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Probability Distributions for Business Statistics 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 a Poisson distribution, the likelihood of each successful event must do what over any interval?

Question 2 2. To use a Poisson distribution, each successful event must be what?

Question 3 3. In the Poisson formula, what does the variable x represent?

Question 4 4. A local bakery sells an average of 5 cakes each day. What is the probability of selling 40 cakes in a week?

Question 5 5. A Poisson distribution can be used to find the probability of an event related to which of the following?

Page 2

Question 6 6. Graphing the probability of getting heads or tails on consecutive flip of a coin is which of the following type of distribution?

Question 7 7. What makes a probability distribution uniform?

Question 8 8. Which graph represents a continuous, uniform probability distribution?

Question 9 9. Which of the following is NOT a uniform distribution?

Question 10 10. What is the difference between a discrete distribution and a continuous distribution?

Page 3

Question 11 11. What is the number of successes in a binomial experiment called?

Question 12 12. What is the number of successful outcomes expected in an experiment called?

Question 13 13. Children born after the turn of the century have a 60% probability of needing braces. What are the expected value and standard deviation for a group of 30 children surveyed?

Question 14 14. What is the formula for the standard deviation of a binomial random variable?

Question 15 15. What is the degree in which the variables are different from the mean called?

Page 4

Question 16 16. A student wants to compute the expected value of a continuous probability distribution describing the heights of a population of bears. Which of the following would she use?

Question 17 17. Which of the following situations is best modeled by a discrete random variable?

Question 18 18. To compute the expected value of a discrete probability distribution, which of the following is used?

Question 19 19. A person is rolling a die, and records the outcome of each roll. Which type of random variable captures this situation? Why?

Question 20 20. Which of the following is TRUE about continuous random variables?

Page 5

Question 21 21. A basic concept of the binomial probability distribution is that it can be used for analyzing what specific kind of result?

Question 22 22. The analysis of probability distributions can provide what specific benefit to a business?

Question 23 23. What kind of business analysis relies heavily on the use of probability distribution measurements?

Question 24 24. If we only have an average rate of occurrence, what probability distribution can be used?

Question 25 25. Sampling without replacing from the population is reflected in which probability distribution?

Page 6

Question 26 26. A roulette wheel has 38 slots labeled with the numbers 1 through 36 and then 0 and 00. Slots 1 through 36 are colored either red or black. There are 18 red and 18 black. Slots 0 and 00 are colored green (see picture). On one spin of the roulette wheel, what is the probability that the ball lands on a red slot?

Question 27 27. You play a game where you toss a coin. On each toss if it lands with heads up, you win $1. However, if it lands with tails up, you lose $2. If you continue to play this game, how much can you expect to win or lose per game?

Question 28 28. A roulette wheel has 38 slots labeled with the numbers 1 through 36 and then 0 and 00. Slots 1 through 36 are colored either red or black. There are 18 red and 18 black. Slots 0 and 00 are colored green (see picture). Suppose that for a bet of $1 on red, the casino will pay you $2 if the ball lands on a red slot (a net gain of $1), and otherwise you lose your dollar. What can you expect to win or lose in this game?

Question 29 29. Suppose you play a game where you spin a spinner (see picture below) with areas of the colors on the spinner broken down as shown: 10% blue, 60% green, and 30% red. In addition, if the spinner lands on red you win 6 points, if it lands on blue you win 1 point, and if it lands on green you lose 5 points. If you keep spinning, how many points can you expect to win or lose per game?

Question 30 30. Suppose you toss three coins. What is the probability that you get two heads and one tail if the order in which you get them does not matter?

Probability Distributions for Business Statistics 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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