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48 Cards in this Set

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  • Back
The normal distribution is sometimes called the bell curve because Alexander Graham Bell discovered it.
false
In the normal distribution, values in the distribution being measured are close to the mean (high or low values are infrequently found).
true
For a given distribution the average is 15.5 and the standard deviation is 1.5.

If a sample is taken at random, which value is most likely?
16.3
In the standard normal curve, the mean is and a standard deviation of .
0
1
Jim Tree wants to analyze his shipment of trees based on height. He knows the height of the trees is normally distributed so he can use the standard normal distribution. He measures the height of 100 randomly selected trees in his shipment. He finds the mean is 65 inches and the standard deviation is 10 inches.

What percentage of the trees will be between 55 inches and 75 inches?
68%
Choose the correct answer.

Tommy Teacher wants to analyze the weights of the students at his school. He knows the weight of the students is normally distributed so he can use the standard normal distribution. He measures the weight of 100 randomly selected students in the school. He finds the mean is 80 pounds and the standard deviation is 8 pounds.

Out of 100 students, how many should weigh between 64 and 96 pounds?
95
The deviation of a value (x) from the mean of the sample divided by the standard deviation (s)of the sample is known as the "z" value or z-score.
true
A z-score of 1.0 corresponds to a value one standard deviation from the mean.
true
Since the normal curve is not symmetrical the area corresponding to a z-score of +1.0 will be different from that corresponding to -1.0.
false
Choose the correct answer.

A home business has an average income of $900.00 per month with a standard deviation of $15.00. If the income in a given month is $930.00, what z-score corresponds to this value?
2
Enter the answer to the nearest tenth.

Another home business has an average income of $1.200.00 per month with a standard deviation of $100.00. If the income in a given month is $1,030.00, what z-score corresponds to this value?
-1.7
Clyde Cement wants to analyze a shipment of bags of cement. He knows the weight of the bags is normally distributed so he can use the standard normal distribution. He measures the weight of 600 randomly selected bags in the shipment. Next, he calculates the mean and standard deviation of their weights. The mean is 50 lbs and the standard deviation is 1.5 lbs. What percentage of the bags of cement will weigh less than 50 lbs.?
50
Given a population that meets the conditions of a normal distribution, samples taken at random will also be normally distributed regardless of sample size.
true
Given an infinite population that does not meet the conditions of a normal distribution, samples taken at random will also not be normally distributed regardless of sample size.
false
Complete the following statement.

The area under the curve associated with a z score of 3 is _____.
0.4987
Standard error describes a measure of the variability for the means of samples taken from a population
true
Because sample means were being tested, the is used to calculate the z-score.
standard error
The term describes a measure of the variability for the different means.

The is a measure of the variability of individual data items.
standard error
standard deviation
Deviation is the difference between any value and the mean of the set.
true
Use the following data to answer the question.

10, 9, 4, 7, 5.5

The range for this data is _____.
6
A value one standard deviation from the mean is less likely to occur than a value three standard deviations from the mean.
false
If a data point has a corresponding z-score of -1.5, then it is one and a half standard deviations above the mean value.
false
Enter the answer to the nearest tenth.

A small business has an average income of $3,000.00 per month with a standard deviation of $250.00. If the income in a given month is $3,300.00, what z-score corresponds to this value?
1.2
To find the range of a set of data, you must _____.
subtract the smallest number from the largest
The normal distribution curve is also called the bell curve.
true
1. normal distribution
2. standard normal
3. deviation
4. frequency distribution
5. range
6. standard deviation
7. variance
8. z-score
organizes data into categories called classes 4
difference between any value and the mean of the set 3
a distribution that takes on the shape of a bell curve 1
normal distribution with a mean of 0 and a standard deviation of 1 2
square of the standard deviation 7
difference between the smallest term in the data set and the largest term in the data set 5
deviation of a value (x) from the mean of the sample divided by the standard deviation 8
square root of the variance 6
A balance sheet represents a systematic listing of the assets, liabilities, and owner's equity at the time it is made.
true
Assets include what three items?
cash
equipment
inventory
Jim Tree sells 3 items for which he receives $35 in cash. Where would Jim list the amount received?
Cash Assets
Carl Cornfield makes a payment of $250 on a panel truck. What two lines of the balance sheet will this payment change?

It will reduce and also reduce .
cash
accounts payable
Carl Cornfield purchases equipment for $450. After reducing the cash line where else would Carl put an entry for this purchase?
Equipment Assets
Carl Cornfield made up the following balance sheet after one year in business.
Assets Liabilities and Owner's Equity
Cash $5,000 Accounts Payable $3,500
Equipment $5,000 Owner's Equity: Investment $6,500
Total $10,000 Total $10,000

Carl decides to buy some special equipment for $750.

His cash line will now be and his equipment line will now be .
4250
5750
Carl receives $1,750 for vegetables. Which two lines of the balance sheet will this increase?

Choose as many answers as apply.
cash
Owner's Equity
A family needs a new car, but isn't sure they can fit the payment into their budget. A sample of 36 months of grocery bills yields a mean of $94 with a standard deviation of $10. If the upper limit of a 95% confidence level is below $100, the family can afford to buy the car.

Standard error = (standard deviation)/(square root of sample size)

Upper limit (dollars and cents)

Lower limit (dollars and cents)
$90.73?
$97.27?
Calculate the upper and lower limit for a 95% confidence interval about the mean.

A family wants to reduce its expenditures for personal items like gifts, newspapers, magazines and so forth. A sample of 49 months of receipts yields a mean of $220.00 with a standard deviation of $30.00. They decide to calculate a 95% confidence interval about this mean.

Standard error = (standard deviation)/(square root of sample size)

Upper limit (dollars and cents)

Lower limit (dollars and cents)
228.40
211.60
Carl Cornfield has been wondering whether he should plant white corn this year. He decides to sample 100 customers. 38% say they would purchase white corn. Carl wants to have a 95% confidence interval for this proportion.

The confidence interval is from 33% to 43% (to the nearest percent).
false
A consumer surveys 49 televisions. 80% cost between $250.00 and $350.00. The administrator decides to calculate a 95% confidence interval for this proportion.

The confidence interval is from 68% to 92% (to the nearest percent).
true
Sarah Worker is making a presentation. She has 81 people in a workshop. She selects 64. The average budget expense for groceries is 8%. Sarah wants her workshop group to calculate a 95% confidence interval for this estimated proportion.

The confidence interval is from 2% to 14% (to the nearest percent).
true
A sample taken from a normally distributed population will also be normally distributed.
true
The mean is a good of a population.
point estimate
The term standard error describes a measure of the variability for different means.
true
A balance sheet shows a person's or a company's financial health.
true
Jim Tree sold 3 items for cash. Where would Jim list the amount received?
Cash Assets
Carl Cornfield makes a payment on his tractor. What two lines of the balance sheet will this payment change?

It will reduce and also reduce .
cash
accounts payable
Carl Cornfield purchases new equipment. After reducing the cash line, where else would Carl put an entry for this purchase?
Equipment Assets
Profit is a(n) in a person's assets.
increase
Use this data in the problem below. Follow the steps carefully. Round to the nearest tenth.
Lot 3:
Week 1: 345 Week 2: 340 Week 3: 400 Week 4: 325
2. 806.3
3. 28.4
1. 352.5
Use this data in the problem below. Follow the steps carefully. Round to the nearest tenth.
Lot 1:
Week 1: 600 Week 2: 300 Week 3: 500 Week 4: 900
575.0
46,875.0
216.5