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Measures of Association & Correlation in Business Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. In order to use the CORREL function in Excel, what is needed?

Question 2 2. Based on the data below, what can we say about Investments and Sales?

Question 3 3. How can you access the CORREL function in Excel?

Question 4 4.

The correlation coefficient between the number of girls passing in Physics at grade 9 and the number of girls passing in Physics at grade 11 is 0.

Identify the correct statement for the above.

Question 5 5. Find the correlation coefficient between the Average Number of Assignments in Class and the Class Absences. Deduce whether there is a positive or negative correlation.

Page 2

Question 6 6. Find the correlation coefficient, r between the X and Y values.

Question 7 7. A company correlates the amount it pays in bonus money each year to its employee retention rate the next year, and finds a correlation value of +0.5. However, the company is losing money every year. Which of the following best describes this situation?

Question 8 8. A company has to pay more in tariffs each year, and passes all of the added cost along to its customers as part of the retail sales price. If everything else stays exactly the same, what can be said about the correlation of tariffs and higher prices, as measured by that company?

Question 9 9. Every time the Federal Reserve bank decreases the prime lending rate by 1%, automobile sales go up by 2%. Which of the following is the best statement to make regarding the correlation of these values?

Question 10 10. Which of the following Pearson Coefficients is MOST statistically significant?

Page 3

Question 11 11. Zoe needs to analyze the strength of the relationship between two variables. What is the correct name for the test she needs to conduct?

Question 12 12. Joe is doing an analysis of data for his Economics 104 class. He has the value of the foreign direct investment and political stability of one country. What could he learn about this relationship from the Pearson Coefficient?

Question 13 13. What does sigma (shown below) mean in terms of mathematics?

Question 14 14. Which of the following best describes why the correlation coefficient is important?

Question 15 15. Mary is studying the relationship between hours slept and number of puzzles solved. She collects the following data where the x-value is hours slept and the y-value is puzzles solved: (5,3), (7,8), (4,6). Mary wants to calculate a Pearson coefficient, so she begins by organizing her data as shown below. Which of the following best describes the mistake that Mary made?

Page 4

Question 16 16. A scientist plots data points from an experiment, and notices that the dependent variables and the independent variables in the data set are decreasing together. What kind of correlation have they discovered, and why?

Question 17 17. What is a condition or piece of data in an experiment that can be controlled or changed?

Question 18 18. What is it called when dependent variables and independent variables in a data set either increase or decrease opposite from one another?

Question 19 19. What does r represent?

Question 20 20. Which of the following is TRUE about the correlation coefficient?

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Question 21 21. What does r^2 represent?

Question 22 22. To plot a scatterplot, the researcher must have:

Question 23 23. The correlation coefficient explains which of the following?

Question 24 24. Which of the following is true concerning the correlation coefficient?

Question 25 25. There is a correlation coefficient between bean bag sales and drunk driving citations (0.86). What does this mean?

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Question 26 26. Find the correlation coefficient between the two values. Is there a positive or negative correlation?

Question 27 27. The price of a small company's stock correlated to a large capital index measurement is -0.02. What of the following is best understood from this fact?

Question 28 28. What is the range of the coefficient value?

Question 29 29. You are a research assistant for an important study. The lead psychologist on the study hands you the following data and asks you to find the Pearson coefficient. Which of the following numbers would you use for your 'n' value?

Question 30 30. A scientist is designing an experiment with rats, and designates weight as the dependent variable. Why might this be the case?

Measures of Association & Correlation in Business Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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