Business Mathematics & Statistics Quiz

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| By Zubair
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Quizzes Created: 23 | Total Attempts: 32,448
Questions: 8 | Attempts: 2,268

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Business Mathematics & Statistics Quiz - Quiz

Welcome to the Business Mathematics & Statistics Quiz, a journey through the quantitative foundations that underpin successful business decision-making! This quiz challenges your understanding of essential mathematical and statistical concepts relevant to the business world. From financial calculations and data analysis to probability and forecasting, test your proficiency in applying mathematical tools to real-world business scenarios. Dive into questions covering topics like algebraic equations, financial ratios, regression analysis, and more. Whether you're a student aiming to sharpen your quantitative skills, a business professional seeking to enhance analytical capabilities, or someone intrigued by the role of mathematics and statistics in business, Read morethis quiz provides a comprehensive examination of these fundamental disciplines. Get ready to assess your proficiency in the quantitative aspects of business and gain insights into how mathematical and statistical tools empower effective decision-making. Let the Business Mathematics & Statistics Quiz be your gateway to the numerical landscape of business success!


Questions and Answers
  • 1. 

    For a data, if mean > median then its distribution is:

    • A.

      Asymmetrical

    • B.

      Symmetrical

    • C.

      Left asymmetrical

    • D.

      Right asymmetrical

    Correct Answer
    C. Left asymmetrical
    Explanation
    Symmetrical Distribution
    mean = median = mode
    Positively Skewed Distribution(Tilted to left)mean > median > mode
    Negatively Skewed Distributionmode < median < mean(Tilted to right)

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  • 2. 

    In a positively skewed distribution:

    • A.

      The mean, median, and mode are all equal.

    • B.

      The mean is larger than the median

    • C.

      The median is larger than the mean.

    • D.

      The standard deviation must be larger than the mean or the median.

    Correct Answer
    B. The mean is larger than the median
    Explanation
    Positively Skewed Distribution (Tilted to left) mean > median > mode
    Negatively Skewed Distribution mode < median < mean (Tilted to right)

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  • 3. 

    As the regression line equation is y = ax + b, where b is:

    • A.

      The x-intercept

    • B.

      The y-intercept

    • C.

      The slope

    • D.

      None of these

    Correct Answer
    B. The y-intercept
    Explanation
    Y = y-axis
    a = slope
    x = x-axis
    b = y-intercept

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  • 4. 

    If strength of the association between X and Y is very weak, then r = ? 

    • A.

      R = - 1

    • B.

      R = 0

    • C.

      R = 1

    • D.

      R = 2

    Correct Answer
    B. R = 0
    Explanation
    If the strength of the association between X and Y is very weak, it means that there is no linear relationship between the two variables. In other words, the correlation coefficient (r) would be close to zero. A correlation coefficient of 0 indicates that there is no linear relationship between X and Y, and they are not related to each other in any way.

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  • 5. 

    My estimated regression line is Y = 17 + 4X. The intercept is equal to: 

    • A.

      17

    • B.

      4

    • C.

      21

    • D.

      13

    Correct Answer
    A. 17
    Explanation
    Y represents the dependent variable
    X represents the independent variable
    a represents the Y-intercept
    (i.e. the value of Y when X is equal to zero)
    b represents the slope of the line
    (i.e. the value of the tan , where  represents the angle between the line and the horizontal axis)

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  • 6. 

    The variance of the 3, 3, 3, 3, 3 is:

    • A.

      Zero

    • B.

      One

    • C.

      Twice the standard standard deviation

    • D.

      Half of the range

    Correct Answer
    A. Zero
    Explanation
    The variance of a set of numbers measures how spread out the numbers are from the average. In this case, all the numbers in the set are the same (3), so there is no variation or spread. Therefore, the variance is zero.

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  • 7. 

    The regression equation should only used:

    • A.

      When there is significant linear correlation

    • B.

      When there is significant mluticorrelation

    • C.

      When there is significant quadratic correlation

    • D.

      When there is significant simple correlation

    Correct Answer
    A. When there is significant linear correlation
    Explanation
    The regression equation should only be used when there is a significant linear correlation between the variables. This means that there is a strong relationship between the independent and dependent variables that can be described by a straight line. If there is no linear correlation or if the correlation is not significant, using a regression equation may not provide accurate or meaningful results.

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  • 8. 

    The point where a straight line cuts the x-axis is called:

    • A.

      Slope

    • B.

      Starting point

    • C.

      Y-intercept

    • D.

      X-intercept

    Correct Answer
    D. X-intercept
    Explanation
    The x-intercept is the point at which a straight line intersects the x-axis. It represents the value of x when y is equal to zero. In other words, it is the x-coordinate of the point where the line crosses the x-axis. The y-intercept, on the other hand, represents the value of y when x is equal to zero. The slope refers to the steepness of the line, while the starting point is not a commonly used term in relation to the x-axis.

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  • Current Version
  • Dec 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 17, 2009
    Quiz Created by
    Zubair
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