UCF QMB 3200 FINAL EXAM ACTUAL, FINAL &
MIDTERM EXAM QUESTION BANK COMPLETE 400
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✓ QMB 3200 actual exam
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UCF QMB 3200 -actual exam
QUESTION: A population has a mean of 180 and a standard deviation of 24. A sample of 64
observations will be taken. The probability that the mean from that sample will be between 183
and 186 is
a. 0.8185
b. 0.1359
c. 0.4772
d. 0.3413 - ANSWER-b. 0.1359
1. st. error: 24/sqrt(64) = 3
2. z value (upper): (186-180)/3 = 2
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3. Norm.s.dist(1, true) = .9772
4. z value (lower): (183-180)/3= 1
5.Norm.s.dist(-1,true)= .8413
6. 0.9772-.8413=0.1359
QUESTION: The basis for using a normal probability distribution to approximate the sampling
distribution of xbar and pbar is:
a. the empirical rule
b. the central limit theorem
c. Chebyshev's theorem
d. Bayes' theorem - ANSWER-b. the central limit theorem
QUESTION: A finite population correction factor is needed in computing the standard deviation
of the sampling distribution of sample means:
a. whenever the sample size is less than 5% of the population size
b. whenever the population is infinite
c. whenever the sample size is more than 5% of the population size
d. The correction factor is not necessary if the population has a normal distribution - ANSWER-
c. whenever the sample size is more than 5% of the population size
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QUESTION: A sample of 66 observations will be taken from a process (an infinite population).
The population proportion equals 0.12. The probability that the sample proportion will be less
than 0.1768 is
a. 0.4222
b. 0.0778
c. 0.9222
d. 0.0568 - ANSWER-c. 0.9222
1. Mean of the sample proportions = 0.12
2. St. dev. of pbar = sqrt [ p(1-p) / n] = sqrt [ (0.12)(1-.12) / 66] = .04
μ = 0.12
σ = 0.04
3. standardize x to z = (x - μ) / σ = (0.1768-0.12) / 0.04 = 1.42
4. norm.s.dist(1.42,true) = 0.9222
QUESTION: A population has a mean of 53 and a standard deviation of 21. A sample of 49
observations will be taken. The probability that the sample mean will be greater than 57.95 is
a. 0
b. .0495
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c. .4505
d. None of the alternative answers is correct. - ANSWER-b. .0495
1. 21/sqrt(49)=3
2. 57.93-53=4.95
3. 4.95/3 = 1.65
4.norm.s.dist(1.65,true) = .9505
5. 1-.9505= .0495
In computing the standard error of the mean, the finite population correction factor is not used
when:
a. n ≥ 30
b. n/N ≤ 0.05
c. N/n ≤ 0.05
d. n/N > 0.05 - ANSWER-b. n/N ≤ 0.05
QUESTION: A sample statistic, such as x bar , that estimates the value of the corresponding
population parameter is known as a:
a. population parameter
b. point estimator
c. Both a parameter and a population parameter are correct.
d. parameter - ANSWER-b. point estimator
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