The accounting firm of Nancy Ahmadi & Associates (NAA) was commissioned to audit a population of 500 accounts. For this audit, NAA selected a simple random sample of 64 accounts. The sample showed an average discrepancy of 120 with a standard deviation of 24.
a. Estimate the population total discrepancy.
b. Develop an approximate 95 confidence interval for the population total discrepancy.
Q. 2Which of the following types of data has no measure of variability?
a. Interval data.
b. Nominal data.
c. Bimodal data.
d. None of these choices.
Q. 3Simple random sampling has been used to obtain a sample of size 60 from a population of size 700 . The sample mean was 500 with a standard deviation of 60.
a. Estimate the standard error of the mean.
b. Develop an approximate 95 confidence interval for the population mean.
Q. 4Is a standard deviation of 10 a large number indicating great variability, or is it small number indicating little variability? To answer this question correctly, one should look carefully at the value of the:
a. mean.
b. standard deviation.
c. coefficient of variation.
d. mean dividing by the standard deviation.
Q. 5Nancy Joon, Inc has 1,500 employees. A simple random sample of 81 employees was selected, and the individuals in the sample were asked how much they contribute (monthly) to their retirement accounts. Sample mean, = 150, standard deviation, s = 45
a. Estimate the standard error of the mean.
b. Develop an approximate 95 confidence interval for the population mean.
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