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Free CFA-Level-I Exam Braindumps (page: 278)

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PDF with 3963 Questions

In a distribution that is right skewed:

  1. the median is larger than the mean.
  2. large negative deviations dominate large positive deviations.
  3. the mean is positive.
  4. large positive deviations dominate large negative deviations.

Answer(s): D

Explanation:

large positive deviations dominate large negative deviations.



The mean of a normal probability distribution is 500 and the standard deviation is 10. About 95 percent of the observations lie between what two values?

  1. None of these answers
  2. 475 and 525
  3. 480 and 520
  4. 350 and 650
  5. 400 and 600

Answer(s): C

Explanation:

95% lie between plus and minus two standard deviations of the mean.



Which of the following is/are true?

  1. If P(A or B) = P(A) + P(B), A and B are independent
    II. If P(A and B) = P(A).P(B), A and B are mutually exclusive
    III. If P(A and B) = P(A) + P(B), P(A) = P(B) = 0
  2. III only
  3. II & III
  4. I only
  5. II only
  6. I & II

Answer(s): A

Explanation:

If A and B are independent, P(A and B) = P(A).P(B) and vice versa. If A and B are mutually exclusive, P(A and B) = 0. Note that P(A or B) = P(A) + P(B) - P(A and B). Hence, if P(A and B) = P(A) + P(B), the P(A or B) = 0.
This implies that neither A nor B can occur, giving P(A) = P(B) = 0.



Manufacturers were subdivided into groups by volume of sales. Those with more than $100 million in sales were classified as Class A large; those from $50 to $100 million as Class A medium size; and those between $25 and $50 million, and so on. Samples were then selected from each of these groups. What is this type of sampling called?

  1. Stratified random
  2. Simple random
  3. Convenience
  4. None of these answers
  5. Panel

Answer(s): A

Explanation:

This is stratified random sampling. It is a method of selecting a random item from each section of the population. The randomness comes from the random selection from a particular section. Stratified refers to the division of the sections.






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