BUSI 300 QUIZ 3 LIBERTY UNIVERSITY 100
2026 EXAM-STYLE QUESTIONS AND MODEL
RESPONSES
◉ Which of the following describes periodic sampling? Answer:
Systematic Sampling Or Periodic sampling means that Systematic
sampling is a type of probability sampling method in which sample
members from a larger population are selected according to a
random starting point and a fixed periodic interval. This interval,
called the sampling interval, is calculated by dividing the population
size by the desired sample size.
◉ ________ sampling applies to populations that are divided into
natural subsets and allocates the appropriate proportion of samples
to each subset. Answer: Stratified sampling
◉ In sampling, ________ involves assessing the value of an unknown
population parameter-such as a population mean, population
proportion, or population variance-using sample data. Answer:
Estimation
◉ From the standard deviation formula, (∑▒(x-x ̅ )^2 )/(n-1),
identify the estimator. Answer: Estimators are the means, sample
variance, or sample proportions X bar
,◉ For which of the following is the value of the estimator said to be
biased? Answer: check slide 7 An estimator of a population
parameter whose expected value does NOT equal the population
parameter
◉ Which of the following accurately describes a sampling
distribution of the mean? Answer: The symbol μM is used to refer to
the mean of the sampling distribution of the mean.
U = Ux
is the distribution of the means of all possible samples of a fixed size
n from some population.
Standard error of the mean = standard deviation/sqrt N
◉ The Ransin Sports Company has noted that the size of individual
customer orders is normally distributed with a mean of $xxx and a
standard deviation of $x. Which of the following is the answer for
the probability that the next individual who buys a product will
make a purchase of more than $xxx? Answer: Mean = 36
Standard devation = 8
what is the probability that the next individual buys a product more
than 40
, =1-NORM.DIST(40,36,8,TRUE)
◉ The Ransin Sports Company has noted that the size of individual
customer orders is normally distributed with a mean of $xxxand a
standard deviation of $x. If a soccer team of xx players were to make
the next batch of orders, what is the probability that the mean
purchase would exceed $xxx? Answer: this is standard error for
some reason we have to calculate the new std with the old 8 dollar
std from the previous problem
$8/sqrt of 16 = $2
Fourth x equals standard error
◉ ________ states that if the sample size is large enough, the sampling
distribution of the mean is approximately normally distributed,
regardless of the distribution of the population and that the mean of
the sampling distribution will be the same as that of the population.
Answer: Central Limit Theorem
◉ For the formula for calculating the confidence level with known
standard deviation, the value ________ represents the value of a
standard normal random variable with a cumulative probability of 1
2026 EXAM-STYLE QUESTIONS AND MODEL
RESPONSES
◉ Which of the following describes periodic sampling? Answer:
Systematic Sampling Or Periodic sampling means that Systematic
sampling is a type of probability sampling method in which sample
members from a larger population are selected according to a
random starting point and a fixed periodic interval. This interval,
called the sampling interval, is calculated by dividing the population
size by the desired sample size.
◉ ________ sampling applies to populations that are divided into
natural subsets and allocates the appropriate proportion of samples
to each subset. Answer: Stratified sampling
◉ In sampling, ________ involves assessing the value of an unknown
population parameter-such as a population mean, population
proportion, or population variance-using sample data. Answer:
Estimation
◉ From the standard deviation formula, (∑▒(x-x ̅ )^2 )/(n-1),
identify the estimator. Answer: Estimators are the means, sample
variance, or sample proportions X bar
,◉ For which of the following is the value of the estimator said to be
biased? Answer: check slide 7 An estimator of a population
parameter whose expected value does NOT equal the population
parameter
◉ Which of the following accurately describes a sampling
distribution of the mean? Answer: The symbol μM is used to refer to
the mean of the sampling distribution of the mean.
U = Ux
is the distribution of the means of all possible samples of a fixed size
n from some population.
Standard error of the mean = standard deviation/sqrt N
◉ The Ransin Sports Company has noted that the size of individual
customer orders is normally distributed with a mean of $xxx and a
standard deviation of $x. Which of the following is the answer for
the probability that the next individual who buys a product will
make a purchase of more than $xxx? Answer: Mean = 36
Standard devation = 8
what is the probability that the next individual buys a product more
than 40
, =1-NORM.DIST(40,36,8,TRUE)
◉ The Ransin Sports Company has noted that the size of individual
customer orders is normally distributed with a mean of $xxxand a
standard deviation of $x. If a soccer team of xx players were to make
the next batch of orders, what is the probability that the mean
purchase would exceed $xxx? Answer: this is standard error for
some reason we have to calculate the new std with the old 8 dollar
std from the previous problem
$8/sqrt of 16 = $2
Fourth x equals standard error
◉ ________ states that if the sample size is large enough, the sampling
distribution of the mean is approximately normally distributed,
regardless of the distribution of the population and that the mean of
the sampling distribution will be the same as that of the population.
Answer: Central Limit Theorem
◉ For the formula for calculating the confidence level with known
standard deviation, the value ________ represents the value of a
standard normal random variable with a cumulative probability of 1
