Chapter 1
What type of insurance does Infinity primarily provide?
a. Health Insurance
b. Homeowners Insurance
c. Life Insurance
d. Nonstandard Auto Insurance
d. Nonstandard Auto Insurance
What are the main guidelines for tabulation?
a. Use a bar chart to visualize the data
b. Classify the data into meaningful categories, ensuring each class is mutually exclusive
c. Ensure that the data is arranged in descending order
d. Ignore missing data
b. Classify the data into meaningful categories, ensuring each class is mutually exclusive
What is a time series?
a. A sequence of random numbers
b. A set of values recorded over time
c. A mathematical equation
d. A type of bar chart
b. A set of values recorded over time
What is the primary goal of a formal business report?
a. To entertain the audience
b. To answer specific questions for a target audience
c. To promote a product or service
d. To summarize personal opinions
b. To answer specific questions for a target audience
What is one of the main reasons for holding stock?
a. To delay production processes
b. To increase holding costs
c. To ensure goods are available to meet expected demand
d. To reduce storage space usage
c. To ensure goods are available to meet expected demand
Which of the following is NOT a competitor of Infinity Auto Insurance?
a. Coca-Cola
b. AIG
c. GEICO
d. Progressive
a. Coca-Cola
What are the disadvantages of a pie chart?
a. They are difficult to interpret for large datasets
b. They are not effective for showing relationships between categories
c. They can display only a limited amount of data
d. Both A and B
d. Both A and B
The additive model equation is:
a. Y = T × S × C × R
b. Y = T - S - R
c. Y = T + S + R
d. Y = T/S + R
c. Y = T + S + R
When presenting data visually, which format is best for quick reviews?
a. Microsoft Word document
b. Adobe Acrobat report
c. HTML document or PowerPoint presentation
d. Handwritten notes
HTML document or PowerPoint presentation
Which of the following is not a holding cost?
a. Insurance costs
b. Transport costs
c. Deterioration costs
d. Storage costs
b. Transport costs
What scale type is used when measuring the years an MBA program has been offered?
a. Ordinal
b. Nominal
c. Ratio
d. Interval
c. Ratio
Name the three main types of a bar chart.
a. Vertical, Horizontal, and Stacked
b. Grouped, Stacked, and Continuous
c. 3D, Pie, and Histogram
d. Line, Histogram, and Box plot
a. Vertical, Horizontal, and Stacked
True or False: Moving averages help in identifying trends.
True
Which of the following is NOT a key component of a formal report?
a. Assumptions, evaluations, and recommendations
b. Balanced facts and findings
c. Personal opinions and biased views
d. Clear conclusions based on evidence
c. Personal opinions and biased views
What is data?
a. Processed facts and figures
b. Raw facts and figures
c. Meaningful information
d. Computer programs
b. Raw facts and figures
What kind of data includes categories like "industry type"?
a. Longitudinal Data
b. Quantitative Data
c. Continuous Data
d. Qualitative Data
d. Qualitative Data
How would you prepare a grouped frequency distribution?
a. Sort the data in descending order and plot a line graph
b. Create a pie chart for each category
c. Use only categorical data for the distribution
d. Divide the data into equal intervals, and tally the frequency of each interval
d. Divide the data into equal intervals, and tally the frequency of each interval
True or False: Seasonal variations always follow a fixed annual pattern.
False
Which of the following is NOT a characteristic of a well-prepared report?
a. Timeliness
b. Clarity
c. Excessive technical jargon
d. Objectivity
c. Excessive technical jargon
Which of the following is NOT a purpose of information in an organization?
a. Planning
b. Guesswork
c. Decision-making
d. Performance measurement
b. Guesswork
What scale type is used when measuring the years an MBA program has been offered?
a. Ordinal
b. Ratio
c. Nominal
d. Interval
b. Ratio
What is a cumulative frequency distribution?
a. A distribution that tracks the total frequency up to each class interval
b. A line chart that represents individual data points
c. A distribution that shows the count of values within each interval
d. A bar chart that represents frequencies
a. A distribution that tracks the total frequency up to each class interval
Extrapolation extends historical trends into the future.
True
True or False A well-researched and well-presented report is useless if it is not delivered on time.
False
Which of the following are costs associated with holding too much stock?
a. Increased advertising and marketing
b. Storage costs and risk of obsolescence
c. Staff training costs and recruitment
d. Reduced utility bills and lower insurance
b. Storage costs and risk of obsolescence