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ALL THE VERY BEST FOR YOUR EXAMS

SAMPLE QUESTIONS FOR

CAIIB

ADVANCED BANK MANAGEMENT

(ABM)

Despite having taken reasonable care to review the sample Question, we disclaim all
liability for any loss or harm arising from actions done based solely on the contents. These
brief comments are the result of numerous people's work. We want to appreciate each and
every one of them for their invaluable work. We ask that everyone read the Macmillan book
and stay up to speed with the most recent information available from the RBI website and
other reliable sources. Please notify us as well if you come across any inaccurate or dubious
information, along with a link to the relevant source or reference for the accurate
information.

Ashok Pandey (Senior Manager)

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INDEX

SI No. Topic Page No

1 General Information 3

2 Syllabus 6

3 Important Question 8
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CAIIB GENERAL INFORMATION

SI NO. Mandatory Paper Elective Papers: Candidates may select any

option they like.
1 Advanced Bank Management Human Resources Management

2 Advanced Business & Risk Management

Financial Management

3 Banking Regulations and Information Technology & Digital Banking

Business Laws

4 Bank Financial Management Central Banking

5 Rural Banking

 Only current bank employees who have passed the JAIIB exam are eligible to take
the CAIIB exam.
 Exams for the CAIIB are only offered online.
 Normally, the exam is held twice a year on Sundays in May/June and
November/December.
 The exam will take two hours to complete.

Examination Pattern:

 There will be 100 objective-type multiple-choice Questions on the Question paper,

worth 100 marks. Some of the Questions will be based on case studies or case lets.
The quantity of Questions required for a subject, however, may be changed by the
Institute.
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 In certain CAIIB subjects, there might be numerical Questions for which there are no
available Answers. The candidate must key in the Answer to these Questions, which
will not follow the MCQ format.

 Negative points won't be awarded for incorrect responses.

 Exam Questions will include the following:

a. Knowledge evaluation

b. Knowledge of concepts

c. Logical and analytical explanation

d. Solving problems

e. Examining case

Passing Requirements:

 50 out of 100 is the minimum score required to pass the subject.

 Candidates will also be considered to have finished if they receive at least 45 marks in
each subject and an overall score of 50% in all exam subjects in a single attempt. The
Test.

 Until the allotted time for passing the test expires, candidates may keep their credits for
the subjects they have successfully attempted.

 Note: A candidate may take the CAIIB exam five times, but only if they register for the
exam and complete it within three years of the date of registration, whichever comes
first. It is not necessary for these five attempts to occur one after the other.
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 The "Class of Pass" requirements:

 First Class: Pass all subjects in the FIRST PHYSICAL ATTEMPT with an aggregate score of
60% or higher.
 First Class with Distinction: 60% or higher in each category overall and 70% or higher in
every participant in the FIRST ACTUAL ATTEMPT.
 Only "Pass Class" will be awarded to candidates who have been granted exemption in
one or more subjects.

 Deadline for Guidelines and Significant Developments Ahead of Exams:

 The Institute will only take into consideration instructions/guidelines issued by the
regulator(s) and significant developments in banking and finance up to December 31 for
the purpose of including them in the Question papers for the exams that will be
administered from February to July of each calendar year.

 Important developments in banking and finance up to June 30th, as well as

instructions/guidelines issued by the regulator(s), will only be taken into consideration
for inclusion in the Question papers for the exams that the Institute will administer from
August to January of each year.

➤ Exam Fees

An overview Fee
First attempt fee 5000
Second attempt fee 1300
Third attempt fee 1300
Fourth attempt fee 1300
Fifth attempt fee 1300
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SYLLABUS

The booklet contains information on the suggested syllabus, which is indicative. Though
Questions can address any pertinent topic under the subject, candidates must study all topics
falling within the purview of the subject in Question due to the professional nature of
examinations.

Even though those topics may not have been explicitly covered in the syllabus, candidates
taking the exam should especially get ready to respond to Question s about current events that
may arise under the various subjects covered in the exam.

MODULE A: STATISTICS

 Definition of Statistics, Importance & Limitations & Data Collection, Classification &
Tabulation

 Importance of Statistics; Functions of Statistics; Limitation or Demerits of

Statistics; Definitions; Collection of Data; Classification and Tabulation;
Frequency Distribution

 Sampling Techniques

 Random Sampling; Sampling Distributions; Sampling from Normal

Populations; Sampling from NonNormal Populations; Central Limit
Theorem; Finite Population Multiplier

 Measures of Central Tendency & Dispersion, Skewness, Kurtosis

 Arithmetic Mean; Combined Arithmetic Mean; Geometric Mean;

Harmonic Mean; Median and Quartiles; Mode; Introduction to Measures
of Dispersion; Range and Coefficient of Range; Quartile Deviation and
Coefficient of Quartile Deviation; Standard Deviation and Coefficient of
Variation; Skewness and Kurtosis
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 Correlation and Regression

 Scatter Diagrams; Correlation; Regression; Standard Error of Estimate

 Time Series

o Variations in Time Series; Trend Analysis; Cyclical Variation; Seasonal Variation;

Irregular Variation; Forecasting Techniques

 Theory of Probability

 Mathematical Definition of Probability; Conditional Probability; Random

Variable; Probability Distribution of Random Variable; Expectation and
Standard Deviation; Binomial Distribution; Poisson Distribution; Normal
Distribution; Credit Risk; Value at Risk; Option Valuation.

 Estimation

 Estimates; Estimator and Estimates; Point Estimates; Interval Estimates;

Interval Estimates and Confidence Intervals; Interval Estimates of the
Mean from Large Samples; Interval Estimates of the Proportion from
Large Samples.

 Linear Programming
 Graphic Approach; Simplex Method
 Simulation
 Simulation Exercise; Simulation Methodology
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ADVANCED BANK MANAGEMENT (ABM)

Question 1: What is the origin of the word 'Statistics'? Question 5: What is the primary purpose of
analyzing data in a hospital?
A) Latin word 'statisticum'
B) Italian word 'statistia' A) To determine the hospital's financial
C) German word 'statistic' performance
D) All of the above B) To compare the number of patients with
different diseases
Answer: D) All of the above C) To track the hospital staff's performance
D) To assess patient satisfaction
Question 2: Who first used the term 'Statistics' to refer
to the subject-matter as a whole? Answer: B) To compare the number of patients
with different diseases
A) Professor Achenwell
B) A king of a European country Question 6: What are some of the fields in which
C) An Italian philosopher statistics is used today?
D) The ancient Romans
A) History and philosophy
Answer: A) Professor Achenwell
B) Sports and entertainment
Question 3: How was statistics initially used in the early C) Medicine and social sciences
years? D) Agriculture and forestry

A) By scientists for research purposes Answer: C) Medicine and social sciences

B) By businesses for market analysis
C) By kings for administrative and political purposes Question 7: What are the two main types of data?
D) By religious institutions for record-keeping
A) Qualitative and Quantitative
Answer: C) By kings for administrative and political
B) Numeric and Alphabetic
purposes
C) Primary and Secondary
Question 4: In which fields is statistics widely used D) Raw and Processed
today?
Answer: A) Qualitative and Quantitative
A) Mathematics and literature
B) Business, Commerce, and Economics
C) Arts and entertainment
D) Architecture and design
Answer: B) Business, Commerce, and Economics
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Question 8: What does statistics primarily refer to in

the data? Question 12: How is data analyzed in the "Analysis
of data" phase?
A) Qualitative information
B) Numeric or numerical data A) Data is collected from primary sources
C) Unpublished sources B) Data is classified and tabulated
D) Raw data C) Different formulas and methods are used
D) Data is interpreted to draw conclusions
Answer: B) Numeric or numerical data
Answer: C) Different formulas and methods are
Question 9: How many distinct phases are involved in used
the statistical analysis of data? Question 13: When are relevant conclusions
drawn in the process of statistical analysis of data?
A) 2 phases
B) 3 phases A) During the data collection phase
C) 4 phases B) After data classification
D) 5 phases C) After data analysis
D) In the initial data interpretation
Answer: C) 4 phases
Answer: C) After data analysis
Question 10: What is the first phase of statistical
Question 14: What does statistical knowledge
analysis?
teach us to do with data?
A) Interpretation of data
A) How to create data
B) Collection of data
B) How to collect data
C) Analysis of data
C) How to delete data
D) Tabulation of data
D) How to hide data
Answer: B) Collection of data Answer: B) How to collect data
Question 11: What is done in the "Classification and Question 15: In which fields is the application of
Tabulation of data" phase of statistical analysis? statistics important?
A) Data is collected from published sources
A) Art and Music
B) Raw data is divided into groups and represented in
B) Space Exploration
tables
C) Business and Economics
C) Data is analyzed using various formulas
D) Literature and Philosophy
D) Conclusions are drawn from the data
Answer: C) Business and Economics
Answer: B) Raw data is divided into groups and
represented in tables
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Question 16: Which of the following is NOT C) It can provide weather forecasts for business
mentioned as an application of statistics? planning.
D) It can optimize product design.
A) Weather forecast
Answer: A) It can predict the effect of a large
B) Sports
number of variables with high accuracy.
C) Stock Market
D) Cooking
Question 20: What is the primary purpose of
Answer: D) Cooking 'Bayesian Decision Theory' for businessmen?

Question 17: How does statistical knowledge benefit A) To predict future economic trends
decision-makers in business? B) To select optimal decisions and evaluate
payoffs for various courses of action
A) By providing recipes for success C) To determine consumer preferences
B) By helping them make suitable policies and D) To analyze historical financial data
strategies
C) By suggesting holiday destinations Answer: B) To select optimal decisions and
D) By predicting the future evaluate payoffs for various courses of action.

Answer: B) By helping they make suitable policies Question 21: In economics, what does statistics
and strategies help analyze?

Question 18: What are some areas where statistics is A) The tastes and preferences of consumers
applied in business? B) The history of economic thought
A) Artistic expression C) Demand, cost, price, and quantity
B) Weather prediction D) Political ideologies
C) Profit and finance
D) Archaeological research Answer: C) Demand, cost, price, and quantity

Answer: C) Profit and finance Question 22: Where is the extensive application of
statistics?
Question 19: How can time series analysis benefit
businessmen? A) Agriculture and farming
A) It can predict the effect of a large number of B) Clinical research and medical field
variables with high accuracy. C) Art and culture
B) It can accurately determine the future stock D) Construction and engineering
market prices.
Answer: B) Clinical research and medical field
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Question 23: What is the primary focus of clinical Question 27: How are credit policies in the
research? banking industry decided?
A) Investigating ancient civilizations
B) Developing new video games A) Based on the preferences of bank executives
C) Assessing the benefits of medical treatments B) Through random selection
D) Studying the history of medicine C) By applying statistical analysis of various factors
D) By government mandate
Answer: C) Assessing the benefits of medical
treatments Answer: C) By applying statistical analysis of
various factors
Question 24: What statistical methods are used in
weather forecasting? Question 28: In the context of sports, how do
A) Time travel analysis players use statistics?
B) Regression techniques and Time series analysis
C) Geometric algorithms A) To predict the outcomes of games
D) Literary analysis B) To identify or correct their mistakes
C) To analyze market trends
Answer: B) Regression techniques and Time series D) To make investment decisions
analysis
Question 25: Which statistical methods are used for Answer: B) To identify or correct their mistakes
forecasting stock prices?
Question 29: What is the role of statistics in
A) Probability theory and geometric analysis determining the success of a sports team or
B) Correlation and Regression techniques athlete?
C) Weather forecasting techniques
D) Linguistic analysis A) It has no impact on success.
B) It provides historical information but has no
Answer: B) Correlation and Regression techniques effect on success.
Question 26: What does "Return and Risk Analysis" C) Proper understanding of statistics is essential
help calculate in the financial context? for success.
D) Success is determined solely by talent and luck.
A) Weather patterns
B) Player performance statistics Answer: C) Proper understanding of statistics is
C) Market and Personal Portfolios essential for success.
D) Agricultural yields
Answer: C) Market and Personal Portfolios
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Question 30: What is one function of statistics? Answer: C) There is no point in comparing or
analyzing individual values.
A) Statistics provide opinions and subjective analysis.
B) Statistics present the facts in a definite form.
C) Statistics complicate data. Question 34: What kind of data is excluded from
D) Statistics hide information. statistical methods?

Answer: B) Statistics present the facts in a definite A) Qualitative data

form. B) Quantitative data
C) Complex data
Question 31: What is the technique that statistics D) Individual data
provide?
Answer: A) Qualitative data
A) Painting
B) Cooking Question 35: Why are statistical methods not
C) Comparison exact?
D) Playing music
A) Because they involve qualitative data
Answer: C) Comparison B) Because they deal with small sample sizes
C) Because they are only applicable to large data
Question 32: In what way do statistics contribute to sets
policymaking? D) Because results are not exactly the same as the
whole data
A) By making random decisions
B) By forecasting outcomes with 100% accuracy Answer: D) Because results are not exactly the
C) By helping in the formulation of policies same as the whole data
D) By ignoring data
Answer: C) By helping in the formulation of policies Question 36: In what situations is a sample of data
Question 33: Why can't statistical methods be collected for study?
applied to individual values of observations?
A) When there is no data available
A) Individual observations are not important. B) When the data is too small to analyze
B) Statistics do not deal with numbers. C) When dealing with qualitative data
C) There is no point in comparing or analyzing D) When the data set is too large to handle
individual values.
D) Statistics are only used for qualitative data. Answer: D) When the data set is too large to
handle
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Question 37: When are the results obtained from D) The weights of a few men chosen at random
statistical analysis considered true?
Answer: C) The set of weights of all men in India
A) Only when the sample data is small
B) Only when the data is collected from experienced Question 41: Why might researchers choose to
individuals work with a sample instead of the entire
C) Only on an average in the long run population?
D) Only when dealing with exact data
A) To save time and money
B) Because samples are more accurate
Answer: C) Only on an average in the long run
C) To study only qualitative data
Question 38: What can make the results of a D) Because the entire population is easy to access
statistical investigation biased?
Answer: A) To save time and money
A) Handling data by experienced individuals
B) Using qualitative data Question 42: What is a sample in the context of
C) Inexperienced or dishonest data handling statistics?
D) Using small sample sizes
A) A small, unrepresentative subset of the
Answer: C) Inexperienced or dishonest data handling population
B) The entire group of units in a population
Question 39: What is a population in the statistics? C) A part of the population that is representative
of the whole
A) A group of random individuals
D) The smallest possible dataset
B) The entire collection of observations studied by a
researcher Answer: C) A part of the population that is
C) A small subset of data representative of the whole
D) A collection of animals and plants
Question 43: What is the purpose of studying a
Answer: B) The entire collection of observations sample in statistics?
studied by a researcher
A) To avoid drawing conclusions
Question 40: In the example of studying the weight B) To analyze data from a large population
of adult men in India, what does the population refer C) To save time and money while drawing valid
to? conclusions about the entire group
D) To prove that the population is too large to
A) The weights of men in Mumbai study
B) The weights of men in a specific city Answer: C) To save time and money while
C) The set of weights of all men in India drawing valid conclusions about the entire group
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Question 44: What is the population in the example D) A characteristic that varies from one individual
of a study of infant health in India? to another and can be expressed in numerical
terms
A) All children born in India on a specific day
B) All children born in India in one particular year Answer: D) A characteristic that varies from one
C) All children born in the world in one particular year individual to another and can be expressed in
D) All children born in a specific city in India numerical terms

Answer: B) All children born in India in one particular Question 48: Which of the following is an example
year of a variate?

Question 45: What does the sample represent in the A) Eye color (blue, brown, green)
context of the infant health study? B) Gender (male, female)
C) Blood type (A, B, AB, O)
A) All babies born in India in one particular year D) Weight (in kilograms)
B) All babies born in a specific city in India
C) All babies born in a specific month in India Answer: D) Weight (in kilograms)
D) All babies born on one particular day in that year Question 49: What is an attribute as defined?

Answer: D) All babies born on one particular day in A) A characteristic that remains the same for every
that year individual
B) A characteristic that varies from one individual
Question 46: How can data be classified based on to another and can be expressed in numerical
their characteristics? terms
C) A characteristic that varies from one individual
A) As "Yes" or "No" to another but can't be expressed in numerical
B) As "Important" or "Not Important" terms
C) Into two types: Variates and Attributes D) A characteristic that is unrelated to individuals
D) Into numerical and alphabetical data
Answer: C) A characteristic that varies from one
Answer: C) Into two types: Variates and Attributes individual to another but can't be expressed in
numerical terms
Question 47: What is a variate, as defined?

A) A characteristic that is unimportant

B) A characteristic that remains the same for every
individual
C) A characteristic expressed in alphabetical terms
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Question 50: How can quantitative or numerical Answer: D) Number of accidents

variables be further classified?
Question 54: What is a parameter in the context
of statistics?
A) As simple or complex variables
B) As large or small variables
A) A sample mean
C) As colorful or monochromatic variables
B) A quantity or function of the sample
D) As discrete or continuous variables
C) A known value
D) A numerical value or function of the
Answer: D) As discrete or continuous variables
observations of the entire population being
studied
Question 51: What is a discrete variable, as defined?
Answer: D) A numerical value or function of the
A) A variable that can take any value within a range
observations of the entire population being
B) A variable that is unrelated to individuals
studied
C) A variable that takes countable and usually finite
values Question 55: How is a parameter typically
D) A variable that varies continuously described?

Answer: C) A variable that takes countable and A) As a fixed, known value

usually finite values B) As a variable that varies from one individual to
another
Question 52: How is a continuous variable defined? C) As a complex function of the observations
D) As a random estimate
A) A variable that remains the same for every
individual Answer: A) As a fixed, known value
B) A variable that is unrelated to individuals
C) A variable that can take any value within a range Question 56: What is the purpose of a statistic in
D) A variable that takes discrete values only statistics?

Answer: C) A variable that can take any value within A) To give information about unknown values in
a range (integral/fractional) the sample
Question 53: Which of the following is an example of B) To describe the entire population
a discrete variable? C) To calculate the parameter
D) To simplify complex data
A) Percentage of marks
B) Age in years Answer: A) to give information about unknown
C) Height values in the corresponding population
D) Number of accidents
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Question 57: What is a statistic often used for in Question 61: What is primary data in research or
statistics? investigations?
A) To estimate parameter values
A) Data that is collected by using complex
B) To define complex statistical functions
statistical methods
C) To complicate the analysis of data
B) Data that is collected by investigators directly
D) To provide information about the sample
from respondents
C) Data that is obtained from secondary sources
Answer: A) To estimate parameter values
D) Data that is unrelated to the research topic
Question 58: What is another term for a statistic?
Answer: B) Data that is collected by investigators
A) Estimator directly from respondents
B) Parameterizer
C) Variable Question 62: What is the "Direct Interview
D) Numeric Function Method" in data collection?

Answer: A) Estimator A) A method of collecting data using complex

statistical functions
B) A method that involves impersonal
Question 59: What is the primary purpose of
communication with respondents
collecting data in research or investigations?
C) A method that uses telephones to collect data
D) A face-to-face contact with informants to
A) To confuse respondents
collect data
B) To create complex statistical functions
C) To analyze data in detail
Answer: D) A face-to-face contact with
D) To gather information from respondents
informants to collect data
Answer: D) To gather information from respondents
Question 63: What type of Question s are typically
found in Question naires?
Question 60: What are the two main types of data?
A) Complex mathematical problems
A) Numeric and alphabetical data B) Broad open-ended Question s
B) Raw and processed data C) Short closed-ended Question s (multiple choice)
C) Primary and secondary data D) Philosophical inquiries
D) Qualitative and quantitative data
Answer: C) Short closed-ended Question s
Answer: C) Primary and secondary data (multiple choice)
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Question 64: How are Question naires used in data C) Only people with specific characteristics
collection? D) Only children below the age of 18

A) To collect data from a small, select group of Answer: A) All individual units
individuals
B) To analyze complex datasets Question 68: What is the key objective of a survey
C) To survey a large group of subjects on a specific in data collection?
topic
D) To collect qualitative data A) To collect data about the entire population
B) To collect data about a sub-part of the
Answer: C) To survey a large group of subjects on a population
specific topic C) To collect only qualitative data
D) To estimate the characteristics of the entire
Question 65: How is the administration of Question population
naires evolving in modern times?
Answer: D) To estimate the characteristics of the
A) They are only administered in person. entire population
B) They are administered using telephones. Question 69: Why is it important for a sample in a
C) Many Question naires are developed and survey to be representative of the population?
administered online.
D) They are administered exclusively by mail. A) To make the survey more complicated
B) To reduce the accuracy of the survey
Answer: C) Many Question naires are developed and C) To reflect the reality in the total population
administered online. D) To ensure that only closed-ended Question s
are used
Question 66: What is the key difference between a
census and a survey in data collection? Answer: C) To reflect the reality in the total
A) The type of Question s asked population
B) The number of respondents Question 70: How are secondary data described?
C) The use of closed-ended Question s
D) The coverage of the population A) As the latest and most up-to-date information
B) As data collected directly from respondents
Answer: D) The coverage of the population C) As the second-hand information
D) As data collected from online sources
Question 67: In a census, data is collected for which
units of the population? Answer: C) As the second-hand information
A) All individual units
B) Only the elderly population
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Question 71: What characterizes secondary data?

Question 74: How can primary data become
A) They are always collected for the first time. secondary data?
B) They are collected from primary sources.
C) They have never been processed by any agency. A) By being stored in digital format
D) They have already been collected and processed B) By being published in magazines
by some agency or persons. C) By being collected from online sources
D) By being in the hands of one person and
Answer: D) They have already been collected and collected by others
processed by some agency or persons.
Answer: D) By being in the hands of one person
Question 72: where can secondary data be collected and collected by others
from?
Question 75: In the context of a population census
A) Only from primary sources report, what makes the information from the
B) Only from the internet report primary for some and secondary for others?
C) Various research and educational organizations
D) Only from personal interviews A) The report is published online
B) The report is prepared by multiple agencies
Answer: C) Various research and educational C) The data in the report is collected for the first
organizations time
Question 73: What is the key distinction between D) The report is stored digitally
primary and secondary data?
Answer: C) The data in the report is collected for
the first time
A) Primary data is collected from records, and
secondary data is collected directly from
Question 76: Why are primary data considered
respondents.
more accurate than secondary data?
B) Primary data is always more accurate than
secondary data. A) Because primary data are always up-to-date
C) Primary data is collected for the second time, and B) Because primary data are collected from online
secondary data is collected for the first time. sources
D) Primary data is collected for the first time, and C) Because primary data are original and collected
secondary data is collected through published or directly from respondents
unpublished sources. D) Because secondary data are processed by
computers
Answer: D) Primary data is collected for the first
Answer: C) because primary data are original and
time, and secondary data is collected through
collected directly from respondents
published or unpublished sources.
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Question 77: What are the primary disadvantages of

collecting primary data? Question 80: What is classification similar to in a
post office?
A) Primary data are less accurate than secondary
data A) Sorting books in a library
B) Primary data require more money, time, and B) Sorting items in a supermarket
energy than secondary data C) Sorting letters in a post office
C) Primary data are easier to interpret and draw D) Arranging files in an office
conclusions from
D) Primary data are readily available from online Answer: C) Sorting letters in a post office
sources
Question 81: How does classification help with
Answer: B) Primary data require more money, time,
data analysis?
and energy than secondary data
A) By making the data more complicated
Question 78: Why is proper classification and
B) By removing all observations
tabulation of data necessary?
C) By accommodating a large number of
A) To make the data size smaller observations into a few classes
B) To store data in digital format D) By storing data in alphabetical order
C) To make data haphazard and random
D) To make the raw data more understandable and Answer: C) By accommodating a large number of
interpretable observations into a few classes

Answer: D) To make the raw data more Question 82: What is the primary benefit of
understandable and interpretable tabulating classified data?

Question 79: What is the purpose of classification in A) It makes the data more complex
data analysis? B) It condenses the data by removing important
details
A) To make the data larger and more complex C) It makes the data more understandable and
B) To remove all common characteristics from the interpretable
data D) It increases the number of characteristics to
C) To arrange data into homogeneous groups based study
on common characteristics
D) To store data in digital format Answer: C) It makes the data more
understandable and interpretable
Answer: To arrange data into homogeneous groups
based on common characteristics
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Question 83: What is the primary objective of Question 86: What is the primary characteristic
classifying data? used in a qualitative base of classification?

A) To make the data complex and unmanageable A) Geographical regions

B) To remove all common characteristics from the B) Qualities or attributes like sex, religion, literacy
data C) Quantitative characteristics like age and income
C) To condense the data by eliminating important D) Time of occurrence
details
D) To arrange data into homogeneous groups based Answer: B) Qualities or attributes like sex, religion,
on common characteristics literacy

Answer: D) To arrange data into homogeneous Question 87: In a geographical base of

groups based on common characteristics classification, how is the data organized?

Question 84: In the example of sorting letters in a A) By height and weight

post office, how are the letters classified? B) By time of occurrence
C) By geographical regions or location like states,
A) According to their size cities, countries
B) According to the sender's name D) By income and age
C) According to the cities and further by streets
D) According to their destination country Answer: C) By geographical regions or location like
states, cities, countries
Answer: C) According to the cities and further by
streets
Question 85: What is one of the key benefits of Question 88: What characterizes a chronological or
classification in data analysis? temporal base of classification?

A) Making the data more complicated A) Data is organized by height and weight
B) Accommodating a small number of observations B) Data is organized by qualities or attributes
into many classes C) Data is organized by time of occurrence, such as
C) Condensing the data by removing unimportant years, months, weeks, days
details D) Data is organized by geographical regions
D) Making data presentation more organized and
easier to interpret Answer: C) Data is organized by time of
occurrence, such as years, months, weeks, days
Answer: D) Making data presentation more
organized and easier to interpret
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Question 89: What is the term for classifying C) Exclusive type and inclusive type class intervals
data based on a single characteristic? D) Primary and secondary class intervals

A) One-way Classification Answer: C) Exclusive type and inclusive type class

B) Two-way Classification intervals
C) Multi-way Classification
D) Qualitative Classification Question 93: How are class intervals in the
exclusive type defined?
Answer: A) One-way Classification
A) They include the upper limits of the classes.
B) They exclude the lower limits of the classes.
Question 90: When data is classified based on
C) They exclude the upper limits of the classes and
two characteristics at a time, what is it called?
put them in the next class when considering
frequency.
A) One-way Classification
D) They are not used in data analysis.
B) Two-way Classification
C) Multi-way Classification
Answer: C) They exclude the upper limits of the
D) Qualitative Classification
classes and put them in the next class when
considering frequency.
Answer: B) Two-way Classification
Question 94: How are class intervals in the
Question 91: How is multi-way classification
inclusive type defined?
defined?
A) Classifying data based on a single A) They include the upper limits of the classes.
characteristic B) They exclude both lower and upper class limits.
B) Classifying data based on two characteristics C) They include both the lower and upper-class
at a time limits when considering frequency.
C) Classifying data based on more than two D) They exclude the lower limits of the classes.
characteristics at a time
D) Classifying data based on time of occurrence Answer: C) they include both the lower and upper-
class limits when considering frequency.
Answer: C) Classifying data based on more
than two characteristics at a time

Question 92: What are the two types of class-

intervals?
A) Simple and complex class-intervals
B) Odd and even class-intervals
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Question 95: What is the "frequency" of a value in a D) They are alphabetically arranged
series of observations?
Answer: C) They are of equal size, covering the
A) The order in which the value occurs sample observations range
B) The total number of values in the series
C) The number of occurrences of the value in the Question 99: What is a class formed within?
series
D) The size of the value in the series A) A group of values with common characteristics
B) A range defined by two values
Answer: C) The number of occurrences of the value C) A set of data points
in the series D) A statistical table

Question 96: How is data represented in the form of Answer: B) A range defined by two values
a table consisting of values and their corresponding
frequencies? Question 100: What is the lower value in a class
interval called?
A) As a statistical table
B) As a frequency distribution
A) Lower-class limit or lower-class interval (LCI)
C) As a data collection
B) Upper class limit or upper-class interval (UCI)
D) As a frequency table
C) Median
Answer: B) As a frequency distribution D) Mean
Question 97: How are the numerical intervals on a
variable organized in a frequency distribution table? Answer: A) Lower-class limit or lower-class
interval (LCI)
A) In alphabetical order
Question 101: How is the class length or class
B) Randomly
width calculated?
C) Individually
D) In order of magnitude A) By multiplying the upper-class limit and lower-
class limit
Answer: D) In order of magnitude B) By adding the upper-class limit and lower-class
limit
Question 98: What do intervals in a frequency C) By subtracting the upper-class limit from the
distribution table typically have in common? lower-class limit
D) By dividing the upper-class limit by the lower-
A) They are of varying sizes
class limit
B) They cover the entire population
C) They are of equal size, covering the sample Answer: C) By subtracting the upper-class limit
observations range from the lower-class limit
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Question 104: How is relative frequency

Question 102: What is the mid-point of a class calculated?
called?
A) By dividing the total frequency by the class mark
A) Class interval B) By multiplying the class mark by the total
B) Class limit frequency
C) Mid-value or class mark C) By dividing the frequency of a class by the total
D) Relative frequency frequency
D) By adding the frequency of a class to the total
Answer: C) Mid-value or class mark frequency

Question 103: How is the class mark or mid-value Answer: C) By dividing the frequency of a class by
calculated? the total frequency

A) By dividing the lower class limit by the upper class Question 105: What does relative frequency
limit represent?
B) By subtracting the lower class limit from the upper
class limit A) The total frequency of a class
C) By taking the average of the lower class limit and B) The difference between the lower and upper
upper class limit class limits
D) By multiplying the lower class limit and upper class C) The frequency distribution of a variable
limit D) The proportion of a class's frequency to the
total frequency
Answer: C) By taking the average of the lower class
limit and upper class limit Answer: D) The proportion of a class's frequency
to the total frequency
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CHAPTER = 2

Question 1: What does the term "population" D) Sample

refer to in statistics?
Answer: D) Sample
A) Only humans in a given area.
Question 4: When mean, median, mode, and
B) Everything that is to be studied, not limited standard deviation describe the sample, what
to people. are they called?

C) A specific subset of a larger group. A) Parameters

D) The average value of a dataset. B) Characteristics

C) Statistics
Answer: B) Everything that is to be studied, not
limited to people. D) Variables

Question 2: What is a "sample" in statistics? Answer: C) Statistics

A) The same as a "population." Question 5: When mean, median, mode, and

standard deviation describe the population,
B) A portion or subset of the population. what are they called?
C) The mean, median, mode, or standard
deviation of a dataset. A) Parameters

D) A characteristic of a parameter. B) Characteristics

Answer: B) A portion or subset of the C) Statistics

population.
D) Variables
Question 3: Which of the following is NOT a
characteristic of a population?
Answer: A) Parameters
A) Mean

B) Median

C) Mode
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Question 6: Which of the following is a characteristic of a Question 9: What is the purpose of sampling in
sample? statistics?

A) Parameter A) To increase the risk and uncertainty in

decision-making.
B) Statistic
B) To make data collection more time-
C) Mean consuming and expensive.
D) Median C) To improve decision-making skills by
Answer: B) Statistic collecting data from a subset of the population.

Question 7: What is a parameter in statistics? D) To ensure that the entire population is

tested.

A) A subset of the population Answer: C) To improve decision-making skills by

collecting data from a subset of the population.
B) A characteristic of a sample
Question 10: Which of the following is an
C) A characteristic of the population example of why sampling is used?
D) A type of survey
A) Opening every packet of milk to test its
Answer: C) A characteristic of the population
quality.

Question 8: What are strata in the context of statistics? B) Contacting every individual who migrated
from one country to another.
A) A statistical method for reducing risk and uncertainty.
C) Taking a bite of every sweet before buying
B) Groups formed by dividing the population into them.
relatively homogeneous categories
D) Conducting a census every 10 years.
C) The process of collecting data from the entire
population.
Answer: B) Contacting every individual who
D) A measure of central tendency. migrated from one country to another.

Answer: B) Groups formed by dividing the population

into relatively homogeneous categories.
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Question 11: What is a census in the context of data Question 14: In judgment sampling, what is the basis
collection? for selecting items for the sample?

A) Collecting data from the entire population. A) Random chance

B) Dividing the population into strata. B) Statistical algorithms

C) Reducing the risk in decision-making. C) Personal knowledge or opinion

D) A type of survey conducted every 10 years. D) Proximity to the researcher

Answer: A) Collecting data from the entire population. Answer: C) Personal knowledge or opinion

Question 12: How many basic types of sampling are

there?
Question 15: Which of the following is an
A) 1 example of non-random or judgment sampling?

B) 2 A) Drawing names from a hat to select a sample.

C) 3 B) Asking an experienced geologist to choose

exploration sites for an oil drilling company.
D) 4
C) Dividing the population into homogeneous
Answer: B) 2 groups.
Question 13: Which type of sampling involves using D) Systematically selecting every 10th item from
personal knowledge or opinion to select items for the
a list.
sample?

A) Simple Random Sampling

Answer: B) Asking an experienced geologist to
B) Systematic Random Sampling choose exploration sites for an oil drilling
C) Stratified Sampling company.

D) Non-Random or Judgment Sampling

Answer: D) Non-Random or Judgment Sampling

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Question 16: Which type of sampling ensures that all Question 19: Why is rigorous statistical analysis more
items in the population have a chance of being chosen challenging with judgment samples compared to
for the sample? random probability samples?

A) Non-Random or Judgment Sampling A) Because judgment samples are easier to work

with.
B) Simple Random Sampling
B) Because random probability samples involve more
C) Systematic Random Sampling complex mathematics.
D) Stratified Sampling C) Because judgment samples are biased.
Answer: B) Simple Random Sampling D) Because random probability samples lack
Question 17: In probability sampling, what is the key diversity.
characteristic? Answer: B) Because random probability samples
A) Personal knowledge or opinion involve more complex mathematics.

B) Rigorous statistical analysis Question 20: What is the key characteristic of Simple
Random Sampling?
C) Random chance for every item in the population
A) Selecting samples based on judgment and
D) Homogeneous groups personal opinions.

Answer: C) Random chance for every item in the B) Allowing each possible sample to have an equal
population probability of being chosen.

Question 18: What is a biased sample? C) Dividing the population into strata.

A) A sample that is selected randomly. D) Sampling with replacement.

B) A sample that represents the entire population. Answer: B) Allowing each possible sample to have
an equal probability of being chosen.
C) A sample that is influenced by personal opinions or
preferences.

D) A sample with a high level of statistical accuracy.

Answer: C) A sample that is influenced by personal

opinions or preferences.
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Question 21: How are elements selected in systematic

sampling? Question 24: How does systematic sampling differ
from simple random sampling?
A) Randomly
A) In systematic sampling, every item in the entire
B) Based on personal judgment population has an equal chance of being selected.
C) At uniform intervals in time, order, or space B) In systematic sampling, each possible sample has
an equal chance of being selected.
D) In a completely arbitrary manner
C) In systematic sampling, elements are chosen
Answer: C) At uniform intervals in time, order, or
based on personal judgment.
space
D) In systematic sampling, the selection process is
Question 22: In systematic sampling, what is the key
random.
characteristic of the selection process?
Answer: B) In systematic sampling, each possible
A) Random starting point sample does not have an equal chance of being
selected.
B) Uniform intervals

C) Equal chances for all items in the population

Question 25: What is the first step in stratified
D) Non-uniform selection sampling?

Answer: B) Uniform intervals A) Select elements randomly from the entire

population.
Question 23: In systematic sampling, how do you
select every 10th student on a college campus? B) Divide the population into relatively
homogeneous groups.
A) Choose the first 10 students in the directory.
C) Assign weights to each stratum.
B) Choose a random starting point and then select
every 10th name thereafter. D) Determine the total population size.

C) Randomly pick students from different locations. Answer: B) Divide the population into relatively
homogeneous groups.
D) Interview all students in alphabetical order.

Answer: B) Choose a random starting point and then

select every 10th name thereafter.
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Question 26: What is the purpose of stratifying the B) Randomly choosing elements without regard to
population in stratified sampling? stratum proportions.

A) To select elements randomly. C) Assigning weights based on the total population.

B) To create a biased sample. D) Selecting an equal number of elements from

each stratum and adjusting the weight according to
C) To divide the population into groups based on
the stratum proportion to the total population.
personal opinions.

D) To group similar elements together for more

effective sampling. Answer: D) Selecting an equal number of elements
from each stratum and adjusting the weight
Answer: D) To group similar elements together for
according to the stratum proportion to the total
more effective sampling. population.
Question 27: In stratified sampling, how are elements
selected from each stratum in the first approach?
Question 29: When is stratified sampling most
A) Randomly, without considering the stratum
appropriate?
proportions.

B) Based on personal judgment.

A) When the population is randomly distributed.
C) In equal numbers from each stratum.
B) When the population consists of identical
D) In the same ratio as the stratum to the whole
elements.
population.
C) When the population is already divided into
groups of different sizes.
Answer: D) In the same ratio as the stratum to the
whole population. D) When the population is too small to be divided.

Answer: C) When the population is already divided

Question 28: In stratified sampling, what is the second
into groups of different sizes.
approach for selecting elements from each stratum?

A) Selecting elements with a uniform weight for

each stratum.
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Question 30: In cluster sampling, what is the initial Answer: B) By choosing a random sample of the
step in the sampling process? clusters.

A) Selecting individual elements from the population. Question 33: What is the primary advantage of a
well-designed cluster sampling procedure over
B) Dividing the population into clusters. simple random sampling?
C) Assigning weights to each cluster. A) It is more cost-effective.
D) Determining the total population size. B) It provides a more accurate representation of the
Answer: B) Dividing the population into clusters. population.

Question 31: What is the main assumption made in C) It is faster to implement.

cluster sampling? D) It works well for populations with small
A) Each cluster is identical to the others. variations.

B) The population is homogenous. Answer: A) It is more cost-effective.

C) The population is randomly distributed. Question 34: When is stratified sampling typically
used compared to cluster sampling?
D) The selected clusters represent the population as a
whole. A) When there is considerable variation within each
group.
Answer: D) The selected clusters represent the
population as a whole. B) When the population is divided into well-defined
groups.
Question 32: In cluster sampling, how do you select
the sample? C) When the groups are essentially similar to each
other.
A) By randomly selecting individual elements from the
population. D) When there is wide variation between the
groups.
B) By choosing a random sample of the clusters.
Answer: B) When the population is divided into
C) By assigning weights to each cluster. well-defined groups.

D) By using personal judgment to select clusters.

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Question 35: What is a sampling distribution? B) The characteristics of the sample.

A) A representation of the population. C) The variation in the statistics (e.g., mean and SD)
computed for different samples.
B) The process of dividing the population into strata.
D) The total number of samples drawn.
C) The distribution of statistics (such as mean and
standard deviation) computed for different samples Answer: C) The variation in the statistics (e.g., mean
drawn from the population. and SD) computed for different samples.

D) A random selection of elements from the

population.

Answer: C) The distribution of statistics (such as mean

and standard deviation) computed for different
samples drawn from the population.

Question 36: What happens to the mean and standard

deviation when you compute statistics for different
samples drawn from the same population?

A) They remain the same for all samples.

B) They become more consistent across samples.

C) They vary and are different for each sample.

D) They depend on the sample size but not on the

population.

Answer: C) They vary and are different for each

sample.

Question 37: In a sampling distribution, what is the

primary characteristic being studied?

A) The characteristics of the population.

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CHAPTER – 3

Question 1: What is the initial step in dealing with Answer: c) They enhance the understanding of data
statistical data?
Question 4: What is the ultimate goal of analyzing
a) Creating graphs and diagrams classified and tabulated data?

b) Classifying and tabulating the data a) To make data more complex

c) Drawing conclusions b) To draw inconclusive results

d) Collecting primary data c) To reduce data to a single value for comparative

studies
Answer: b) Classifying and tabulating the data
d) To increase the quantity of data
Question 2: Why is presenting data in a tabular form
beneficial? Answer: c) To reduce data to a single value for
comparative studies
a) To make the data harder to understand
Question 5: Which two statistical tools are
b) To simplify the study of data characteristics commonly used for handling large quantities of
c) To eliminate the need for graphical representations data?

d) To increase the complexity of the data a) Measures of probability and variability

Answer: b) to simplify the study of data characteristics b) Measures of central tendency and dispersion

Question 3: How do graphs and diagrams contribute to c) Measures of classification and organization
data analysis?
d) Measures of accuracy and clarity
a) They make the data less comprehensible Answer: b) Measures of central tendency and
b) They replace the need for statistical tools dispersion

c) They enhance the understanding of data

d) They hide the data from researchers

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Question 6: According to Professor Bowley, what do Answer: c) Data clustering around a central or
measures of central tendency (averages) allow us to do? mid-value

a) Complicate the analysis of data Question 9: How is central tendency typically

measured?
b) Hide the significance of the data
a) By using the range of data values
c) Reduce the data to multiple values for comparison
b) By calculating percentages
d) Comprehend the significance of the whole in a single
effort c) By using averages

Answer: d) Comprehend the significance of the whole in a d) By employing advanced statistical tools
single effort
Answer: c) By using averages
Question 7: What is one of the main objectives of
Measures of Central Tendency?
Question 10: What is one of the requisites of a
a) To make data more complex
good measure of central tendency?
b) To condense data into a single value
a) It should be rigidly defined
c) To complicate data analysis
b) It should be complex and difficult to understand
d) To eliminate the need for comparisons
c) It should be based on a small subset of data
Answer: b) To condense data into a single value
d) It should be highly affected by sampling
fluctuations
Question 8: What does the central tendency of data refer
to?

a) Data that is randomly scattered Answer: a) It should be rigidly defined

b) Data that has a high degree of dispersion

c) Data clustering around a central or mid-value

d) Data with a wide range of values

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Question 11: According to the requisites, what should a Question 14: Which of the following is not one of
good measure of central tendency be in terms of the three types of averages?
mathematical treatment?
a) Mean
a) It should not require any mathematical treatment
b) Median
b) It should be capable of further mathematical treatment
c) Mode
c) It should rely solely on mathematical treatment
d) Range
d) It should be ambiguous in mathematical terms
Answer: d) Range
Answer: b) It should be capable of further mathematical
treatment Question 15: What is the most commonly used

Question 12: Which of the following is a requisite that a single descriptive measure of Central Tendency?
good measure of central tendency should satisfy regarding a) Median
extreme values?
b) Mode
a) It should be highly affected by extreme values
c) Arithmetic Mean
b) It should ignore extreme values
d) Geometric Mean
c) It should not be affected by extreme values
Answer: c) Arithmetic Mean
d) It should only consider extreme values
Question 16: How many types of Mean are
Answer: c) It should not be affected by extreme values
Mentioned in the text?
Question 13: What should a good measure of central
tendency be in terms of interpretation? a) One

a) Difficult to interpret b) Two

b) Extremely ambiguous c) Three

c) Complex to understand d) Four

d) Easy to interpret Answer: c) Three

Answer: d) Easy to interpret

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Question 17: What is the simplest and most widely used d) By using the range of the data
measure of mean or average?
Answer: b) By summing up the data and dividing by
a) Geometric Mean the number of observations

b) Harmonic Mean

c) Range Question 20: What does the symbol "x̄" represent in

the formula for the arithmetic mean of ungrouped
d) Arithmetic Mean raw data?

a) Range of the data

Answer: d) Arithmetic Mean b) Median of the data

c) Arithmetic Mean
Question 18: How is the arithmetic mean calculated? d) Mode of the data
a) By finding the mode of a dataset

b) By summing a group of numbers and dividing by the

Answer: c) Arithmetic Mean
count of those numbers

c) By taking the median value in a dataset

Question 21: In the formula for calculating the
d) By calculating the range of a dataset arithmetic mean, what does "n" represent?

a) The range of the data

Answer: b) By summing a group of numbers and dividing
b) The median value
by the count of those numbers
c) The number of observations
Question 19: How is the arithmetic mean of ungrouped
raw data calculated? d) The mode of the data

a) By finding the median value

b) By summing up the data and dividing by the number of Answer: c) The number of observations
observations

c) By finding the mode of the data

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Question 22: If you have n observations (x1, x2, x3, ..., xn),
how do you calculate the arithmetic mean?
Answer: a) By summing the class marks and dividing
a) Sum all the observations and divide by n by the total frequency

b) Find the mode of the data Question 25: In the formula for calculating the
arithmetic mean of grouped raw data, what does "xi"
c) Calculate the product of all observations represent?
d) Find the median value a) The range of the data

b) The class midpoints (class marks) of the class

Answer: a) Sum all the observations and divide by n intervals

c) The number of observations

Question 23: What is the formula for the arithmetic mean d) The mode of the data
of ungrouped raw data?

a) x̄ = (Σ xi) / n Answer: b) The class midpoints (class marks) of the

b) x̄ = Σ (xi * n) class intervals

c) x̄ = (Σ xi) * n

d) x̄ = Σ (xi / n) Question 26: What is the purpose of "fi" in the

formula for calculating the arithmetic mean of
Answer: a) x̄ = (Σ xi) / n grouped raw data?

Question 24: How is the arithmetic mean of grouped raw a) To represent the mode of the data
data calculated?
b) To calculate the range of the data
a) By summing the class marks and dividing by the total
frequency c) To represent the frequencies of each class interval

b) By finding the mode of the data d) To find the median value

c) By summing all the values and dividing by the number Answer: c) To represent the frequencies of each
of observations class interval

d) By calculating the range of the data

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Question 27: If you have a set of class intervals with Answer: d) It is rigidly defined
corresponding frequencies, how do you calculate the
Question 30: What is one of the advantages of the
arithmetic mean of grouped raw data?
arithmetic mean?
a) Sum the products of class midpoints and their
corresponding frequencies and divide by the total a) It is only applicable to a specific type of data
frequency b) It is not finite
b) Find the mode of the data c) It is easy to calculate and simple to follow
c) Calculate the sum of all values in the class intervals d) It requires complex algebraic treatment
d) Find the median value Answer: c) It is easy to calculate and simple to follow
Answer: a) Sum the products of class midpoints and their Question 31: Is the arithmetic mean based on all the
corresponding frequencies and divide by the total observations or only a portion of the data?
frequency
a) It is based on a subset of data
Question 28: In the formula for calculating the arithmetic
mean of grouped raw data, what does "n" represent? b) It is based on all the observations

a) The range of the data c) It is not based on any observations

b) The median value d) It is based on extreme values only

c) The total frequency (sum of all frequencies) Answer: b) It is based on all the observations

d) The mode of the data Question 32: Which type of data is the arithmetic
mean determined for?
Answer: c) The total frequency (sum of all frequencies)
a) Only for highly specialized data
Question 29: Which of the following is a merit of the
arithmetic mean? b) Almost every kind of data

a) It is arbitrarily defined c) Only for discrete data

b) It is difficult to calculate and follow d) Only for continuous data

c) It is based on a small subset of observations Answer: b) Almost every kind of data

d) It is rigidly defined
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Question 33: Is the arithmetic mean finite or infinite? Question 36: What is a major limitation of the
arithmetic mean?
a) It is infinite
a) It is not affected by extreme values
b) It is not applicable to real-world data
b) It cannot average ratios and percentages properly
c) It is finite
c) It is highly affected by extreme values
d) It depends on the specific dataset
d) It can be computed accurately even with missing
Answer: c) It is finite
data
Question 34: What is one of the characteristics of the
Answer: c) It is highly affected by extreme values.
arithmetic mean when it comes to algebraic treatment?
Question 37: In what type of distribution is the
a) It cannot be subjected to algebraic treatment arithmetic mean not an appropriate average?
b) It requires advanced mathematical treatment a) Normally distributed data
c) It is not readily put to algebraic treatment b) Highly skewed distribution
d) It is readily put to algebraic treatment c) Uniformly distributed data
Answer: d) It is readily put to algebraic treatment d) Data with missing values
Question 35: In terms of fluctuations due to sampling,
Answer: b) Highly skewed distribution.
how does the arithmetic mean compare to other
measures of central tendency? Question 38: What happens when an item is missing in
a dataset when calculating the arithmetic mean?
a) It is highly affected by fluctuations
a) The mean is computed accurately
b) It is not affected at all by fluctuations
b) It does not affect the accuracy of the mean
c) It is moderately affected by fluctuations
c) The mean cannot be calculated accurately
d) It is least affected by fluctuations
d) The mean becomes less sensitive to extreme values
Answer: d) It is least affected by fluctuations
Answer: c) The mean cannot be computed accurately
if any item is missing.
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Question 39: What can occur in some cases when

calculating the arithmetic mean?
Answer: c) It takes into account the compounding
a) The mean coincides with all observed values effect of the data that occurs from period to period.

b) The mean is always equal to the median

c) The mean sometimes does not coincide with any of the Question 42: Is the geometric mean always greater
observed values than the arithmetic mean?

d) The mean is never affected by the distribution shape a) Yes, always

Answer: c) The mean sometimes does not coincide with b) No, never
any of the observed values.
c) It depends on the dataset
Question 40: When is it not possible to calculate the
arithmetic mean? d) No, it is always less than the arithmetic mean

a) It can always be calculated

Answer: d) No, it is always less than the arithmetic
b) It cannot be calculated for data with extreme values
mean.
c) It cannot be calculated when open-end class intervals
are present in the data.
Question 43: In which field is the geometric mean
d) It cannot be calculated for data with missing values
commonly used to calculate the average growth rates?
Answer: c) It cannot be calculated when open-end class
intervals are present in the data. a) Agriculture

Question 41: What does the geometric mean take into b) Medicine
account when calculating central tendency? c) Finance
a) It ignores the compounding effect of data d) Education
b) It only considers the extreme values Answer: c) Finance
c) It takes into account the compounding effect of data
that occurs from period to period.

d) It focuses on the arithmetic mean of data values

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Question 44: What is another term for the average Answer: d) By taking the nth root of the product of all
growth rates calculated using the geometric mean? observations.

a) Annual mean Question 47: What does "n" represent in the formula for
the geometric mean of ungrouped raw data?
b) Compounded annual growth rate
a) The range of the data
c) Median growth rate
b) The number of observations
d) Arithmetic mean
c) The median value

d) The mode of the data

Answer: b) Compounded annual growth rate
Answer: b) The number of observations.
Question 45: In addition to finance, where else is the
geometric mean applied, especially in studies related to Question 48: What do x1, x2, ..., xn represent in the
growth? formula for the geometric mean of ungrouped raw data?

a) Cell division and bacterial growth a) The range of the data

b) Astrophysics b) The class intervals

c) Archaeology c) The class marks

d) Geography d) n observations of x

Answer: a) Cell division and bacterial growth Answer: d) n observations of x.

Question 46: How is the geometric mean of ungrouped Question 49: In what context is the geometric mean
raw data calculated? useful, particularly in economic analysis?

a) By summing all the values and dividing by the number a) Predicting stock market trends
of observations
b) Calculating annual salaries
b) By finding the mode of the data
c) Construction of index numbers
c) By calculating the range of the data
d) Estimating population growth
d) By taking the nth root of the product of all observations
Answer: c) Construction of index numbers
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Question 50: How does the geometric mean compare to Answer: c) It cannot be easily understood.
the arithmetic mean in terms of being affected by
sampling fluctuations?
Question 53: Why is the computation of the geometric
a) It is highly affected by fluctuations mean relatively more complex compared to the
arithmetic mean?
b) It is not much affected by the fluctuations of sampling
a) It doesn't require any special knowledge
c) It is relatively unaffected by fluctuations
b) It is not affected by fluctuations
d) It is more affected by fluctuations than the arithmetic
mean c) It requires some special knowledge of logarithms

Answer: b) It is not much affected by the fluctuations of d) It is based on all the observations
sampling.

Question 51: Is the geometric mean based on all the Answer: c) It requires some special knowledge of
observations or only a portion of the data? logarithms.
a) It is based on a small subset of data

b) It is based on extreme values only Question 54: Under what conditions can the geometric
mean not be calculated?
c) It is not based on any observations
a) When any item or value is zero or negative
d) It is based on all the observations
b) When the data is not normally distributed
Answer: d) It is based on all the observations.
c) When the data contains extreme values
Question 52: What is a common limitation of the
geometric mean, making it less accessible to some d) When the data is highly skewed
individuals?
Answer: a) When any item or value is zero or negative.
a) It is easy to understand

b) It is widely applicable to various types of data

c) It cannot be easily understood

d) It is based on logarithms
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Question 55: How is the harmonic mean defined? Question 58: What type of quantities can the
harmonic mean be used to calculate effectively?
a) It is the average of all observations in a dataset
a) Quantities that are expressed in the same units
b) It is the reciprocal of the arithmetic mean of reciprocals
of the observations b) Quantities that have extreme values

c) It is the mode of the data c) Quantities that are ratios of two variables with
different measures
d) It is the product of all observations
d) Quantities that are normally distributed
Answer: b) It is the reciprocal of the arithmetic mean of
reciprocals of the observations.
Answer: c) Quantities that are ratios of two variables
Question 56: In what situations is the harmonic mean an with different measures.
appropriate measure of central tendency?

a) When all values have the same units Question 59: How is the harmonic mean of
ungrouped raw data calculated?
b) When values are ratios of two variables with different
measures a) By taking the square root of the product of all
observations
c) When the data is highly skewed
b) By summing up all observations and dividing by the
d) When the data contains extreme values number of observations

Answer: b) When values are ratios of two variables with c) By taking the reciprocal of the arithmetic mean of
different measures. reciprocals of the observations

Question 57: In which field is the harmonic mean d) By finding the median of the data
commonly used to calculate the average of different
rates? Answer: c) By taking the reciprocal of the arithmetic
mean of reciprocals of the observations.
a) Medicine

b) Finance

c) Agriculture

d) Education

Answer: b) Finance
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Question 60: What does "n" represent in the formula for Answer: a) When the data values are rates or ratios
the harmonic mean of ungrouped raw data? of two variables with different measures.

a) The range of the data

Question 63: In a comparison of the three means
b) The total frequency
(Arithmetic, Geometric, Harmonic), which mean is
c) The number of observations generally the largest?

d) The mode of the data a) Harmonic Mean

b) Geometric Mean

Answer: c) The number of observations. c) Arithmetic Mean

Question 61: When is the arithmetic mean considered an d) It depends on the specific dataset
appropriate measure of central tendency?

a) When the data contains values with different units of

Answer: c) Arithmetic Mean
measure

b) When the data values are rates or ratios of two

variables with different measures Question 64: Which mathematical relationship
describes the connection between Arithmetic Mean,
c) When all values have the same units
Harmonic Mean, and Geometric Mean?
d) When the data is highly skewed
a) A.M. = H.M.
Answer: c) When all values have the same units.
b) A.M. - H.M. = G.M.
Question 62: In what situation is the geometric mean
c) A.M. × H.M. = (G.M.)²
typically the most suitable measure of central tendency?
d) A.M. = G.M.
a) When the data values are rates or ratios of two
variables with different measures

b) When the data contains values with the same units of Answer: c) A.M. × H.M. = (G.M.)²
measure

c) When the data is highly skewed

d) When the data is expressed in different currencies

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Question 65: What does the median of a distribution Answer: b) Position average.
represent?

a) The highest value in the dataset Question 68: What is the formula to calculate the
median for a dataset with an odd number of
b) The middle value that divides the dataset into two observations?
equal parts
a) Median = (n/2)th observation
c) The average of all values in the dataset
b) Median = (n + 1) / 2th observation
d) The mode of the distribution
c) Median = 2n observation

Answer: b) The middle value that divides the dataset into d) Median = 3rd observation
two equal parts.

Question 66: How are observations typically arranged

Answer: b) Median = (n + 1) / 2th observation.
when calculating the median?

a) In random order
Question 69: What is the formula to calculate the
b) In no particular order median for a dataset with an even number of
observations?
c) In ascending or descending order of their magnitude
a) Median = (n / 2)th observation
d) In ascending order only
b) Median = (n + 1) / 2th observation
Answer: c) In ascending or descending order of their
magnitude c) Median = (n / 2)th observation + (n / 2 + 1)th
observation
Question 67: What type of average is the median
considered to be? d) Median = (n / 2)th observation + (n / 2)th
observation
a) Calculated average

b) Position average
Answer: c) Median = (n / 2)th observation + (n / 2 +
c) Weighted average 1)th observation.

d) Exponential average
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Question 70: In the median formula for even d) The mode of the data
observations, why are the (n / 2)th and (n / 2 + 1)th
observations averaged?
Answer: b) The total frequency.
a) To find the lowest value in the dataset

b) To find the highest value in the dataset Question 73: What does "cf" represent in the formula
for calculating the median of grouped data?
c) To calculate the lower quartile
a) The cumulative frequency of the median class
d) To determine the middle value between the two
central observations b) The frequency of the median class

c) The range of the data

Answer: d) To determine the middle value between the
d) The total frequency
two central observations.

Answer: a) The cumulative frequency of the class

Question 71: What does "n" represent in the formula for
preceding the median class.
the median with even observations?

a) The range of the data Question 74: How is the median class determined in
b) The total frequency the context of grouped data?

c) The number of observations a) It is the class with the highest frequency

d) The mode of the data b) It is the first class in the dataset

c) It is the class in which the cumulative frequency

Answer: c) The number of observations. just exceeds the value of N/2

d) It is always the class with the lowest frequency

Question 72: In the formula for calculating the median of
grouped data, what does "N" represent?
Answer: c) It is the class in which the cumulative
a) The range of the data frequency just exceeds the value of N/2.
b) The total frequency

c) The median value

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Question 75: What is "l1" in the formula for the median of Answer: d) It is not affected by extreme values.
grouped data?
Question 78: In terms of calculating the median, is it
a) The range of the data necessary to know the extreme values?

b) The lower limit of the median class a) Yes, it is impossible to calculate the median
without knowing the extreme values
c) The mode of the data
b) No, even if the extreme values are not known, the
d) The upper limit of the median class median can be calculated if the number of items is
known
Answer: b) The lower limit of the median class. c) Yes, the median can only be calculated when both
the extreme values are known
Question 76: What does "l2" represent in the formula for d) No, the median is always based on extreme values
calculating the median of grouped data?

a) The range of the data Answer: b) No, even if the extreme values are not
b) The total frequency known, the median can be calculated if the number
of items is known.
c) The upper limit of the median class

d) The lower limit of the median class Question 79: What is a limitation of the median in
terms of being based on observations?

Answer: c) The upper limit of the median class. a) It is based on all observations

b) It is not based on any observations

Question 77: What is one of the merits of the median in
comparison to other measures of central tendency? c) It is only based on extreme values

a) It is not rigidly defined d) It is not based on all observations

b) It is highly affected by extreme values Answer: d) It is not based on all observations.

c) It is based on all observations

d) It is not affected by extreme values

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Question 80: In comparison to other measures of central

tendency, how is the median affected by sampling
fluctuations? Answer: b) The most frequently occurring value.

a) It is not affected by sampling fluctuations

Question 83: When do you say that a distribution
b) It is highly affected by sampling fluctuations
has two or more modes?
c) It is moderately affected by sampling fluctuations
a) When the data is highly skewed
d) It is only affected by the mode of the data
b) When there are three or more modes

c) When two or more values occur with equal or

Answer: c) It is affected by sampling fluctuations.
nearly equal frequencies

d) When there is no mode present

Question 81: What is a limitation of the median in terms
of further mathematical treatment?

a) It is highly amenable to algebraic treatment Answer: c) When two or more values occur with
equal or nearly equal frequencies.
b) It is not capable of further algebraic treatment

c) It can only be treated with advanced mathematical

techniques Question 84: What is the term used to describe a
distribution with three or more modes?
d) It requires no mathematical treatment
a) Bimodal
Answer: b) It is not capable of further algebraic
b) Unimodal
treatment.
c) Multimodal
Question 82: What is the mode of a set of numbers? d) Symmetrical
a) The middle value in the dataset

b) The most frequently occurring value Answer: c) Multimodal.

c) The average of all values in the dataset

d) The highest value in the dataset

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Question 85: In a dataset, if no value occurs more Answer: b) The lower limit of the modal class.
frequently than any other, what can be said about the
mode?
Question 88: What is "l2" in the formula for
a) There is no mode in the dataset calculating the mode of grouped data?

b) The mode is the average of all values a) The range of the data

c) The mode is the median of the data b) The lower limit of the modal class

d) The mode is always the highest value c) The upper limit of the modal class

d) The mode of the data

Answer: a) There is no mode in the dataset.
Answer: c) The upper limit of the modal class.
Question 86: What is the formula to calculate the mode
for grouped data?
Question 89: In the formula for calculating the mode
a) Mode = (l1 + l2) / 2 of grouped data, what do "f0," "f1," and "f2"
represent, respectively?
b) Mode = l1 + (l2 - l1)(f1 - f0) / (2f1 - f0 - f2)
a) The mode of the data, the range of the data, the
c) Mode = (l1 + l2) / (f1 + f2) frequency of the modal class

d) Mode = l1 + (l2 - l1)(f0 - f1) / (2f0 - f1 - f2) b) The frequency of the class preceding the modal
class, the frequency of the modal class, the frequency
of the class succeeding the modal class
Answer: b) Mode = l1 + (l2 - l1)(f1 - f0) / (2f1 - f0 - f2).
c) The total frequency, the frequency of the modal
Question 87: In the formula for calculating the mode of class, the mode of the data
grouped data, what does "l1" represent?
d) The frequency of the modal class, the total
a) The range of the data frequency, the frequency of the class preceding the
modal class
b) The lower limit of the modal class

c) The upper limit of the modal class Answer: b) The frequency of the class preceding the
modal class, the frequency of the modal class, the
d) The mode of the data frequency of the class succeeding the modal class.
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Question 90: How many quartiles are used to divide Answer: c) The number halfway between the lowest
data into four equal parts? number and the middle number.

a) Two quartiles
Question 93: What is the second quartile also known
b) Three quartiles as?

c) Four quartiles a) Q1

d) Five quartiles b) Q2

c) Q3
Answer: b) Three quartiles.
d) Q4
Question 91: What is the lower quartile also known
as? Answer: b) Q2.

a) Q1
Question 94: What does the second quartile (Q2)
b) Q2 represent in the data?

c) Q3 a) The number halfway between the lowest number

and the highest number
d) Q4
b) The middle number between the lowest number
Answer: a) Q1.
and the middle number
Question 92: What does the lower quartile (Q1)
c) The number halfway between the lowest number
represent?
and the middle number
a) The number halfway between the lowest number
d) The number halfway between the middle number
and the highest number
and the highest number
b) The middle number between the lowest number
and the middle number
Answer: b) The middle number between the lowest
c) The number halfway between the lowest number
number and the highest number.
and the middle number

d) The number halfway between the middle number

and the highest number
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Question 95: What is the third quartile also a) To identify the spread of data
known as?
b) To establish the degree of variability
a) Q1
c) To determine the middle value within the dataset
b) Q2
d) To classify data into categories
c) Q3

d) Q4
Answer: c) To determine the middle value within the
dataset.

Answer: c) Q3.

Question 98: What does a measure of dispersion aim

to describe about a dataset?
Question 96: What does the third quartile (Q3)
represent in the data? a) The central position within the dataset

a) The number halfway between the lowest number b) The mean of the data
and the highest number
c) The variability or spread of individual items and
b) The middle number between the lowest number their deviation from the central tendency
and the middle number
d) The range of data categories
c) The number halfway between the middle number
and the highest number
Answer: c) The variability or spread of individual
d) The number halfway between the lowest number
and the middle number items and their deviation from the central tendency.

Answer: c) The number halfway between the middle

number and the highest number.

Question 97: What is the primary purpose of a

measure of central tendency (average)?
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Question 99: How is dispersion in data defined in Question 101: Which characteristic of a good
statistics? measure of dispersion ensures that it is not overly
sensitive to small variations in data?
a) It is the process of averaging data
a) It should be rigidly defined.
b) It is the process of finding the median
b) It should not be affected much by
c) It is the process of classifying data into categories
Samplinguctuations.
d) It is the process by which data are scattered, stretched,
or spread out among categories c) It should be easy to calculate and understand.

d) It should be based on all observations.

Answer: d) It is the process by which data are scattered,

stretched, or spread out among categories.
Answer: b) It should not be affected much by

Sampling fluctuations.
Question 100: What are some examples of measures of
dispersion used to understand a dataset?

a) Measures of central tendency, such as the mean and Question 102: Which of the following is an absolute
measure of dispersion?
mode

b) Measures of variability, such as the range and standard a) Coefficient of Range

deviation b) Coefficient of Quartile Deviation
c) Measures of position, such as the median and quartiles c) Quartile Deviation
d) Measures of frequency, such as the percentage d) Coefficient of Variation
distribution

Answer: c) Quartile Deviation.

Answer: b) Measures of variability, such as the range and
standard deviation.
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Question 103: Which characteristic is essential for a Question 106: Which measure of dispersion is
measure of dispersion to be considered good? commonly used and considered the most important?

a) It should be rigidly defined. a) Range

b) It should be based on the range of data. b) Quartile Deviation

c) It should be affected by sampling fluctuations. c) Standard Deviation

d) It should be difficult to calculate. d) Coefficient of Range

Answer: c) Standard Deviation.

Answer: a) It should be rigidly defined. Question 107: What does a small standard deviation
indicate about the data?

a) High variability
Question 104: What is the formula for calculating the
range of a dataset? b) Low consistency

a) Range = Maximum + Minimum c) High consistency

b) Range = Maximum - Minimum d) High quartile deviation

c) Range = Maximum × Minimum Answer: c) High consistency.

d) Range = (Maximum - Minimum) / 2

Answer: b) Range = Maximum - Minimum. Question 108: What does the formula for standard
deviation for ungrouped data involve?
Question 105: The range is the difference between which
two values in a dataset? a) The coefficient of variation

a) The mode and the median b) The range

b) The mean and the median c) The quartile deviation

c) The maximum and minimum d) The mean of the observations

d) The quartiles Q1 and Q3 Answer: d) The mean of the observations.

Answer: c) The maximum and minimum.

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Question 109: Which formula should be used to calculate Question 112: Which moment is used to calculate
the standard deviation for grouped data? skewness?

a) SD = √Σf(x - x̅)² / Σf a) µ1

b) SD = √Σfx² / N - (Σfx / N)² b) µ2

c) SD = (Maximum - Minimum) / (Maximum + Minimum) c) µ3

d) SD = Range / Quartile Deviation d) µ4

Answer: a) SD = √Σf(x - x̅)² / Σf. Answer: c) µ3.

Question 113: What does skewness measure in a

Question 110: What do moments tell us about in a data distribution?
frequency distribution?
a) The range of data values
a) Measures of central tendency
b) The degree of symmetry
b) Measures of dispersion
c) The mean deviation
c) The nature of the frequency distribution
d) The kurtosis
d) Measures of position
Answer: b) The degree of symmetry.
Answer: c) The nature of the frequency distribution.
Question 114: How many types of skewness are
Question 111: What is the first central moment (µ1) used there, and what are they?
to calculate?
a) One type - positive
a) Range
b) Two types - positive and negative
b) Mean deviation
c) Three types - positive, negative, and zero
c) Mean
d) Four types - positive, negative, zero, and extreme
d) Skewness
Answer: b) Two types - positive and negative.
Answer: c) Mean.
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Question 115: What is positive skewness in a distribution? d) First and fourth central moments (µ1 and µ4)

a) When the mean and median are greater than the mode

b) When the mean is greater than the median Answer: b) First and third central moments (µ1 and
µ3).
c) When the mode is greater than the mean

d) When the median is greater than the mean

Question 118: How is the direction of skewness
determined using Karl Pearson's measure (β1)?
Answer: a) When the mean and median are greater than
a) By comparing µ1 and µ2
the mode.
b) By comparing µ2 and µ3

c) By comparing µ3 and µ4
Question 116: In a negatively skewed distribution, what
can be observed about the mean and median? d) By the sign of β1, which is the sign of µ3

a) The mean and median are equal

b) The mean is greater than the median Answer: d) By the sign of β1, which is the sign of µ3.

c) The mode is greater than the mean

d) The mean and median are less than the mode Question 119: In a perfectly symmetrical distribution,
what is the value of β1 according to Karl Pearson's
measure?
Answer: d) The mean and median are less than the mode. a) β1 = 1

b) β1 = 0
Question 117: Karl Pearson's measure of skewness (β1) is
c) β1 = -1
calculated using which moments?
d) β1 = µ3 / µ2
a) First and second central moments (µ1 and µ2)

b) First and third central moments (µ1 and µ3)

Answer: b) β1 = 0 (symmetrical distribution).
c) Second and third central moments (µ2 and µ3)
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Question 120: What aspect of a distribution does kurtosis d) Using the first and fourth central moments (µ1
primarily describe? and µ4)

a) Measures of central tendency

Answer: c) Using the third and fourth central
b) Measures of dispersion moments (µ3 and µ4).

c) The tails of the distribution - peakiness or flatness

Question 123: In a mesokurtic distribution, what is
d) The symmetry of the distribution the value of β2 according to the measure of
kurtosis?
Answer: c) The tails of the distribution - peakiness or
flatness. a) β2 = 1

b) β2 = 0
Question 121: In a leptokurtic distribution, what can be
observed about the peaks and tails? c) β2 = 3

a) The peaks are lower, and the tails are thinner d) β2 = µ4 / µ2

b) The peaks are higher and sharper, and the tails are
fatter
Answer: c) β2 = 3 (Mesokurtic distribution).
c) The peaks are the same as a normal distribution

d) The peaks are higher, but the tails are thinner

Question 124: What does it mean if β2 is greater
Answer: b) The peaks are higher and sharper, and the than 3 in the measure of kurtosis?
tails are fatter.
a) The distribution is mesokurtic

Question 122: How is the measure of kurtosis (β2) b) The distribution is platykurtic
calculated?
c) The distribution is leptokurtic
a) Using the first and second central moments (µ1 and µ2)
d) The distribution is perfectly symmetrical
b) Using the second and third central moments (µ2 and
µ3) Answer: c) The distribution is leptokurtic.
c) Using the third and fourth central moments (µ3 and µ4)
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CHAPTER -4
Question 1: What is the primary goal of correlation analysis?Question 4: What type of relationship is suggested when
the correlation coefficient is close to 1?
a) To determine causation between variables
a) Strong positive correlation
b) To find if two variables are correlated
b) Strong negative correlation
c) To predict the future values of variables
c) No correlation
d) To establish a strong relationship between variables
d) Weak positive correlation
Answer: b) To find if two variables are correlated
Answer: a) Strong positive correlation

Question 2: In the context of correlation analysis, what does a

stronger relationship between two variables indicate? Question 5: Why is it essential to understand the
correlation between variables in data analysis?
a) A causal relationship
a) To establish causation
b) A negative correlation
b) To simplify data visualization
c) A linear relationship
c) To make better predictions
d) Better predictive power
d) To reduce the size of the dataset
Answer: d) Better predictive power
Answer: c) To make better predictions

Question 3: If the correlation coefficient between two variables

is -0.85, what does this imply about their relationship? Question 6: How can you determine the type of
relationship and the strength of the relationship between
a) Strong positive correlation two variables in regression analysis?
b) Strong negative correlation a) By examining the residual plot
c) No correlation b) From the value of the correlation coefficient
d) Weak positive correlation c) By comparing the mean of the two variables
Answer: b) Strong negative correlation d) Through hypothesis testing

Answer: b) From the value of the correlation coefficient

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Question 7: What is the primary purpose of the Standard c) It is the average difference between observed and
Error of Estimation (SE) in regression analysis? estimated values of the dependent variable.

a) To measure the correlation between two variables d) It is equal to the correlation coefficient (r).

b) To determine the strength of the linear relationship Answer: c) It is the average difference between
between variables observed and estimated values of the dependent
variable.
c) To assess the accuracy of predictions made by the
regression model

d) To calculate the coefficient of determination (R-squared) Question 9: What does a lower Standard Error of
Estimation (SE) indicate in regression analysis?
Answer: c) To assess the accuracy of predictions made by
the regression model a) Better predictive accuracy of the regression model

b) Weaker correlation between the variables

Question 8: How is the Standard Error of Estimation (SE) c) A need for more independent variables in the model
calculated in regression analysis?
d) A higher coefficient of determination (R-squared)
a) It is the square root of the coefficient of determination
(R-squared). Answer: a) Better predictive accuracy of the regression
model
b) It is the standard deviation of the independent variable.
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CHAPTER – 5
Question 1: What is the primary characteristic of a time series Question 4: What is the purpose of secular trend
data? analysis in time series data?

A) Nothing remains the same.

B) With time, everything changes. A) To calculate correlation coefficients.

C) It is always assumed that growth is good. B) To find a regression line.

D) Time series data is unrelated to change. C) To draw a scattered diagram.

D) To analyze cyclical patterns.

Answer: B) With time, everything changes.

Question 2: What is a common assumption about time series Answer: B) To find a regression line.
data?

A) Nothing remains the same.

Question 5: In time series analysis, what serves as the
B) With time, everything changes. independent variable when analyzing the secular trend?

C) It is always assumed that growth is good.

D) Time series data remains constant. A) Correlation coefficient.

Answer: C) It is always assumed that growth is good. B) Scattered diagram.

C) Time.
Question 3: Why is it important to analyze time series data?
D) Regression line.
A) Nothing remains the same.

B) With time, everything changes.

Answer: C) Time.
C) It is always assumed that growth is good, and the economy
becomes better.

D) Growth is not necessarily always good.

Answer: C) It is always assumed that growth is good, and the

economy becomes better.
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Question 6: How can secular trend (T) be solved Question 9: How is a second-degree trend
numerically using a linear equation in time series (curvilinear trend) solved numerically in time series
analysis? analysis?

A) Calculate the correlation coefficient. A) By fitting a straight line.

B) Draw a scattered diagram. B) By using the linear model.

C) Find the regression line. C) By drawing a scattered diagram.

D) Analyze cyclical patterns. D) By using a parabolic equation.

Answer: C) Find the regression line. Answer: D) By using a parabolic equation.

Question 7: When does the linear model become Question 10: What characterizes cyclic variation in time
inadequate for describing the change in a variable (y) series data?
over time in time series analysis?
A) It is a component that repeats within each year.
A) When the data set is small.
B) It is a component that remains constant over time.
B) When the correlation coefficient is high.
C) It is a component that tends to oscillate above and
C) When the linear model is not used. below the secular trend line for periods longer than a
year.
D) When the linear model does not adequately describe
the change. D) It is a component that is completely irregular.

Answer: D) When the linear model does not adequately Answer: C) It is a component that tends to oscillate
describe the change. above and below the secular trend line for periods longer
than a year.
Question 8: What type of curve is used to overcome the
inadequacy of the linear model in time series analysis?
Question 11: What is the first step in dealing with cyclic
A) Hyperbolic curve. variation in time series analysis?

B) Parabolic curve. A) Identifying the secular trend.

C) Straight line. B) Identifying the irregular component.

D) Sine wave. C) Identifying the seasonal variation.

Answer: B) Parabolic curve. D) Removing the seasonal variation.

Answer: C) Identifying the seasonal variation.

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Question 12: After removing seasonal variation and finding Question 15: What is the purpose of the index obtained
the secular trend, what is the next step in analyzing cyclic from the Ratio to Moving Average method in seasonal
variation in time series data? variation analysis?

A) Isolating the cyclical and irregular components of the trend. A) To calculate the trend value.

B) Calculating the correlation coefficient. B) To isolate the cyclical component.

C) Drawing a scattered diagram. C) To calculate the season value of the data.

D) Fitting a straight line to the data. D) To determine the irregular component.

Answer: A) Isolating the cyclical and irregular components of Answer: C) To calculate the season value of the data.
the trend.
Question 16: What is the defining characteristic of
Question 13: What method is used to calculate seasonal seasonal variation in time series data?
variation in time series analysis?
A) It is unpredictable and irregular.
A) Ratio to trend method.
B) It is repetitive and predictable.
B) Ratio to moving average method.
C) It remains constant over time.
C) Correlation method.
D) It follows a linear trend.
D) Regression analysis.
Answer: B) It is repetitive and predictable.
Answer: B) Ratio to moving average method.
Question 17: What does the process of
Question 14: What does the Ratio to Moving Average method depersonalization involve in time series analysis?
provide in time series analysis?
A) Calculating the trend value.
A) A seasonally adjusted value.
B) Eliminating the effects of seasonal variation.
B) A trendline.
C) Fitting a straight line to the data.
C) A scatter plot.
D) Isolating the cyclical component.
D) An irregular component.

Answer: A) A seasonally adjusted value. Answer: B) Eliminating the effects of seasonal

variation.
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Question 18: Which method is commonly used to Question 20: After calculating the seasonal index for all
calculate seasonal variation in time series data? four quarters, what is the next step in determining the
TSCI component?

A) Ratio to trend method.

A) Calculate the irregular variation.
B) Regression analysis.
B) Calculate the secular trend.
C) Ratio to moving average method.
C) Calculate the cyclical variation.
D) Correlation method.
D) Depersonalize the values for all quarters.

Answer: C) Ratio to moving average method.

Answer: B) Calculate the secular trend.

Question 19: What is the first step in calculating the TSCI

component of a time series data? Question 21: What variation is typically not calculated
when determining the TSCI component?

A) Calculate the secular trend.

A) Seasonal variation.
B) Calculate the cyclical variation.
B) Irregular variation.
C) Calculate the seasonal index for all four quarters.
C) Cyclical variation.
D) Calculate the irregular variation.
D) Secular trend variation.

Answer: C) Calculate the seasonal index for all four

quarters. Answer: B) Irregular variation.
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CHAPTER - 6
Question 1:What does probability measure? Question 4:Before understanding probability, what
other mathematical concepts should be
A) Time comprehended?
B) Temperature A) Algebra and Geometry
C) Chance or possibility B) Factorial, Permutations, and Combinations
D) Distance C) Statistics and Calculus
Answer: C) Chance or possibility D) Trigonometry and Probability Distributions

Answer: B) Factorial, Permutations, and Combinations

Question 2:How is probability used when planning for a
picnic?
Question 5:What is the factorial of 5?
A) It determines the exact weather forecast.
A) 25
B) It helps in choosing the best location for the picnic.
B) 120
C) It provides a numerical measure of the chance of rain.
C) 720
D) It suggests the types of food to bring.
D) 5040
Answer: C) It provides a numerical measure of the
chance of rain. Answer: B) 120

Question 3:In the example given, what is the probability Question 6:How is factorial denoted for an integer in
of rain for the weekend if it's stated as 0.6? mathematics?

A) 60% A) Using the letter 'F' followed by the integer.

B) 6% B) By putting the integer in square brackets.

C) 0.06% C) By using the integer followed by an exclamation

point.
D) 0.6%
D) Using the letter 'X' followed by the integer.
Answer: A) 60%
Answer: C) By using the integer followed by an
exclamation point.
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Question 7:Which of the following statements is true Answer: A) P(n, r) = n! / (n - r)!

regarding factorials?

A) Factorial 1 is equal to 2.
Question 10:What is the notation for combinations when
B) Factorial 0 is equal to 1. selecting r items from n items?

C) Factorial 3 is equal to 9. A) nCr

D) Factorial 5 is equal to 240. B) nPr

Answer: B) Factorial 0 is equal to 1. C) n!

D) rCn

Question 8:What is the fundamental difference Answer: A) nCr

between permutations and combinations?

A) Permutations consider the arrangement order, Question 11:If there are three items (a, b, c), how many
while combinations do not. combinations of two items can be formed, denoted as
³C₂?
B) Permutations involve more objects than
combinations. A) 2

C) Permutations allow repetitions, whereas B) 3

combinations do not.
C) 6
D) Combinations are used for counting only, while
D) 9
permutations involve calculations.
Answer: B) 3
Answer: A) Permutations consider the arrangement
order, while combinations do not.
Question 12:What is the formula to calculate
combinations, denoted as C(n, r), where r items are
Question 9:What is the formula for calculating selected from n items?
permutations, denoted as P(n, r), where r items are
selected from n items? A) C(n, r) = n! / (n - r)!

A) P(n, r) = n! / (n - r)! B) C(n, r) = n! / r!

B) P(n, r) = n! / r! C) C(n, r) = n! * (n - r)!

C) P(n, r) = n! * (n - r)! D) C(n, r) = n! / (r! * (n - r)!)

D) P(n, r) = n! + (n - r)! Answer: D) C(n, r) = n! / (r! * (n - r)!)

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Question 13:What is a random experiment or trial?

A) A carefully planned experiment with controlled Question 16:What are the elements of the sample space
conditions. in a random experiment called?

B) An operation or experiment conducted under A) Sample collection

identical conditions with multiple possible outcomes.
B) Random points
C) An experiment with predetermined results.
C) Sample elements
D) A trial with no variability in outcomes.
D) Sample points
Answer: B) An operation or experiment conducted
under identical conditions with multiple possible Answer: D) Sample points.
outcomes.

Question 17:How is the sample space typically denoted?

Question 14:Which of the following is an example of a
A) E
random experiment?
B) R
A) Solving a math problem.
C) S
B) Flipping a coin.
D) X
C) Baking a cake.
Answer: C) S.
D) Drawing a straight line.

Answer: B) Flipping a coin.

Question 18:What notation is used to represent the
number of sample points in a sample space?
Question 15:What is the set of all possible outcomes of
A) n(S)
a random experiment called?
B) S!
A) Outcome set
C) Σ(S)
B) Experiment space
D) N(S)
C) Sample space
Answer: A) n(S).
D) Probability set

Answer: C) Sample space.

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Question 19:In probability, what is an event? Question 22:Which of the following is an example
of a certain event?
A) An unpredictable outcome.
A) Rolling a fair six-sided die and getting a 7.
B) Any subset of the sample space.
B) Tossing a coin and getting either heads or tails.
C) A predetermined result.
C) Drawing a card from a standard deck and getting a red
D) A random experiment. card.
Answer: B) Any subset of the sample space. D) Flipping a coin and getting either heads or heads.

Answer: B) Tossing a coin and getting either heads or

tails.
Question 20:If a set A is a subset of the sample space S,
what is A called?

A) A probability point. Question 23:What is an impossible event in probability?

B) A sample element. A) An event that is certain to occur.
C) An outcome. B) An event with no favorable outcomes.
D) An event. C) An event with multiple possible outcomes.
Answer: D) An event. D) An event that always happens.

Answer: B) An event with no favorable outcomes.

Question 21:What type of event is it when the sample
points in the event are the same as the sample points
in the sample space? Question 24:Which set corresponds to an impossible
event in probability?
A) Impossible event.
A) Set 𝑛 (natural numbers).
B) Uncertain event.
B) Set 𝑅 (real numbers).
C) Certain event.
C) Set 𝜙 (null set).
D) Probable event.
D) Set 𝑄 (rational numbers).
Answer: C) Certain event.
Answer: C) Set 𝜙 (null set).
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Question 25:What is an example of an impossible

event?
Question 28:When can we consider the outcomes
A) Rolling a fair six-sided die and getting a 7. of a trial to be equally likely?

B) Drawing an ace from a standard deck of cards. A) When they are based on intuition.

C) Tossing a coin and getting either heads or tails. B) When they are chosen randomly.

D) Selecting a prime number from a set of even C) When, considering all relevant evidence, there is no
integers. reason to prefer one outcome over another.

Answer: A) Rolling a fair six-sided die and getting a 7. D) When they are dependent on each other.

Answer: C) When, considering all relevant evidence,

there is no reason to prefer one outcome over another.
Question 26:When are events considered mutually
exclusive?

A) When they have the same outcome. Question 29:Which of the following is an example of
equally likely events?
B) When they have at least one common outcome.
A) Tossing a biased coin.
C) When the happening of any of them restricts the
happening of the others. B) Rolling a fair six-sided die.

D) When they are dependent on each other. C) Drawing a card from a deck with missing cards.

Answer: C) When the happening of any of them D) Spinning a roulette wheel.

restricts the happening of the others.
Answer: B) Rolling a fair six-sided die.

Question 27:What are equally likely events in Question 30:What are exhaustive events in probability?
probability?
A) Events that cannot occur.
A) Events that have an equal chance of occurring.
B) Events that are mutually exclusive.
B) Events that are impossible to occur.
C) Events that form the entire sample space of the
C) Events that are predetermined. random experiment.

D) Events with random outcomes. D) Events that are impossible to predict.

Answer: A) Events that have an equal chance of Answer: C) Events that form the entire sample space of
occurring. the random experiment.
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Question 31:What is a complementary event in Question 34:If A and B are complementary events, what
probability? is the relationship between their union (A U B) and the
sample space (S)?
A) An event that is unrelated to the sample space.
A) A U B is a subset of S.
B) The event that has the highest probability of
occurring. B) A U B is equal to S.

C) The non-occurrence event of another event in the C) A U B is empty (∅).

sample space.
D) A U B has no defined relationship with S.
D) An event with multiple favorable outcomes.
Answer: B) A U B is equal to S.
Answer: C) The non-occurrence event of another
event in the sample space.
Question 35:How is the probability of an event A defined
mathematically when there are n equally likely,
Question 32:When are two events considered exhaustive, and mutually exclusive sample points, and m
complementary events? of them are favorable to A?

A) When they have no outcomes in common. A) P(A) = m / n

B) When they are unrelated to each other. B) P(A) = m - n

C) When they are dependent on each other. C) P(A) = n / m

D) When they have the same outcomes. D) P(A) = n - m

Answer: A) When they have no outcomes in common. Answer: A) P(A) = m / n

Question 33: Which of the following statements is true Question 36: In the context of probability, what does
about complementary events A and B? "exhaustive" mean when referring to sample points?

A) They have the same outcomes. A) It means that the sample points cover all possible
outcomes.
B) They are unrelated to each other.
B) It means that the sample points are unrelated to each
C) They are exhaustive as well as mutually exclusive other.
events.
C) It refers to the non-occurrence of an event.
D) They have the highest probability of occurring.
D) It refers to the complementary event.
Answer: C) They are exhaustive as well as
mutually exclusive events. Answer: A) It means that the sample points cover all
possible outcomes.
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Question 37: What does the Addition Theorem in Question 40:What is the formula for the Addition
probability help calculate? Theorem in probability when events A and B are
not disjoint?
A) The probability of independent events.
A) P(A U B) = P(A) + P(B) + P(A∩B)
B) The probability of either event A or event B
occurring. B) P(A U B) = P(A) + P(B) - P(A∩B)

C) The probability of complementary events. C) P(A U B) = P(A) - P(B) + P(A∩B)

D) The probability of disjoint events. D) P(A U B) = P(A) + P(B)

Answer: B) The probability of either event A or event B Answer: B) P(A U B) = P(A) + P(B) - P(A∩B)
occurring.
Question 41:What does "disjoint events" mean in the
Question 38 : What is the range of values for the context of the Addition Theorem?
probability P(A) according to the mathematical
definition of probability? A) Events that always occur simultaneously.

A) P(A) can be any real number. B) Events that have no favorable outcomes.

B) 0 ≤ P(A) ≤ 1 C) Events that never occur at the same time.

C) P(A) must be greater than 1. D) Events that have identical outcomes.

D) 0 < P(A) < 100 Answer: C) Events that never occur at the same time.

Answer: B) 0 ≤ P(A) ≤ 1

Question 39: When is the Addition Theorem typically Question 42:What does conditional probability measure?
used in probability?
A) The probability of two independent events occurring
A) When events are disjoint. simultaneously.

B) When events are complementary. B) The probability of an event occurring given that
another event has already occurred.
C) When events are independent.
C) The probability of two complementary events.
D) When events are not disjoint.
D) The probability of mutually exclusive events.
Answer: D) When events are not disjoint.
Answer: B) The probability of an event occurring given
that another event has already occurred.
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Question 43: How is the conditional probability of Question 46:What does the Multiplication Theorem in
event A given event B already occurred denoted? probability help calculate?

A) P(A/B) A) The probability of either event A or event B occurring.

B) P(A∩B) B) The probability of event A and event B occurring

simultaneously.
C) P(A|B)
C) The probability of complementary events.
D) P(A&B)
D) The probability of mutually exclusive events.
Answer: C) P(A|B)
Answer: B) The probability of event A and event B
occurring simultaneously.
Question 44:What is the formula for calculating
conditional probability P(A/B), where A and B are
events? Question 47:What is the probability of simultaneous
occurrence of events A and B, according to the
A) P(A/B) = P(A) * P(B) Multiplication Theorem?
B) P(A/B) = P(A ∩ B) A) P(A) + P(B)
C) P(A/B) = P(A) + P(B) B) P(A/B) * P(B)
D) P(A/B) = P(A ∩ B) / P(B) C) P(A) * P(B)
Answer: D) P(A/B) = P(A ∩ B) / P(B) D) P(A ∪ B)
Question 45:What does P(B/A) represent in conditional Answer: C) P(A) * P(B)
probability?
Question 48: When are two events considered
A) The probability of event A occurring. independent of each other in probability?
B) The probability of event B occurring. A) When they have the same outcomes.
C) The probability of event B given that event A has B) When the occurrence or non-occurrence of one event
already occurred. affects the other.
D) The probability of event A and event B occurring C) When they have at least one common outcome.
simultaneously.
D) When the occurrence or non-occurrence of one event
Answer: C) The probability of event B given that event does not affect the other.
A has already occurred.
Answer : D) When the Occurrence or non-occurrence of
event does not affect the other.
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Question 49: If events A and B are independent, what Answer: C) The total number of trials.
is the relationship between the probability of their
simultaneous occurrence and their individual
probabilities?
Question 52: What is the range of values for x in the
A) P(A ∩ B) = P(A) + P(B) binomial distribution?

B) P(A ∩ B) = P(A) * P(B)

C) P(A ∩ B) = P(A/B) * P(B/A) A) All real numbers.

D) P(A ∩ B) = P(A) / P(B) B) All positive integers.

Answer: B) P(A ∩ B) = P(A) * P(B) C) Any number between 0 and 1.

Question 50: What does the random variable X D) All whole numbers from 0 to n.
represent in the context of the binomial distribution?

Answer: D) All whole numbers from 0 to n.

A) The number of trials in the experiment.

B) The probability of success in each trial.

Question 53: Which of the following real-life examples
C) The number of successes in the repeated trials. can be represented by a binomial distribution?

D) The probability of failure in each trial.

A) Measuring the height of individuals in a population.

Answer: C) The number of successes in the repeated B) Tossing a fair six-sided die to get different numbers.
trials.
C) Introducing a new drug to cure a disease (success or
Question 51: In the binomial distribution, what is the failure).
value of n?
D) Counting the number of cars in a traffic jam.
A) The probability of success.

B) The probability of failure.

Answer: C) Introducing a new drug to cure a disease
C) The total number of trials. (success or failure).

D) The number of successes.

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Question 54: In a binomial distribution, if the Question 57: Under what condition is the binomial
probability of success is 0.3 and the number of trials is distribution symmetric?
50, what is the mean of the distribution?
A) When the number of trials (n) is even.
A) 15
B) When the probability of success (p) is exactly 0.5.
B) 30
C) When the probability of failure (q) is exactly 0.5.
C) 45
D) When the number of trials (n) is a prime number.
D) 50
Answer: B) When the probability of success (p) is exactly
Answer: B) 30 0.5.

Question 55 : If the probability of success in a binomial

distribution is 0.7, what is the measure of skewness for Question 58: What is the formula for finding the mode of
the distribution with 100 trials (n = 100)? a distribution?

A) 0 (symmetric)
A) M = n * p
B) Positive skew
B) M = (n + 1) * p
C) Negative skew
C) M = n - p
D) Cannot be determined
D) M = n / (n + 1)

Answer: B) M = (n + 1) * p
Answer: B) Positive skew

Question 56: What is the variance of a binomial Question 59: If the calculated mode (M) is not an integer,
distribution with 60 trials and a success probability of where does the mode lie in relation to M?
0.4?
A) Mode is M + 1
A) 6
B) Mode is M - 1
B) 12
C) Mode is the integral part between M-2 and M
C) 16
D) Mode is always M itself
D) 24
Answer: C) Mode is the integral part lying between M-
Answer: C) 16 2 and M.
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Question 60: When the mode is an integer, how many Question 63: Who introduced the Poisson probability
modes does the distribution have? distribution?

A) One mode A) Sir Isaac Newton

B) Two modes B) Albert Einstein

C) Three modes C) S.D. Poisson

D) It depends on the value of p D) Leonhard Euler

Answer: B) Two modes Answer: C) S.D. Poisson

Question 61: If M is calculated as 7.5, what is the mode

of the distribution? Question 64: What is the range of values that a Poisson
random variable can take on?
A) Mode is 6

B) Mode is 7
A) All real numbers
C) Mode is 8
B) All positive integers
D) Mode is not defined
C) Any number between 0 and 1
Answer: B) Mode is 7
D) All whole numbers from 0 to infinity

Question 62: In a bimodal distribution, what are the

values of the two modes if M is an integer? Answer: D) All whole numbers from 0 to infinity

A) M + 1 and M - 1

B) M and M

C) M and M + 2

D) M - 1 and M – 2

Answer: A) M + 1 and M – 1
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Question 65: In the Poisson distribution, what is the Question 68: What is the formula for the mean of a
parameter symbolized by 𝝀? Poisson distribution?

A) The mean A) Mean = 3 + 𝝀

B) The variance B) Mean = 𝝀

C) The standard deviation C) Mean = 𝝀^2

D) The mode D) Mean = 1 / 𝝀

Answer: A) The mean Answer: B) Mean = 𝝀

Question 66: What is the probability mass function of a

Poisson random variable? Question 69: In a Poisson distribution, what does 𝜷₁
(measure of skewness) represent?
A) F(x) = 𝒆^x / x!

B) F(x) = 𝒆^𝝀 / 𝝀!
A) The number of modes in the distribution
C) F(x) = 𝝀^x / x!
B) The degree of asymmetry in the distribution
D) F(x) = 𝒆^x / 𝝀!
C) The mean of the distribution
Answer: A) F(x) = 𝒆^x / x!
D) The variance of the distribution
Question 67: What does the constant "e" in the Poisson
distribution represent? Answer: B) The degree of asymmetry in the distribution

Question 70: Which of the following is NOT an example of

A) The number of trials a Poisson probability scenario?

B) The number of successes

A) The number of misprints on a page of a book
C) The base of the natural logarithm
B) The number of people in a community living to 100
D) The variance of the distribution years of age

C) The number of dice rolls needed to get a 6

Answer: C) The base of the natural logarithm D) The number of customers entering a post office on a
given day

Answer: C) The number of dice rolls needed to get a 6

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Question 71: In a Poisson distribution, if 𝝀 is an integer, Question 74: In a normal distribution, what are the
how many modes does the distribution have? parameters represented by µ and 𝝈²?

A) No mode A) The number of data points

B) One mode B) The mean and variance

C) Two modes C) The median and mode

D) Three modes D) The range and standard deviation

Answer: C) Two modes Answer: B) The mean and variance

Question 72: If the calculated mean (𝝀) in a Poisson Question 75: What is a Standard Normal Variable in the
distribution is 7.5, what is the mode of the context of a normal distribution?
distribution?
A) A variable with a mean of 1 and a variance of 0

A) Mode is 7 B) A variable with a mean of 0 and a variance of 1

B) Mode is 8 C) A variable with a mean of 100 and a variance of 10

C) Mode is 9 D) A variable with a mean of 50 and a variance of 25

D) Mode is not defined

Answer: B) A variable with a mean of 0 and a variance of 1

Answer: B) Mode is 8

Question 76: What is the shape of the graph of a normal

Question 73: What percentage of data falls to the left distribution?
of the mean in a normal distribution?

A) 10%
A) U-shaped
B) 25%
B) Symmetric and bell-shaped
C) 50%
C) Skewed to the right
D) 75%
D) Skewed to the left
Answer: C) 50%

Answer: B) Symmetric and bell-shaped

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Question 77: What is the total area under the normal A) μ = 1, 𝝈 = 0

curve in a normal distribution?
B) μ = 0, 𝝈 = 1
A) 0.25
C) μ = 100, 𝝈 = 25
B) 0.5
D) μ = 25, 𝝈 = 100
C) 0.75
Answer: B) μ = 0, 𝝈 = 1
D) 1

Answer: D) 1 Question 81: If a normal distribution has a mean (μ) of

100 and a standard deviation (𝝈) of 25, what is the
variance (𝝈²) of the distribution?
Question 78: What is the quartile deviation of a
dataset with a standard deviation of 𝝈? A) 𝝈² = 100

A) 0.6745𝝈 B) 𝝈² = 25

B) 0.5𝝈 C) 𝝈² = 1

C) 0.25𝝈 D) 𝝈² = 625

D) 0.7979𝝈 Answer: D) 𝝈² = 625

Answer: A) 0.6745𝝈
Question 82: In a normal distribution, what is the
Question 79: If the mean deviation of a dataset is relationship between the mean, median, and mode?
0.7979𝝈, what is the quartile deviation of the same
dataset? A) They are always different from each other.

A) 0.6745𝝈 B) They are all equal to zero.

B) 0.7979𝝈 C) They are equal and can be any real number.

C) 0.5𝝈 D) There is no specific relationship between them.

D) 0.25𝝈 Answer: C) They are equal and can be any real number.

Answer: A) 0.6745𝝈

Question 80: In a normal distribution with parameters N (0,1),

what are the values of the mean (μ) and the standard
deviation (𝝈)?
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chapter -7

Question 1: What is the primary goal of managers Answer: B) By estimating enrollments based on
when using sample statistics to estimate population current enrollments in the same courses.
parameters?

Question 3: When a credit manager wants to estimate the

A) To calculate the exact proportion or mean of the creditworthiness of prospective customers, what does the
population. credit manager use as a basis for estimation?

B) To make precise predictions without any

uncertainty.
A) Future predictions
C) To gather information for decision-making without
using samples. B) Personal opinions

D) To estimate population characteristics based on C) Samples of past payment habits

sample data.
D) Random guesswork

Answer: D) To estimate population characteristics

Answer: C) Samples of past payment habits
based on sample data.

Question 4: How does a homebuyer attempt to estimate

Question 2: How does a department head use sample
the future course of interest rates?
statistics to estimate enrollments for the next year?

A) By speculating without any data.

A) By conducting experiments to predict future
enrollments. B) By using historical data from unrelated sources.
B) By estimating enrollments based on current C) By observing the current behavior of interest rates.
enrollments in the same courses.
D) By conducting experiments on interest rate fluctuations.
C) By making random guesses about future
enrollments.

D) By using historical data unrelated to enrollments. Answer: C) By observing the current behavior of interest
rates.
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Question 5: Why is calculating the exact proportion or Answer: C) To avoid as much error as possible.
mean of a population often an impossible goal?

A) Because managers lack the necessary skills to Question 8: In decision-making, what are decision-
perform such calculations. makers sometimes forced to rely on?

B) Because it requires using large samples, which are A) Blind hunches

often impractical.
B) Precise predictions
C) Because populations are constantly changing,
C) Historical data
making exact calculations challenging.
D) Statistical concepts
D) Because it is impossible to gather data from a
sample. Answer: A) Blind hunches
Answer: C) Because populations are constantly Question 9: When information is available and statistical
changing, making exact calculations challenging. concepts are applied, how can decision-makers perform
compared to relying on blind hunches?
Question 6: In situations where information is available
and statistical concepts are applied, what can decision- A) They perform equally well.
makers do?
B) They perform worse.
A) Rely solely on blind hunches.
C) They can do better.
B) Make precise predictions without any error.
D) Their performance is unpredictable.
C) Make estimates and statements about the likely
error accompanying the estimate. Answer: C) They can do better.

D) Avoid any errors by not making decisions. Question 10: Why is it important to make estimates and
statements about the likely error accompanying the
Answer: C) Make estimates and statements about the estimate in decision-making?
likely error accompanying the estimate.
A) To eliminate all errors completely.
Question 7: What is the primary goal when B) To justify the decision-making process.
implementing controls to reduce errors in estimation?
C) To avoid decision-making based on data.
A) To eliminate all errors completely. D) To provide a measure of uncertainty and reliability in
decision-making.
B) To make estimates without any error.
Answer: D) To provide a measure of uncertainty and
C) To avoid as much error as possible. reliability in decision-making.
D) To rely on blind hunches to avoid errors.
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Question 11: What is a point estimate in statistics? Question 14: What is the primary advantage of an
interval estimate compared to a point estimate?
A) A range of values used to estimate a population
parameter.

B) A single number used to estimate an unknown A) It is always more accurate.

population parameter.
B) It provides a single number for estimation.
C) A measure of the error in estimation.
C) It indicates the extent of the error and the probability
D) A probability distribution of population values. of the true parameter value.

Answer: B) A single number used to estimate an unknown D) It is simpler to calculate.

population parameter.

Question 12: Why is a point estimate often considered

insufficient for making reliable estimates? Answer: C) It indicates the extent of the error and the
probability of the true parameter value.
A) Because it provides a range of values.

B) Because it is always accurate.

Question 15: How does an interval estimate indicate
C) Because it doesn't indicate the extent of error. the error in estimating a population parameter?

D) Because it is always accompanied by an interval

estimate.
A) It doesn't provide any information about the error.
Answer: C) Because it doesn't indicate the extent of error.
B) It only indicates the range of values used for
Question 13: When is a point estimate of enrollment estimation.
useful in predicting future enrollment accurately?
C) It indicates the error by specifying the extent of its
A) When the point estimate is accompanied by an range and the probability of the true parameter lying
estimate of the error. within that range.

B) When the point estimate is extremely precise. D) It provides a point estimate for the population
parameter.
C) When the point estimate is off by a large margin.

D) When the point estimate is only slightly incorrect.

Answer: C) It indicates the error by specifying the
extent of its range and the probability of the true
parameter lying within that range.
Answer: A) When the point estimate is accompanied by an
estimate of the error.
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Question 16: What is an estimator in statistics? Answer: A) A specific value of a sample statistic.

A) A specific value of a sample statistic.

B) A range of values used to estimate a population Question 19: How is an estimate formed in statistics?
parameter.
A) By calculating the population parameter directly.
C) A sample statistic used to estimate a population
parameter. B) By selecting a random sample and computing the
value of the estimator in that sample.
D) A value indicating the likelihood of an estimate
being accurate. C) By using a point estimate.

Answer: C) A sample statistic used to estimate a D) By estimating the sample range.

population parameter.
Answer: B) By selecting a random sample and computing
the value of the estimator in that sample.

Question 17: Which of the following can be used as an

estimator of the population mean?
Question 20: If the mean odometer reading from a
A) A specific value of the population mean. sample of used taxis is calculated to be 98,000 miles,
what is this specific value called in statistics?
B) The sample proportion.

C) The sample range.

A) The estimator
D) The sample mean (x̄).
B) The estimate
Answer: D) The sample mean (x̄).
C) The population parameter

D) The sample range

Question 18: What is an estimate in statistics?

A) A specific value of a sample statistic.

Answer: B) The estimate
B) A range of values used to estimate a population
parameter.

C) A value indicating the reliability of a population parameter.

D) The exact value of the population parameter.

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Question 21: What is the term "unbiased" in the context C) When it provides estimates that are, on average, equal
of an estimator's quality? to the population parameter.

A) It means the estimator always provides the most D) When it provides estimates that are consistently
accurate estimate. above the sample mean.

B) It refers to the fact that the estimator's values are Answer: C) When it provides estimates that are, on
consistently above the population parameter. average, equal to the population parameter.

C) It signifies that the estimator is fair and provides Question 24: Which of the following statements is true
estimates that are, on average, equal to the population regarding unbiased estimators?
parameter.
A) They are always better than biased estimators.
D) It indicates that the estimator is unreliable and should
be avoided. B) They are unreliable and should be avoided.

Answer: C) It signifies that the estimator is fair and C) They provide estimates that are, on average, equal to
provides estimates that are, on average, equal to the the population parameter.
population parameter.
D) They consistently provide estimates that are above the
Question 22: What is the desirable property of an sample mean.
estimator that ensures it is unbiased?
Answer: C) They provide estimates that are, on average,
A) Providing estimates consistently above the population equal to the population parameter.
parameter.
Question 25: What is the significance of an estimator
B) Being influenced by the sample size.
being unbiased?
C) Providing estimates that are, on average, equal to the
A) It guarantees that the estimator is always accurate.
population parameter.
B) It ensures that the estimator is influenced by the
D) Consistently providing estimates that are above the
sample size.
sample mean.
C) It means that, on average, the estimator provides
Answer: C) Providing estimates that are, on average,
estimates that are close to the population parameter.
equal to the population parameter.
D) It indicates that the estimator consistently provides
Question 23: When can a statistic be considered an
estimates above the population parameter.
unbiased estimator of a population parameter?
Answer: C) It means that, on average, the estimator
A) When it consistently provides estimates that are
provides estimates that are close to the population
above the population parameter.
parameter.
B) When it consistently provides estimates that are
below the population parameter.
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Question 26: What does the efficiency of an estimator Answer: B) The one with the smaller standard error.
refer to in statistics?
Question 29: How is efficiency related to the standard
A) The size of the sample used for estimation. error of a statistic?

B) The degree of precision in the estimator's

calculations.
A) Efficiency is unrelated to the standard error.
C) The size of the standard error of the statistic.
B) Efficiency is directly proportional to the standard error.
D) The reliability of the estimator.
C) Efficiency is inversely proportional to the standard
Answer: C) The size of the standard error of the error.
statistic.
D) Efficiency is determined by the population parameter.
Question 27: How is efficiency measured when
comparing two statistics for estimation? Answer: C) Efficiency is inversely proportional to the
standard error.
A) By comparing the sample size.

B) By comparing the estimator's bias.

Question 30: Why is an estimator with a smaller standard
C) By comparing the size of the standard error. error considered more efficient?

D) By comparing the population parameter.

Answer: C) By comparing the size of the standard A) Because it requires a larger sample size.
error.
B) Because it is influenced by the population parameter.

C) Because it has a better chance of producing an

Question 28: In comparing two statistics as estimators, estimate closer to the population parameter.
which one is considered more efficient?
D) Because it has a larger bias.

A) The one with the larger standard error.

Answer: C) Because it has a better chance of producing
B) The one with the smaller standard error. an estimate closer to the population parameter.

C) The one with the larger sample size.

D) The one with the larger population parameter.

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Question 31: What does it mean for a statistic to be a Question 33: How can the consistency of an estimator be
consistent estimator of a population parameter? determined?

A) It means the statistic always provides unbiased A) By calculating the standard error of the statistic.
estimates.
B) By examining its efficiency.
B) It means the statistic becomes almost certain to
produce estimates very close to the population parameter C) By assessing whether, as the sample size increases, it
as the sample size increases. becomes more likely to provide estimates close to the
population parameter.
C) It means the statistic is efficient.
D) By comparing its sample size with that of other
D) It means the statistic requires smaller sample sizes for estimators.
accurate estimation.

Answer: C) By assessing whether, as the sample size

Answer: B) It means the statistic becomes almost certain increases, it becomes more likely to provide estimates
to produce estimates very close to the population close to the population parameter.
parameter as the sample size increases.

Question 34: What is sufficiency in the context of an

Question 32: In the context of consistency, what happens estimator?
to the performance of a consistent estimator as the
sample size increases?
A) It means the estimator provides unbiased estimates.

A) It becomes less reliable. B) It means the estimator can be calculated easily.

B) It becomes more reliable and is almost certain to C) It means the estimator makes the most efficient use of
produce estimates close to the population parameter. the sample information, and no other estimator can
extract additional information from the sample.
C) It becomes less efficient.
D) It means the estimator is always consistent.
D) It requires smaller sample sizes for accuracy.

Answer: C) It means the estimator makes the most

Answer: B) It becomes more reliable and is almost certain efficient use of the sample information, and no other
to produce estimates close to the population parameter.
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estimator can extract additional information from the

sample.
Question 37: Why is the sample mean considered a
Question 35: Why is it important for an estimator to be desirable estimator for the population mean?
sufficient?

A) Because it is always consistent.

A) To ensure that it always provides unbiased
estimates. B) Because it is always unbiased.

B) To minimize the standard error of the statistic. C) Because it is the most efficient estimator.

C) To make the most effective use of the sample D) Because it is unbiased, consistent, and efficient when
information and prevent other estimators from the sample is sufficiently large.
extracting additional information.

D) To require smaller sample sizes for accurate

Answer: D) Because it is unbiased, consistent, and efficient
estimation.
when the sample is sufficiently large.

Answer: C) To make the most effective use of the

Question 38: What does it mean for an estimator to be
sample information and prevent other estimators from
unbiased?
extracting additional information.

A) It means the estimator consistently provides accurate

Question 36: What is the sample mean (x̄) often
estimates.
referred to as in statistics?
B) It means the estimator is always the best choice for
estimation.
A) The only estimator for population parameters.
C) It means the estimator is consistent.
B) The most biased estimator.
D) It means the estimator, on average, provides estimates
C) The best estimator of the population mean (μ). that are equal to the population parameter.

D) An inefficient estimator.
Answer: D) It means the estimator, on average, provides
estimates that are equal to the population parameter.
Answer: C) The best estimator of the population mean
(μ).
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Question 39: In the medical supplies company Answer: B) It is used to estimate the population variance
example, why does the company need an estimate of and standard deviation.
the number of syringes per carton?

A) To determine the sample mean.

Question 42: Why might the management of the medical
B) For billing purposes since syringes are sold on a supplies company want to estimate the population
per-unit basis. standard deviation of the distribution of the number of
packaged syringes per carton?
C) To conduct consistency checks on syringe
packaging. A) To calculate the population mean.

D) To calculate the population mean. B) To estimate the sample standard deviation.

Answer: B) For billing purposes since syringes are C) To assess the efficiency of their packing process.
sold on a per-unit basis.
D) To understand the variation in the number of syringes
Question 40: How can the sample mean be used to per carton and for quality control purposes.
estimate the population mean in the medical supplies
company's scenario?

A) By taking the median of the sample. Answer: D) To understand the variation in the number of
syringes per carton and for quality control purposes.
B) By taking the mean of the sample's variances.

C) By calculating the sample mean of the number of

syringes in the sample cartons. Question 43: Which of the following is the most frequently
used estimator for the population standard deviation?
D) By calculating the range of values in the sample.
A) The population standard deviation itself.
Answer: C) By calculating the sample mean of the
number of syringes in the sample cartons. B) The population mean.

C) The sample standard deviation (s).

Question 41: What is the sample standard deviation
(s) used for in statistics? D) The range of values in the sample.

A) It is used to estimate the population mean.

B) It is used to estimate the population variance and Answer: C) The sample standard deviation (s).
standard deviation.

C) It is used to calculate the population parameter.

D) It is used to estimate the population median.

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Question 44: What does the sample standard deviation C) To estimate population parameters and learn more
(s) provide an estimate of? about a population.

A) The population median. D) To determine the sample variance.

B) The population mean. Answer: C) To estimate population parameters and learn

more about a population.
C) The population variance and standard deviation.

D) The population range. Question 47: What is the key characteristic of an interval
estimate in statistics?

A) It provides a single point value for the population

Answer: C) The population variance and standard parameter.
deviation.
B) It provides a range of values within which the
population parameter is likely to lie.
Question 45: In the context of point estimates, what C) It offers a measure of population variance.
does the sample standard deviation (s) help
management estimate for the medical supplies D) It is always more accurate than point estimates.
company?

A) The population mean.

Answer: B) It provides a range of values within which the
B) The population median. population parameter is likely to lie.

C) The variation and spread in the number of packaged

syringes per carton, as represented by the population
standard deviation. Question 48: How does an interval estimate differ from a
point estimate?
D) The exact population variance.
A) An interval estimate is always more precise.
Answer: C) The variation and spread in the number of
packaged syringes per carton, as represented by the B) A point estimate provides a single value, while an
population standard deviation. interval estimate provides a range of values.

C) An interval estimate is always certain, while a point

Question 46: What is the primary purpose of gathering estimate is uncertain.
samples in statistics?
D) A point estimate is more reliable.
A) To calculate the population parameter directly.

B) To provide point estimates of population parameters. Answer: B) A point estimate provides a single value, while
an interval estimate provides a range of values.
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Question 49: What information does an interval

estimate provide about a population parameter?

A) The exact value of the population parameter.

B) A single point estimate.

C) A range of values within which the population

parameter is likely to fall, along with a measure of
reliability.

D) The population variance.

Answer: C) A range of values within which the

population parameter is likely to fall, along with a
measure of reliability.
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CHAPTER – 8

Question 1. What does LP stand for in the context of Answer: b. Convert them into a particular format
mathematical techniques?

a. Linear Probability
Question 4. In what domain has Linear
b. Limited Programming Programming been found to have useful
applications?
c. Linear Programming
a. Healthcare
d. Linear Prioritization
b. Sports
Answer: c. Linear Programming
c. Financial decisions

d. Art
Question 2. In what way is Linear Programming used
to allocate limited resources?

a. To distribute resources evenly Answer: c. Financial decisions

b. To distribute resources randomly

c. To allocate resources based on demand Question 5. What type of constraints are typically
associated with Linear Programming problems?
d. To allocate resources optimally
a. Non-linear constraints

b. Quadratic constraints
Answer: d. To allocate resources optimally
c. Linear constraints

d. Exponential constraints
Question 3. To obtain the optimal solution in Linear
Programming, what must be done to the problems?

a. Add more constraints Answer: c. Linear constraints

b. Convert them into a particular format

c. Remove all constraints

d. Randomly restructure them

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Question 6. In Linear Programming, what is the goal of Answer: c. Constraints should be known and
the decision maker? deterministic

a. Minimize the objective function

b. Ignore the objective function Question 9. Which type of values should decision
variables take in Linear Programming?
c. Maximize the objective function
a. Negative values only
d. Change the objective function regularly
b. Positive values only

c. Negative or positive values

Answer: c. Maximize the objective function
d. Non-negative values (zero or more than zero)

Question 7. What is a fundamental condition for using

Linear Programming (LP)? Answer: d. Non-negative values (zero or more
than zero)
a. Equations can be non-linear

b. Equations must be quadratic

Question 10. What is the divisibility condition for
c. All equations should be linear decision variables in Linear Programming?
d. Equations can be any form a. Decision variables cannot be divided

b. Decision variables must be integers

Answer: c. All equations should be linear c. Decision variables should be non-integers

d. Decision variables are divisible

Question 8. When using Linear Programming, what is
the condition related to constraints?
Answer: d. Decision variables are divisible
a. Constraints should be unknown

b. Constraints can be stochastic

c. Constraints should be known and deterministic

d. Constraints should be hidden

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CHAPTER - 9

Question 1. What is simulation used for in the Answer: d. To predict the actual behavior of a
context of a real system? system

a. To make real-time changes

b. To exactly replicate the real system Question 4. In simulation methodology, where are
the key factors or decisions typically listed in a flow
c. To study the effects of changes through a model chart?
d. To replace the real system with a virtual one a. On the left-hand side
Answer: c. To study the effects of changes through b. On the top side
a model
c. On the right-hand side
Question 2. How does simulation imitate a system or d. In the center
environment?
Answer: c. On the right-hand side
a. By creating an identical copy

b. By predicting unreal behavior

Question 5. How does problem definition for
c. By using real data only simulation differ from problem definition for other
analytical tools?
d. By modeling the system to mimic its behavior
a. It is more complex
Answer: d. By modeling the system to mimic its
behavior b. It is identical

c. It differs significantly
Question 3. What is the primary objective of
simulation? d. It includes fewer variables

a. To replace real systems with virtual ones

b. To make predictions about unrelated systems Answer: c. It differs significantly

c. To replicate all details of a real system

d. To predict the actual behavior of a system

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Question 6. What is the purpose of drawing a flow

chart for a simulation model?

a. To make the simulation model more complex

b. To visualize the problem definition

c. To eliminate key factors

d. To list the key factors on the left-hand side

Answer: b. To visualize the problem definition