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MBA 640 > Midterm Practice > Flashcards

Midterm Practice Flashcards

1
Q

Numerical variables can be subdivided into which two types?

A

Discrete and Continuous

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2
Q

Cross-Sectional data are observations:

A

coming from different individuals or groups at a single point in time

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3
Q

“Number of children” is a:

A

Discrete variable

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4
Q

SPX daily closing prices during 6/1/2019 - 12/15/2019 are:

A

Time Series Data

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5
Q

What is an example of a population?

A

The number of cars sold in Michigan

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6
Q

The statement “categorical variables can be classified as either discrete or continuous” is:

A

False

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7
Q

Suppose we are interested in political affiliation, a categorical variable that might assume three values - Republican, Democrat, or Independent. How many dummy variables should be constructed to represent political affiliation?

A

2

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8
Q

A variable is classified as ordinal if:

A

There is a natural ordering of categories

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9
Q

What is an example of a sample?

A

Participants in an experiment

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10
Q

Panel Data are:

A

Derived from a number of observations over time on a number of cross-sectional units

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11
Q

What is an example of a nominal variable?

A

Color

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12
Q

Time Series Data are observations:

A

Collecting at usually discrete and equally spaced time intervals

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13
Q

Player Salary Data for 10 MLB baseball teams during 2012-2019 is an example of what type of data?

A

Panel Data

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14
Q

To represent a categorical variable with K different categories, the number of dummy variables needed is:

A

K-1

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15
Q

The location of a normal distribution is determined by:

A

The mean

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16
Q

Population Definition

A

All of the entries of interest in a study

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17
Q

Population Example

A

All drivers in Michigan

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18
Q

Sample Definition

A

A subject (part) of the population

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19
Q

Variable Definition

A

A characteristic of members of a population

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20
Q

Observation Definition

A

A list of all variable values for a single member of a population

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21
Q

Data Set Definition

A

A rectangular array of data with variables in columns and observations in rows

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22
Q

What are the two types of data?

A

Numerical and Categorical

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23
Q

Numerical Data is:

A

Meaningful arithmetic can be performed (Age)

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24
Q

Numerical Data’s Two Subcategories are:

A

Discrete and Continuous

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25
Q

Categorical Data is:

A

Non-numerical (Gender)

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26
Q

Categorical Data’s Two Subcategories are:

A

Ordinal and Nominal

27
Q

Ordinal Data is used when:

A

Order is important (Ranking)

28
Q

Discrete Data is used when:

A

The number of values is countable (Number of Children)

29
Q

Nominal Data is used when:

A

There is no natural order (Gender)

30
Q

Continuous Data is used when:

A

The number of values is uncountable (Time)

31
Q

How many types of data are there?

A

3

32
Q

What are the 3 types of data?

A

Cross-sectional, Time-series, and Panel

33
Q

Panel Data is:

A

Data derived from a number of observations over time on a number of cross-sectional units

34
Q

Panel data is a combination of what two types of data?

A

Cross-sectional and Time-series

35
Q

Normal Distribution is:

A

A continuous probability distribution that has a bell-shaped probability density function (pdf)

36
Q

Normal Distribution Formula

A

F(X) = 1/[sqrt(2pis.d.)^(e-(x-µ)^2/(2s.d.^2)]

37
Q

In normal distribution the pdf moves which way when µ gets larger?

A

Rightward

37
Q

In normal distribution the standard deviation determines:

A

The shape

38
Q

In normal distribution when the standard deviation gets larger, the pdf does what?

A

Gets flatter

39
Q

T-Distribution is:

A

A continuous probability distribution that has a bell-shaped pdf, like the normal distribution, but has fatter tails

40
Q

What defines the shape of the t-distribution?

A

The degrees of freedom (df)

41
Q

The Degrees of Freedom (df) are:

A

n-1

42
Q

When df gets larger, the t-distribution:

A

Approaches to the Z-distribution

43
Q

F-Distribution is:

A

A continuous, positively skewed probability distribution determined by two parameters, d1 (d1 = n1-1), d2 (d2 = n2-1)

44
Q

What defines the shape of the F-Distribution?

A

The degrees of freedom (d1, d2)

45
Q

The F-Distribution is non-negative, meaning it must have a minimum value of:

A

0

46
Q

Permutation is:

A

Any arrangement of r objects selected from a single group of n possible objects (when order is important)

47
Q

Combination is:

A

Any arrangement of r objects selected from a single group of n possible objects (when order isn’t important)

48
Q

Sample Random Sampling is:

A

Each possible sample of size n has the same chance of being chosen

49
Q

What are the 4 types of sampling?

A

Sample Random, Systemic, Stratified, and Cluster

50
Q

Hypothesis Testing is:

A

A procedure based on sample evidence and probability theory to determine whether the hypothesis is a reasonable statement

51
Q

Null Hypothesis is:

A

A statement that is tested (Ho)

52
Q

Alternative Hypothesis is:

A

A statement that is accepted if the sample data provide sufficient evidence that the null is false (H1)

53
Q

A test is one-tailed if:

A

H1 states a direction

54
Q

A test is two-tailed if:

A

H1 does not state a direction

55
Q

Type 1 Error is:

A

Rejecting a null when it is true

56
Q

Type 2 Error is:

A

Failing to reject a null when it is fake

57
Q

The significance level is:

A

The probability of making a Type 1 error, α (alpha)

58
Q

The critical value is:

A

The dividing point between the region where the null is rejected and the region where it is not rejected

59
Q

The P-Value is:

A

A probability that measures the strength of evidence in support of the null. The null is often rejected when the P-Value is less than the significance level

60
Q

The colleges, such as college of business admin, college of arts and media, and college of education at CMU are:

A

Nominal

61
Q

The sample is 5,8,7,10,13,6,9,11,12. To test whether the population mean is 10, we apple what type of test?

A

T test

62
Q

For a one sample z-test, when the calculated z value is smaller than the critical z value in absolute value, we:

A

do not reject the null

MBA 640 (2 decks)

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