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Business, Math & Statistics EXAM 2024 QUESTIONS AND ANSWERS Ivy Software
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Business, Math & Statistics EXAM 2024 QUESTIONS AND ANSWERS Ivy Software
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Business, Math & Statistics EXAM 2024 QUESTIONSAND ANSWERS Ivy Software
A man buys 3 burgers and 2 jumbo deluxe fries for $7.40. A woman buys one burger and 4
jumbo deluxe fries for $7.80. How much is the burger and how much are the fries?
Select one:
a. Burger = $1.40, Fries = $1.60
b. Burger = $1.50, Fries = $1.80
c. Burger = $2.80, Fries = $2.00
d. Burger = $2.00, Fries = $2.80
a. Burger = $1.40, Fries = $1.60
The Atlanta Braves marketing staff knows it has 20,000 seats in the stadium priced at $20 per
ticket, 13,000 priced at $30 per ticket, and 17,000 priced at $50 per ticket. Jim says that the
marketing materials should say that average ticket price is $30, Jill says it should be $33, and
Fred says it should be $35.20. Who is most correct?
a. Jim
b. Jill
c. Fred
d. none of the above
b. Jill
When analyzing data where a steady increase or decrease over time can be observed, which
method of forecasting would best fit and would probably predict a similar increase or decrease?
a. Modified Trend Method
b. Weighted Series Method
,c. Trend Analysis Method
d. Normal Curve Method
e. Moving Average Method
c. Trend Analysis Method
Weighting factors for a weighted moving average forecast
a. weight the most recent data heaviest.
b. weight the oldest data heaviest.
c. weight all the data the same.
d. weight the data in accordance with natural business cycles.
a. weight the most recent data heaviest.
True/False: When the following equation holds true, we are not at the breakeven level in dollars:
Sales - Variable Costs = Fixed Costs
False
Which of the following is the binomial expression?
A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6
B) 143x^4 + 3x^4
C) 143x^4 + 78x^4 + 6x^4 + 76
C) 143x^4 + 78x^4 + 6x^4 + 76 - tis the only term where the x's can be added together to get two
terms
Which of the following is the trinomial expression?
,A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6
B) 143x^4 + 3x^4
C) 143x^4 + 78x^4 + 6x^4 + 76
A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6 - its the only term where the x's can be added together to get
three terms
True/False: the Contribution Margin is the amount that can be contributed to fixed costs.
True: the contribution margin is the amount the company receives from the sales of its product
minus the product's variable costs. Therefore, the amount remaining (after variable costs) can be
used to pay the company's fixed costs.
2x =32, x is
a. 5
b. 4
c. 3
d. none of the above
a. 5
Time Series Analysis
A forecasting method that uses historical sales data to discover patterns in the firm's sales over
time and generally involves trend, cycle, seasonal, and random factor analyses
Simple Average
, Found by adding the values of all the data samples and dividing the sum by the number of
samples
Moving Average
similar to simple average except that this method only incorporates the most recent data samples
Weighted Average
includes as many data samples as desired and assigns "weights" or measures of importance to
each
Weighed moving average
A method of combining the moving average and the weighted average
Trend Analysis
uses past actual values to forecast; however, it is used when there is a noticeable trend over time
True/False: When forecasting data that are arranged in time periods, i.e., a time series analysis,
there are two different approaches: trend analysis and averaging.
True
Solve for x and y for these simultaneous equations:
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