest will they pay on the loan when they pay it off at the end of the term of the loan? (Express your answer to the nearest cent.)

$32,547.52 |

$14,627.80 |

$9,100.00 |

$32,306.73 |

8.Determine the future value of an ordinary annuity paying 10% quarterly for nine years if quarterly deposits of $450 are made throughout the nine years.

$25,785.64 |

$29,830.08 |

$4,479.53 |

$6,813.19 |

9.An asset was purchased on January 3rd costing $75,000 with a salvage value of $2,800 and an estimated useful life of five years. Find the depreciation expense using the straight-line method.

$15,000 |

$15,440 |

$14,440 |

$13,750 |

10.Mahalyk’s Water Fun Shoppe specializes in jet skis. Mahalyk’s inventory records showed the following for the past year: purchased 30 jetskis on February 10th at a cost of $4,000 per jetski; purchased 100 jetskis on May 12th at a cost of $3,000 per jetski; purchased 20 jetskis on June 15th at a cost of $3,500 per jetski; purchased 50 jetskis on July 20th at a cost of $2,500 per jetski Use the Average Cost Method to determine Mahalyk’s value of ending inventory at the end of July if they had 75 jetskis left in inventory.

$230,625 |

$210,000 |

$255,000 |

$187,500 |

1. Which of the following statements is TRUE?

There is some loss of information when raw data is tallied into a stem-and-leaf display. |

For a stem-and-leaf display, the leaf for the value 98 is 9. |

The stem in a stem-and-leaf display is the leading digit. |

For a stem-and-leaf display, the stem for the value 67 is 7. |

2.Three persons earn $8 an hour, six earn $9 an hour, and one earns $12 an hour. The weighted mean hourly wage is:

$9. |

$9.67. |

$10.67. |

$11. |

3.According to which classification or type of probability are the events equally likely?

Classical |

Relative frequency |

Subjective |

Mutually exclusive |

4.A study determines that 60% of the voters in a town intend to vote for the incumbent mayor. If a sample of 8 people is selected, using the binomial formula, what is the approximate probability that 6 of the 8 people surveyed intend to vote for the incumbent?

0.47 |

1.28 |

0.6 |

0.21 |

5.What is a listing of all possible outcomes of an experiment and their corresponding probability of occurrence called?

Random variable |

Probability distribution |

Subjective probability |

Frequency distribution |

6.What kind of distributions are the binomial and Poisson distributions?

Discrete |

Continuous |

Both discrete and continuous |

Neither discrete or continuous |

7.Which of the following is NOT true regarding the normal distribution?

Mean, median and mode are all equal. |

It has a single peak. |

It is symmetrical. |

The points of the curve meet the X-axis at z = 3 and z = 3. |

8.The mean of a normally distributed group of weekly incomes of a large group of executives is $1,000 and the standard deviation is $100. What is the z-score for an income of $1,100?

1.00 |

2.00 |

1.683 |

-0.90 |

9.Which of the following is NOT a component of the decision-making process?

Alternatives |

Payoff |

States of nature |

Seasonal indexes |

10.Applying probabilities to a payoff table results in:

expected opportunity loss. |

expected monetary value. |

expected value of perfect information. |

decision tree. |