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FM015 PART B SET 3

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.
1. Which TWO of the following are NOT features of a normal distribution:
a)
It is symmetrical
b)
It is bell-shaped
c)
The area under the curve is equal to 0.5
d)
The mean is equal to the mode
e)
The mean is above the median
2.
2. If the three possible outcomes of a decision are profits of $10, $50 or $80 with probabilities of 0.3, 0.3 and 0.4 respectively, what is the expected profit?
a)
$40
b)
$44
c)
$47
d)
$50
3.

3. A local council is considering purchasing a snow plough which could cost $20,000 per annum. This would save on outside contractors but the amount would depend on the severity of the winter weather

(a)  

4.

4. A new product is expected to generate the following profits or losses:

(a)  

5.
5. What is the probability that a worker earns less than $330?
a)
1.3%
b)
2.3%
c)
3.1%
d)
4.6%
6.
6. What is the probability that a worker earns between $370 and $400?
a)
1%
b)
15%
c)
20%
d)
25%
7.

7. A baker produces four flavours of their best-selling cupcake (chocolate, vanilla, lemon and strawberry) in equal quantities. For quality checking purposes, one cake is selected from each batch of 100 cakes produced.What is the probability that the cake selected is chocolate flavoured?

(a)  

8.
8. A company has compiled data on the number of items purchased by a customer in his last 7 orders:
a)
The arithmetic mean is 13
b)
The median is 6
c)
The arithmetic mean is 15
d)
The median is 14
e)
The arithmetic mean value is higher than the median value
9.
9. X Company can choose from five mutually exclusive projects. The projects will each last one year only and their net cash inflows will be determined by the prevailing market conditions. The forecast annual cash inflows and their associated probabilities are shown below.
a)
L
b)
M
c)
N
d)
P
10.
10. A company has a normally distributed sales pattern for one of its products, with a mean of $110. The probability of a sale worth more than $120 is 0.0119 Using normal distribution tables, what is the standard deviation, to two decimal places, associated with sales?
a)
$4.41
b)
$4.42
c)
$4.43
d)
$4.44
11.

11. The weights of a certain mass produced item are known, over a long period of time, to be normally distributed with a mean of 8kg and a standard deviation of 0.02kg.If items whose weights lie outside the range 7.985 - 8.035kg are deemed to be faulty, what percentage of products will be faulty (to two decimal places)?

(a)  

12.
12. XYZ manufactures chemicals used in industry. It sells its chemical XX in 500 litre containers.The containers are filled automatically by specially designed equipment. Though testing a sample of filled containers it is found that the quantities follow a normal distribution and have a mean of 500 litres. Recent tests showed that 7% of containers contained more than 510 litres.What is the standard deviation of the distribution?
a)
6.76
b)
10.52
c)
14.80
d)
35.41
13.

13. A soft drink manufacturer bottles its products in 500 ml bottles. A review of one of the bottling machines showed that the mean amount in each bottle is 498ml, with a standard deviation of 0.9ml.Adopting a normal distribution, what percentage of containers will contain more than the notional contents of 500ml (to 2 decimal places)?

(a)  

14.

14. A business has analysed its customer collection data and has found that a customer takes 37 days to pay on average with a standard deviation of 4 days.Assuming the data follows a normal distribution, what is the probability that a customer will take longer than 47 days to pay (to 2 decimal places)?

(a)  

15.
15. John has produced the following spreadsheet to calculate the correlation coefficient between average daily fruit and vegetable intake (measured in normal portions) and success in exams (number of passes above C grade).
a)
(6*D11-B11*C11)/((6*E11-B11^2)*(6*F11-C11^2))^0.5
b)
(7*D11-B11*C11)/((7*E11-B11^2)*(7*F11-C11^2))
c)
(7*D11-B11*C11)/((7*E11-B11^2)*(7*F11-C11^2))^0.5
d)
(6*D11-B11*C11)/((6*E11-B11^2)*(6*F11-C11^2))