13 May 1. Accounting procedures allow a business to evaluate their inve
1. Accounting procedures allow a business to evaluate their inventory at LIFO (Last In First Out) or FIFO (First In First Out). A manufacturer evaluated its finished goods inventory (in $ thousands) for five products both ways. Based on the following results, is LIFO more effective in keeping the value of his inventory lower?
Product FIFO (F) FIFO(L)
1 225 221
2 119 100
3 100 113
4 212 200
5 248 245
This example is what type of test?
Answer
One sample test of means.
Two sample test of means.
Paired t-test.
Test of proportions.
2. Accounting procedures allow a business to evaluate their inventory at LIFO (Last In First Out) or FIFO (First In First Out). A manufacturer evaluated its finished goods inventory (in $ thousands) for five products both ways. Based on the following results, is LIFO more effective in keeping the value of his inventory lower?
Product FIFO (F) FIFO(L)
1 225 221
2 119 100
3 100 113
4 212 200
5 248 245
What is the value of calculated t?
Answer
+0.93
±2.776
+0.47
-2.028
None of these.
3. In a market test of a new chocolate raspberry coffee, a poll of 400 people from Dobbs Ferry showed 250 preferred the new coffee. In Irvington, 170 out of 350 people preferred the new coffee. To test the hypothesis that there is no difference in preferences between the two villages, what is the alternate hypothesis?
A π 1 < π2
B π 1 > π2
C π 1 = π2
D π 1 ≠ π2
4. If we are testing for the difference between two population means and assume that the two populations have equal and unknown standard deviations, the degrees of freedom are computed as (n1)(n2) – 1.
Answer
True
False
5. If the null hypothesis states that there is no difference between the mean net income of retail stores in Chicago and New York City, then the test is two-tailed.
Answer True
False
6. If we are testing for the difference between two population means and assume that the two populations have equal but unknown standard deviations, then the test has (n1 + n2 – 2) degrees of freedom.
Answer
True
False
7.The pooled estimate of the proportion is found by dividing the total number of samples by the total number of successes.
Answer
True
False
8. When testing for a difference between the means of two dependent samples, n1 = n2.
Answer
True
False
9. The t distribution is more spread out and flatter at the center than the standard normal distribution. However, as the sample size increases, the t distribution curve approaches the standard normal distribution.
Answer
True
False
10. A group of statistics students decided to conduct a survey at their university to find the average (mean) amount of time students spent studying per week. Assuming a population standard deviation of 3 hours, what is the required sample size if the error should be less than ½ hour with a 99% level of confidence?
Answer
196
240
15
16
11. If 95% and 98% confidence intervals were developed to estimate the true cost of the microwave, what differences would they have?
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