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Free CFA-Level-I Exam Braindumps (page: 127)

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PDF with 3963 Questions

A study of a company's practice regarding the payment of invoices revealed that on the average an invoice was paid 20 days after it was received. The standard deviation equaled five days. Assuming that the distribution is normal, what percent of the invoices were paid within 15 days of receipt?

  1. 37.91%
  2. 86.74%
  3. 15.87%
  4. 34.13%
  5. None of these answers

Answer(s): C

Explanation:

z = (x-u)/sigma = 15 - 20/5 = -1.0. z = 1 is 0.3413. 1.0 - 0.8413 = 0.1587.



Which of the following is/are discrete random variables? I. The height of a student selected at random from 217 students. II. The slot number where the ball comes to rest in a roulette wheel. III. The color of a playing card drawn at random from a pack. IV. The speed of a car tracked by the radar gun of highway patrol.

  1. IV only
  2. II & III
  3. I, II & IV.
  4. II only
  5. III only
  6. I, II & III
  7. I only
  8. I & II

Answer(s): B

Explanation:

A student's height and the speed of a car can take values over a continuum and hence, are not discrete variables.



At a local burger joint, 3 workers receive $5.3 per hour, 4 workers receive $4.9 per hour and 2 workers receive $8.1 per hour. The average pay of a worker at the joint is ________.

  1. $5.18
  2. none of these answers
  3. $5.74
  4. $6.10

Answer(s): C

Explanation:

There are 3 + 4 + 2 = 9 workers. The total wages paid equal 3*5.3 + 4*4.9 + 2*8.1 = $51.7. The average pay equals 51.7/9 = $5.74



Which of the following measures of dispersion are based on deviations from the mean?

  1. None of these answers
  2. Standard deviation
  3. Mean deviation
  4. All of these answers
  5. Variance

Answer(s): D

Explanation:

The formulas for all three measures are based on the deviation of the mean. Note: variance is the standard deviation squared.






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