MBA 601 LATEST 2026 EXAM QUESTIONS AND
ANSWERS GRADED A+
✔✔Mode - ✔✔The data value that occurs with greatest frequency
✔✔Trimmed mean - ✔✔A mean computed after removing a fixed percentage of the
smallest and largest data values
✔✔Weighted mean - ✔✔A mean that uses weights to reflect the relative importance of
each observation
✔✔Geometric mean - ✔✔The nth root of the product of n values often used for average
growth rates
✔✔Percentile - ✔✔A value such that a given percentage of the data are at or below it
✔✔Quartile - ✔✔A special percentile that divides data into four equal parts
✔✔First quartile - ✔✔The 25th percentile of a data set
✔✔Second quartile - ✔✔The 50th percentile or median of a data set
✔✔Third quartile - ✔✔The 75th percentile of a data set
✔✔Range - ✔✔The difference between the largest and smallest data values
✔✔Interquartile range - ✔✔The difference between the third quartile and the first
quartile
✔✔Variance - ✔✔A measure of variability based on the average squared distance of
values from the mean
✔✔Population variance - ✔✔The variance computed using all values in a population
✔✔Sample variance - ✔✔The variance computed using sample data divided by sample
size minus one
✔✔Standard deviation - ✔✔The positive square root of the variance
✔✔Coefficient of variation - ✔✔The standard deviation expressed as a fraction of the
mean used for relative comparison of variability
✔✔Skewness - ✔✔A numerical measure of the degree to which a distribution is not
symmetric
, ✔✔Symmetric distribution - ✔✔A distribution in which left and right tails are mirror
images and mean and median are equal or close
✔✔Skewed left - ✔✔A distribution with a longer tail to the left and typically mean less
than median
✔✔Skewed right - ✔✔A distribution with a longer tail to the right and typically mean
greater than median
✔✔z score - ✔✔The number of standard deviations a data value is from the mean
✔✔Chebyshevs theorem - ✔✔A rule that states at least a certain proportion of data
must lie within a chosen number of standard deviations of the mean for any data set
✔✔Empirical rule - ✔✔A rule for bell shaped distributions that specifies approximate
percentages of data within one two and three standard deviations of the mean
✔✔Outlier - ✔✔An unusually small or large data value relative to the rest of the data
✔✔Five number summary - ✔✔The set of values consisting of minimum first quartile
median third quartile and maximum
✔✔Boxplot - ✔✔A graph based on the five number summary that shows center spread
and potential outliers
✔✔Covariance - ✔✔A measure of linear association between two variables; positive
values show they move together and negative values show they move in opposite
directions
✔✔Correlation coefficient - ✔✔A standardized measure of linear association between
two variables that ranges from minus one to plus one
✔✔Positive linear relationship - ✔✔A situation where larger values of one variable are
associated with larger values of another variable
✔✔Negative linear relationship - ✔✔A situation where larger values of one variable are
associated with smaller values of another variable
✔✔Probability - ✔✔A numerical measure between zero and one that describes the
likelihood an event will occur
✔✔Experiment - ✔✔Any process that generates well defined outcomes
ANSWERS GRADED A+
✔✔Mode - ✔✔The data value that occurs with greatest frequency
✔✔Trimmed mean - ✔✔A mean computed after removing a fixed percentage of the
smallest and largest data values
✔✔Weighted mean - ✔✔A mean that uses weights to reflect the relative importance of
each observation
✔✔Geometric mean - ✔✔The nth root of the product of n values often used for average
growth rates
✔✔Percentile - ✔✔A value such that a given percentage of the data are at or below it
✔✔Quartile - ✔✔A special percentile that divides data into four equal parts
✔✔First quartile - ✔✔The 25th percentile of a data set
✔✔Second quartile - ✔✔The 50th percentile or median of a data set
✔✔Third quartile - ✔✔The 75th percentile of a data set
✔✔Range - ✔✔The difference between the largest and smallest data values
✔✔Interquartile range - ✔✔The difference between the third quartile and the first
quartile
✔✔Variance - ✔✔A measure of variability based on the average squared distance of
values from the mean
✔✔Population variance - ✔✔The variance computed using all values in a population
✔✔Sample variance - ✔✔The variance computed using sample data divided by sample
size minus one
✔✔Standard deviation - ✔✔The positive square root of the variance
✔✔Coefficient of variation - ✔✔The standard deviation expressed as a fraction of the
mean used for relative comparison of variability
✔✔Skewness - ✔✔A numerical measure of the degree to which a distribution is not
symmetric
, ✔✔Symmetric distribution - ✔✔A distribution in which left and right tails are mirror
images and mean and median are equal or close
✔✔Skewed left - ✔✔A distribution with a longer tail to the left and typically mean less
than median
✔✔Skewed right - ✔✔A distribution with a longer tail to the right and typically mean
greater than median
✔✔z score - ✔✔The number of standard deviations a data value is from the mean
✔✔Chebyshevs theorem - ✔✔A rule that states at least a certain proportion of data
must lie within a chosen number of standard deviations of the mean for any data set
✔✔Empirical rule - ✔✔A rule for bell shaped distributions that specifies approximate
percentages of data within one two and three standard deviations of the mean
✔✔Outlier - ✔✔An unusually small or large data value relative to the rest of the data
✔✔Five number summary - ✔✔The set of values consisting of minimum first quartile
median third quartile and maximum
✔✔Boxplot - ✔✔A graph based on the five number summary that shows center spread
and potential outliers
✔✔Covariance - ✔✔A measure of linear association between two variables; positive
values show they move together and negative values show they move in opposite
directions
✔✔Correlation coefficient - ✔✔A standardized measure of linear association between
two variables that ranges from minus one to plus one
✔✔Positive linear relationship - ✔✔A situation where larger values of one variable are
associated with larger values of another variable
✔✔Negative linear relationship - ✔✔A situation where larger values of one variable are
associated with smaller values of another variable
✔✔Probability - ✔✔A numerical measure between zero and one that describes the
likelihood an event will occur
✔✔Experiment - ✔✔Any process that generates well defined outcomes
