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Data is collected from 20 sales people in order to verify that the more contacts made with potential clients, the greater the sales volume. The MegaStat printout is shown below. (or use the excel file #contacts and sales n = 20 data only) Data is collected from 20 sales people in order to verify that the more contacts made with potential clients, the greater the sales volume. The MegaStat printout is shown below. (or use the excel file #contacts and sales n = 20 data only) Determine the 95% prediction interval for Sales when 25 contacts are made A) $14,499, $69,545 B) $14.499, $49.265 C) $34,779, $49,265 D) $34.78, 449.27 E) $14.50, $69.55 Data is collected from 20 sales people in order to verify that the more contacts made with potential clients, the greater the sales volume. The MegaStat printout is shown below. (or use the excel file #contacts and sales n = 20 data only) Determine the 95% prediction interval for Sales when 25 contacts are made A) $14,499, $69,545 B) $14.499, $49.265 C) $34,779, $49,265 D) $34.78, 449.27 E) $14.50, $69.55 Determine the 95% prediction interval for Sales when 25 contacts are made


A) $14,499, $69,545
B) $14.499, $49.265
C) $34,779, $49,265
D) $34.78, 449.27
E) $14.50, $69.55

F) A) and C)
G) All of the above

Correct Answer

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A

In the equation Y' = a + bX, what is Y'?


A) Slope of the line
B) Y intercept
C) Predicted value of Y, given a specific X value
D) Value of Y when X = 0
E) None of these statements are correct

F) A) and C)
G) D) and E)

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What does a coefficient of correlation of 0.70 infer?


A) Almost no correlation because 0.70 is close to 1.0
B) 70% of the variation in one variable is explained by the other
C) Coefficient of determination is 0.49
D) Coefficient of nondetermination is 0.30
E) None of these statements are correct

F) D) and E)
G) B) and C)

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Determine the 95% confidence interval for Sales when 25 contacts are made. A) $14,499, $69,545 B) $14.499, $49.265 C) $34,779, $49,265 D) $34.78, $449.27 E) $14.50, $69.55 Determine the 95% confidence interval for Sales when 25 contacts are made. A) $14,499, $69,545 B) $14.499, $49.265 C) $34,779, $49,265 D) $34.78, $449.27 E) $14.50, $69.55 Determine the 95% confidence interval for Sales when 25 contacts are made.


A) $14,499, $69,545
B) $14.499, $49.265
C) $34,779, $49,265
D) $34.78, $449.27
E) $14.50, $69.55

F) B) and D)
G) C) and D)

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i. A coefficient of correlation r close to 0 (say, 0.08) shows that the relationship between two variables is quite weak. ii. If the coefficient of correlation is 0.68, the coefficient of determination is 0.4624. iii. The standard error of estimate measures the accuracy of our prediction.


A) (i) , (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements, but not (iii) .
C) (i) and (iii) are correct statements but not (ii) .
D) (ii) and (iii) are correct statements but not (i) .
E) All statements are false

F) D) and E)
G) A) and D)

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i. A coefficient of correlation r close to 0 (say, 0.08) shows that the relationship between two variables is quite weak. Ii) The coefficient of determination is the proportion of the total variation in the dependent variable Y That is explained or accounted for by its relationship with the independent variable X. iii. If the coefficient of correlation is -0.90, the coefficient of determination is -0.81.


A) (i) , (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements, but not (iii) .
C) (i) and (iii) are correct statements but not (ii) .
D) (ii) and (iii) are correct statements but not (i) .
E) All statements are false

F) B) and E)
G) A) and D)

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Which value of r indicates a stronger correlation than -0.40?


A) -0.30
B) -0.50
C) 0
D) 0.30
E) None of these statements are correct

F) None of the above
G) C) and D)

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Data is collected from 20 sales people in order to verify that the more contacts made with potential clients, the greater the sales volume. A scatter diagram of the collected information is shown below. Data is collected from 20 sales people in order to verify that the more contacts made with potential clients, the greater the sales volume. A scatter diagram of the collected information is shown below. Looking at this scatter diagram you determine: A) There is clearly no relationship between the number of sales contacts made and the sales earned. B) There is a moderate but inverse relationship between the two variables C) There is a moderate and direct relationship between the two variables D) The Sales ($000s) is the independent variable E) C & D are true Looking at this scatter diagram you determine:


A) There is clearly no relationship between the number of sales contacts made and the sales earned.
B) There is a moderate but inverse relationship between the two variables
C) There is a moderate and direct relationship between the two variables
D) The Sales ($000s) is the independent variable
E) C & D are true

F) D) and E)
G) None of the above

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i. A coefficient of correlation r close to 0 (say, 0.08) shows that the relationship between two variables is quite weak. ii. Coefficients of -0.91 and +0.91 have equal strength. Iii) If the coefficient of correlation is 0.68, the coefficient of determination is 0.4624.


A) (i) , (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements, but not (iii) .
C) (i) and (iii) are correct statements but not (ii) .
D) (ii) and (iii) are correct statements but not (i) .
E) All statements are false

F) A) and E)
G) A) and B)

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Use the scatter diagrams to verify which statements are correct: Chart A Use the scatter diagrams to verify which statements are correct: Chart A Chart B Chart C A) The variables in Chart A have a strong positive correlation B) The variables in Chart C have a strong positive correlation C) The variables in Chart B have a negative correlation D) Charts A & B have no obvious outliers E) None of the choices are correct Chart B Use the scatter diagrams to verify which statements are correct: Chart A Chart B Chart C A) The variables in Chart A have a strong positive correlation B) The variables in Chart C have a strong positive correlation C) The variables in Chart B have a negative correlation D) Charts A & B have no obvious outliers E) None of the choices are correct Chart C Use the scatter diagrams to verify which statements are correct: Chart A Chart B Chart C A) The variables in Chart A have a strong positive correlation B) The variables in Chart C have a strong positive correlation C) The variables in Chart B have a negative correlation D) Charts A & B have no obvious outliers E) None of the choices are correct


A) The variables in Chart A have a strong positive correlation
B) The variables in Chart C have a strong positive correlation
C) The variables in Chart B have a negative correlation
D) Charts A & B have no obvious outliers
E) None of the choices are correct

F) A) and E)
G) C) and D)

Correct Answer

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A sales manager for an advertising agency believes there is a relationship between the number of contacts and the amount of the sales. To verify this belief, the following data was collected: A sales manager for an advertising agency believes there is a relationship between the number of contacts and the amount of the sales. To verify this belief, the following data was collected: What is the regression equation? A) Y' = 2.1946 - 12.201X B) Y' = -12.201X + 2.1946X C) Y' = 12.201 + 2.1946X D) Y' = 2.1946 + 12.201X E) None of the choices are correct A sales manager for an advertising agency believes there is a relationship between the number of contacts and the amount of the sales. To verify this belief, the following data was collected: What is the regression equation? A) Y' = 2.1946 - 12.201X B) Y' = -12.201X + 2.1946X C) Y' = 12.201 + 2.1946X D) Y' = 2.1946 + 12.201X E) None of the choices are correct What is the regression equation?


A) Y' = 2.1946 - 12.201X
B) Y' = -12.201X + 2.1946X
C) Y' = 12.201 + 2.1946X
D) Y' = 2.1946 + 12.201X
E) None of the choices are correct

F) A) and E)
G) A) and B)

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Data is collected from 20 sales people in order to verify that the more contacts made with potential clients, the greater the sales volume. The Excel printout is shown below. Data is collected from 20 sales people in order to verify that the more contacts made with potential clients, the greater the sales volume. The Excel printout is shown below. The y-intercept in this instance suggests: A) For each additional contact made, the salesperson can anticipate an additional $193 in sales B) For each additional contact made, the salesperson can anticipate a drop of $1983 in sales C) When no contacts are made, the salesperson can anticipate sales of $7554 D) When no contacts are made, the salesperson can anticipate sales of $1983 E) When no contacts are made, the salesperson can anticipate negative sales - therefore the regression model doesn't make sense for no contacts The y-intercept in this instance suggests:


A) For each additional contact made, the salesperson can anticipate an additional $193 in sales
B) For each additional contact made, the salesperson can anticipate a drop of $1983 in sales
C) When no contacts are made, the salesperson can anticipate sales of $7554
D) When no contacts are made, the salesperson can anticipate sales of $1983
E) When no contacts are made, the salesperson can anticipate negative sales - therefore the regression model doesn't make sense for no contacts

F) B) and C)
G) A) and C)

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What does the coefficient of determination equal if r = 0.89?


A) 0.94
B) 0.89
C) 0.79
D) 0.06
E) None of these statements are correct

F) A) and C)
G) D) and E)

Correct Answer

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Information was collected from employee records to determine whether there is an association between an employee's age and the number or workdays they miss. Excel results are summarized below: Information was collected from employee records to determine whether there is an association between an employee's age and the number or workdays they miss. Excel results are summarized below: From this printout you determine: A) The y-intercept of 23 makes no sense B) The employee age is the independent variable C) The regression equation is Y = 23.57 - 0.45x D) B & C are true E) All of the choices are true From this printout you determine:


A) The y-intercept of 23 makes no sense
B) The employee age is the independent variable
C) The regression equation is Y = 23.57 - 0.45x
D) B & C are true
E) All of the choices are true

F) All of the above
G) None of the above

Correct Answer

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E

i. The strength of the correlation between two variables depends on the sign of the coefficient of correlation. Ii) A coefficient of correlation r close to 0 (say, 0.08) shows that the relationship between two variables is quite weak. Iii) Coefficients of -0.91 and +0.91 have equal strength.


A) (i) , (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements, but not (iii) .
C) (i) and (iii) are correct statements but not (ii) .
D) (ii) and (iii) are correct statements but not (i) .
E) All statements are false

F) All of the above
G) A) and E)

Correct Answer

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i. The purpose of correlation analysis is to find how strong the relationship is between two variables. ii. A correlation coefficient of -1 or +1 indicates perfect correlation. Iii) The standard error of estimate measures the accuracy of our prediction.


A) (i) , (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements, but not (iii) .
C) (i) and (iii) are correct statements but not (ii) .
D) (ii) and (iii) are correct statements but not (i) .
E) All statements are false

F) B) and C)
G) B) and E)

Correct Answer

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A

A sales manager for an advertising agency believes there is a relationship between the number of contacts and the amount of the sales. To verify this belief, the following data was collected: A sales manager for an advertising agency believes there is a relationship between the number of contacts and the amount of the sales. To verify this belief, the following data was collected: This model predicts that with 25 sales contacts, sales will be: A) $49,576 B) $42,022 C) $302,831 D) $67,067 E) $42,665 A sales manager for an advertising agency believes there is a relationship between the number of contacts and the amount of the sales. To verify this belief, the following data was collected: This model predicts that with 25 sales contacts, sales will be: A) $49,576 B) $42,022 C) $302,831 D) $67,067 E) $42,665 This model predicts that with 25 sales contacts, sales will be:


A) $49,576
B) $42,022
C) $302,831
D) $67,067
E) $42,665

F) C) and E)
G) All of the above

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i. The basic question in testing the significance of rho is to see if there is zero correlation in the population from which the sample was selected. Ii) A t test is used to test the significance of the coefficient of correlation. Iii) Suppose a sample of 15 homes recently sold in your area is obtained. The correlation between the area of the home, in square feet, and the selling price is 0.40. We want to test the hypothesis that the correlation in the population is zero versus the alternate that it is greater than zero. You determine that the rejection region should fall in the lower tail if this is a one-tailed test and we use a 0.01 significance level.


A) (i) , (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements, but not (iii) .
C) (i) and (iii) are correct statements but not (ii) .
D) (ii) and (iii) are correct statements but not (i) .
E) All statements are false

F) B) and E)
G) All of the above

Correct Answer

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Information was collected from employee records to determine whether there is an association between an employee's age and the number or workdays they miss. Excel results are summarized below: Information was collected from employee records to determine whether there is an association between an employee's age and the number or workdays they miss. Excel results are summarized below: From this printout you determine: A) The employee age is the dependent variable B) The employee age is the independent variable C) The older the employee the more days they are absent from work D) The intercept of 23 indicates the most days absent E) B & C are true From this printout you determine:


A) The employee age is the dependent variable
B) The employee age is the independent variable
C) The older the employee the more days they are absent from work
D) The intercept of 23 indicates the most days absent
E) B & C are true

F) B) and D)
G) C) and E)

Correct Answer

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i. The basic question in testing the significance of rho is to see if there is zero correlation in the population from which the sample was selected. Ii) A t test is used to test the significance of the coefficient of correlation. Iii) When testing the strength of the relationship between two variables, the alternate hypothesis is: H0: ? ? 0.T4


A) (i) , (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements, but not (iii) .
C) (i) and (iii) are correct statements but not (ii) .
D) (ii) and (iii) are correct statements but not (i) .
E) All statements are false

F) A) and C)
G) C) and E)

Correct Answer

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