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Business Statistics > Exam 3 - Study Guide > Flashcards

Exam 3 - Study Guide Flashcards

1
Q

A sample statistic is a point estimator of…

A
  • A population parameter
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2
Q

The mean, median, and mode have the same value for which probability distribution…

A
  • Normal
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3
Q

The probability density function for a uniform distribution ranging between 2 and 6 is…

A
  • .25
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4
Q

A standard normal distribution is a normal distribution with…

A
  • A mean of 0 and a standard deviation of 1
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5
Q

If the mean of a normal distribution is negative…

A
  • NONE OF THESE ANSWERS ARE CORRECT
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6
Q

For a standard normal distribution, the probability of obtaining a z value of less than 1.6 is…

A
  • 0.9452
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7
Q

For the standard normal probability distribution, the area to the left of the mean is…

A
  • 0.5
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8
Q

95% of the data in a normally distributed data set falls within how many standard deviations…

A
  • 2
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9
Q

The standard deviation of a sample proportion is referred to as the…

A
  • Standard error of the proportion
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10
Q

The purpose of statistical inference is to provide information about the…

A
  • Population based on information in the sample
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11
Q

A continuous random variable may assume…

A
  • All values in an interval or collection of intervals
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12
Q

For a continuous random variable x, the probability density function f(x) represents…

A
  • The height of the function at x
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13
Q

For a uniform probability density function, the height of the function…

A
  • Is the same for each value of x
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14
Q

A normal probability distribution…

A
  • Is a continuous probability distribution
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15
Q

Which of the following is not a characteristic of the normal probability distribution?

A
  • The standard deviation must be 1
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16
Q

The highest point of a normal curve occurs at…

A
  • The mean
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17
Q

In a standard normal distribution, the range of values of z is from…

A
  • Minus infinity to infinity
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18
Q

As the degrees of freedom increase, the t distribution approaches the…

A
  • Normal distribution
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19
Q

If the margin of error in an interval estimate of the pop. mean is 4.6, the interval estimate =

A
  • Sample + - 4.6
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20
Q

The certainty associated with an interval estimate is called the…

A
  • Confidence coefficient
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21
Q

An interval estimate is used to estimate…

A
  • A population parameter
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22
Q

The t distribution uses the following value with sampling when pop. std. dev. is unknown…

A
  • N - 1 degrees of freedom
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23
Q

The standard deviation of a point estimator is the…

A
  • Standard Error
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24
Q

As the sample size increases, the variability among the sample means…

A
  • Decreased
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25
Q

In determining sample size for estimating true population proportion, what is NOT needed…

A
  • Mean of the popluation
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26
Q

Uniform Probability Distribution

A
  • A continuous probability distribution for which the probability that the random variable will assume a value in any interval is the same for each interval of equal length
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27
Q

Probability Density Function

A

-

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28
Q

How to Calculate Probability

A

-

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29
Q

How to Calculate Expected Value

A

-

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30
Q

How to Calculate Variance

A

-

31
Q

How to Calculate Standard Deviation

A

-

32
Q

Normal Probability Distribution

A
  • A continuous probability distribution. Its probability density function is bell shaped and determined by its mean and standard deviaiton
33
Q

What Different Shapes of a Bell Curve Mean

A
  • Normal Curve
    • Highest Point: Mean
    • Symmetric
    • Stdev determines flat and wide
34
Q

How to Create a Bell Curve

A
  • 68.3% of data in one stdev
  • 95.4% of data in two stdev
  • 99.7% of data in three stdev
35
Q

How to Calculate Probability: Left-Tail

A

-

36
Q

How to Calculate Probability: Between

A

-

37
Q

How to Calculate Probability: Right-Tail

A

-

38
Q

How to Calculate: Z-Score

A

-

39
Q

How to Use Z-Score

A

-

40
Q

What “Z” Represents

A

-

41
Q

How to Find X from Probability

A

-

42
Q

Sampling and Sampling Distributions

A

-

43
Q

Element

A

-

44
Q

Sample

A

-

45
Q

Population

A

-

46
Q

Sampled Population

A

-

47
Q

Frame

A

-

48
Q

Population Parameters

A
  • A numerical characteristic of a population, such as a population mean, a population standard deviation, a population proportion, and so on
49
Q

Simple Random Sample

A
  • A sample selected such that each possible sample has the same probability of being selected
50
Q

Sampling from Finite Populations

A

-

51
Q

Sampling from Infinite Populaitons

A

-

52
Q

How to Select a Simple Random Sample from a Population

A

-

53
Q

Point Estimation

A
  • The value of a point estimator used in a particular instance as an estimate of a population parameter
54
Q

Inference

A

-

55
Q

Sample Statistic

A
  • A sample characteristic, such as a sample mean, a sample standard deviation, a sample proportion, and so on
56
Q

Target Population

A
  • The population for which statistical inferences such as point estimates are made
57
Q

Sample Mean

A

-

58
Q

Sample Proportion

A

-

59
Q

Standard Deviation of x - (standard error)

A

-

60
Q

How to Compute Standard Error for a Sample Mean

A

-

61
Q

How to Compute Standard Error for a Sample Proportion

A

-

62
Q

How to Calculate Probabilities of Sampling Error Using the Standard Error

A

-

63
Q

Interval Estimation

A

-

64
Q

Margin of Error

A

-

65
Q

Confidence Level

A

-

66
Q

Confidence Coefficient

A

-

67
Q

Confidence Interval

A

-

68
Q

Level of Significance

A
  • Alpha
69
Q

How to Calculate the Interval Estimate when Standard Deviation is Known

A

-

70
Q

How to Calculate the Interval Estimate when Standard Deviation Is not Known

A

-

71
Q

T Distribution

A

-

72
Q

Degrees of Freedom

A

-

73
Q

Determining Sample Size

A

-

Business Statistics (2 decks)

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