# 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?

 [removed]14 [removed]21 [removed]16 [removed]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

 [removed]36 [removed]4.8 [removed]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?

 [removed]\$232,210 [removed]\$473,490 [removed]\$352,850 [removed]\$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?

 [removed]\$17,640 [removed]\$18,000 [removed]\$17,820 [removed]\$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.)

 [removed]21 months [removed]1.5 years [removed]21 weeks [removed]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.

 [removed]0.171 [removed]0.152 [removed]0.133 [removed]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.)

 [removed]\$32,547.52 [removed]\$14,627.80 [removed]\$9,100.00 [removed]\$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.

 [removed]\$25,785.64 [removed]\$29,830.08 [removed]\$4,479.53 [removed]\$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.

 [removed]\$15,000 [removed]\$15,440 [removed]\$14,440 [removed]\$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.

 [removed]\$230,625 [removed]\$210,000 [removed]\$255,000 [removed]\$187,500

1. Which of the following statements is TRUE?

 [removed]There is some loss of information when raw data is tallied into a stem-and-leaf display. [removed]For a stem-and-leaf display, the leaf for the value 98 is 9. [removed]The stem in a stem-and-leaf display is the leading digit. [removed]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:

 [removed]\$9. [removed]\$9.67. [removed]\$10.67. [removed]\$11.

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

 [removed]Classical [removed]Relative frequency [removed]Subjective [removed]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?

 [removed]0.47 [removed]1.28 [removed]0.6 [removed]0.21

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

 [removed]Random variable [removed]Probability distribution [removed]Subjective probability [removed]Frequency distribution

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

 [removed]Discrete [removed]Continuous [removed]Both discrete and continuous [removed]Neither discrete or continuous

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

 [removed]Mean, median and mode are all equal. [removed]It has a single peak. [removed]It is symmetrical. [removed]The points of the curve meet the X-axis at z = â€“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?

 [removed]1.00 [removed]2.00 [removed]1.683 [removed]-0.90

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

 [removed]Alternatives [removed]Payoff [removed]States of nature [removed]Seasonal indexes

10. Applying probabilities to a payoff table results in:

 [removed]expected opportunity loss. [removed]expected monetary value. [removed]expected value of perfect information. [removed]decision tree.

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