Mock (Unit 1 & 2)

Question 1

Name the types of data, explain them and give examples?

Answer 1

Discrete = exact values e.g. # of people, shoe size, money (either have shoes size 6 or 6.5 not 6.73)
Continuous = measured e.g. height where 164.4 is ok (decimal)

Question 2

Difference between quantative and qualative data?

Answer 2

QUANTATive = numbers 
QUALATive = words

Question 3

Explain the types of sampling and give e.g.?

Answer 3

SIMPLE = every member of the population has an EQUAL CHANCE of being included e.g. random number generator. Not a representative sample could be bias.
STRATIFIED = population divided into STRATA where each STRATA is represented in the same proportion. 
CLUSTER = population divided into SUB GROUPS = CLUSTERS. These clusters are randomly selected and used instead of population. 
QUOTA = E.g. the interviewer is given a quota of types of people to interview.

Question 4

What is the
Mean:
Median:
Mode:

Answer 4

Mean: + & divide
MeDian: miDdle
MOde: MOst

Question 5

What does the lower/upper quartile, median min and max value look like on a calculator?

Answer 5

Lower quartile: Q1
Upper quartile: Q3
Median: MED
Minimum: MIN 
Maximum: MAX

Question 6

What is the interquartile range?

Answer 6

the amount in between the lower and upper quartile. MOST RELIABLE AS IT DOES NOT INCLUDE OUTLIERS

Question 7

What is a Box Plot and what does include?

Answer 7

Used to see how data is spread on an axis. 
MIN
L.Q       I
MED     I.Q.R
U.Q      I
MAX

Question 8

What should you always mention when comparing box plots?

Answer 8

AVERAGE - MEDIAN (keyword average) (basically the median)
I.Q.R : is it compact (smaller than the other result) or spread (larger than the other result)
CONSISTENCY = size of I.Q.R is large = not consistent
LOWEST / HIGHEST result

Question 9

How do you find the median (for box plots) on a calculator?

Answer 9

Menu , 6 , 1 , OPTN , 3

Question 10

What does cumulative frequency refer to?

Answer 10

Running total - the graph tells us how many people had “up to this value”

Question 10

What does cumulative frequency refer to?

Answer 10

Running total - the graph tells us how many people had “up to this value”. Used to present grouped data on a graph.

Question 11

What should you always remember about a cumulative frequency graph?

Answer 11

Y axis = cum freq
Should always be curved
First set of data is plotted @ lower bound
Always plot the upper bound (9.9) e.g. 9.7 > t < 9.9

Question 12

How do you calculate Cum frequency?

Answer 12

add each frequency e.g.

Frequency            Cum freq
    1                             1
    4                            5
    10                          15
    17                           32

Question 13

Why is a bar chart misleading and what should you replace it with?

Answer 13

A histogram because the area of the bars give a FALSE IMPRESSION RESULT. Instead, we use frequency density to present a more accurate representation

F.D = freq / width

width e.e. 0

Question 14

How do we find frequency on a Histogram?

Answer 14

Area and frequency are in PROPORTION to each other = Area = frequency. Find out how many people each square is worth.

Question 15

What does the standard deviation symbol look like?

Answer 15

OX

Question 16

How do you calculate I.Q.R?

Answer 16

U.Q - L.Q

Question 17

What are the characteristics of Income tax?

Answer 17

PAYE = taxed when your earn money
Higher salary higher tax
You get personal allowance
ALWAYS YEARLY

Question 18

What are the characteristics of National Insurance?

Answer 18

ALWAYS MONTHLY

YOU HAVE TO WORK OUT THE MAX YOU CAN GET TAXED AT FOR EACH BOUND

Question 19

What are the characteristics of Student loan?

Answer 19

ALWAYS YEARLY

9% charged after calculation

Question 20

Answer this question: I put $1000 into a account with 3% interest p.a. How much is there in the account after 7 years?

Answer 20

$1000 x o.o3 power of 7 = $1229.89 after 7 years

Question 21

What is APR and how do we calculate it?

Answer 21

Annual percentage rate.

C = loan amount
A = amount YOU pay back 
I = APR expressed as decimal 
N = loan repaid over n years

Question 22

What is the formula for calculating the loan amount and the APR?

Answer 22

loan amount = A/ (1+i) power n

       n  \_\_\_\_\_\_\_ APR = \/     A             -1
              C

Question 23

What is the difference between a histogram and a cumulative frequency graph?

Answer 23

Cumulative Frequency = used with even grouped data (all the class widths are the same width) and when you’re comparing to another set of data.
Histograms = used with uneven grouped data e.g.
40 < w < 50
50 < w < 55
= uneven grouped data

Question 24

What is AER?

Answer 24

Annual equivalent rate (saving)

Question 25

What do you need to remember when calculating standard form?

Answer 25

The number can only be from 1 - 9.99

Question 26

How do you find F.D and what is it used for?

Answer 26

HISTOGRAMS

frequency divided by width NOT THE OTHER WAY AROUND!!!!!!

Question 27

Whats the difference between gross and net tax?

Answer 27

Gross = before tax 
Net = after tax "take home pay"

Question 28

What is the formula for AER?

Answer 28

R = AER
i = NOMINAL RATE (n x rate)
N = # of compounding periods PER YEAR

Question 29

What does Bi-weekly mean?

Answer 29

every other week = 26

Question 30

What is needed to form a Fermi Estimation

Answer 30

Assumptions and Calculations

Question 31

When net pay is mentioned, what deductions should be included?

Answer 31

Income tax

National Insurance tax

Question 32

What is Census?

Answer 32

Surveying everyone in the population

Question 33

What is it called when you survey everyone in the population?

Answer 33

Census

Question 34

What is systematic sampling?

Answer 34

sampling every 5th or 10th item

Question 35

What should be the ideal sample size?

Answer 35

Min 30