Question

1.

Bonuses in wealth management industry have come under scrutiny particularly after the Great Recession of 2007-2009. In 2019, the mean of the bonuses paid by top 10 wealth management firms for management and financial advisors was $125,500; use this value as your hypothetical (population) mean. The population standard deviation was $30,000. Jones Inc reported that a sample of 40 employees' year-end bonuses in 2019 averaged $118,000; use this as your sample size and sample mean respectively. Are the bonuses paid by Jones Inc significantly different from the population mean? Use the five step hypothesis testing process to analyze this problem, adopting the critical value approach and assuming a level of significance of .05. Assume you obtained a Zobserved =-1.37 when you entered this into Minitab.

For this question, what is the alternative hypothesis?

Select one:

a. The population mean does not equal $125,500

b. The population mean equals $125,500

c. The sample mean does not equal $125,500

d. The sample mean equals $125,500

2.

Bonuses in wealth management industry have come under scrutiny particularly after the Great Recession of 2007-2009. In 2019, the mean of the bonuses paid by top 10 wealth management firms for management and financial advisors was $125,500; use this value as your hypothetical (population) mean. The population standard deviation was $30,000. Jones Inc reported that a sample of 40 employees' year-end bonuses in 2019 averaged $118,000; use this as your sample size and sample mean respectively. Are the bonuses paid by Jones Inc significantly different from the population mean? Use the five step hypothesis testing process to analyze this problem, adopting the critical value approach and assuming a level of significance of .05. Assume you obtained a Zobserved =-1.37 when you entered this into Minitab.

The appropriate test statistic is:

Select one:

a. z

b. t

c. F

d. not needed

3.

Bonuses in wealth management industry have come under scrutiny particularly after the Great Recession of 2007-2009. In 2019, the mean of the bonuses paid by top 10 wealth management firms for management and financial advisors was $125,500; use this value as your hypothetical (population) mean. The population standard deviation was $30,000. Jones Inc reported that a sample of 40 employees' year-end bonuses in 2019 averaged $118,000; use this as your sample size and sample mean respectively. Are the bonuses paid by Jones Inc significantly different from the population mean? Use the five step hypothesis testing process to analyze this problem, adopting the critical value approach and assuming a level of significance of .05. Assume you obtained a Zobserved =-1.37 when you entered this into Minitab.

What is the decision rule, using the critical value approach?

Select one:

a. Reject Ho if Zobserved is more than 1.645

b. Reject Ha if Zobserved is less than - 1.96 or more than 1.96

c. Reject H0 if Zobserved is less than - 1.96 or more than 1.96

d. Reject Ho if Zobserved is less than - 1.645

e. Reject Ho if Zobserved is less than - 1.645 or more than 1.645

4.

What is the decision, using the critical value approach?

Select one:

a. Reject H0

b. Fail to reject H0

c. Reject Ha

d. Fail to reject Ha

5.

Coca-Cola has found that U.S. consumers drink an average of 423 ounces of Coca-Cola beverages annually. You feel that this amount may be different in Atlanta. Thus, you take a sample of 36 consumers in Atlanta and find that the sample mean is 460.4, with a sample standard deviation of 101.9. Do consumers in Atlanta drink Coca-Cola beverages statistically different than the U.S. population? Use the five step hypothesis testing process to analyze this problem, adopting the critical value approach and assuming a level of significance of .05. Assume you obtained a test statistic of 2.20 when you entered this into Minitab.

What is the appropriate alternative hypothesis?

Select one:

a. The population mean does not equal 423

b. The sample mean does not equal 423

c. The population mean does not equal 460.4

d. The sample mean does not equal 460.4

e. The population mean is higher than 423

6.

Coca-Cola has found that U.S. consumers drink an average of 423 ounces of Coca-Cola beverages annually. You feel that this amount may be different in Atlanta. Thus, you take a sample of 36 consumers in Atlanta and find that the sample mean is 460.4, with a sample standard deviation of 101.9. Do consumers in Atlanta drink Coca-Cola beverages statistically different than the U.S. population? Use the five step hypothesis testing process to analyze this problem, adopting the critical value approach and assuming a level of significance of .05. Assume you obtained a test statistic of 2.20 when you entered this into Minitab.

What is the appropriate test statistic to use?

Select one:

a. z

b. t

c. F

d. not needed

7.

Coca-Cola has found that U.S. consumers drink an average of 423 ounces of Coca-Cola beverages annually. You feel that this amount may be different in Atlanta. Thus, you take a sample of 36 consumers in Atlanta and find that the sample mean is 460.4, with a sample standard deviation of 101.9. Do consumers in Atlanta drink Coca-Cola beverages statistically different than the U.S. population? Use the five step hypothesis testing process to analyze this problem, adopting the critical value approach and assuming a level of significance of .05. Assume you obtained a test statistic of 2.20 when you entered this into Minitab.

What is the appropriate test statistic to use?

Select one:

a. z

b. t

c. F

d. not needed

8.

What is the decision?

Select one:

a. Reject H0

b. Fail to reject H0

c. Reject Ha

d. Fail to reject Ha

Answer #1

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