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Free CFA-Level-I Exam Braindumps (page: 282)

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Which of the following best describes a type II error?

  1. The probability of incorrectly failing to reject the null hypothesis.
  2. (1 - the significance level).
  3. The probability of incorrectly rejecting the null hypothesis.
  4. The power of a test.
  5. More than one of these answers is correct.

Answer(s): A

Explanation:

A type II error occurs when one incorrectly fails to reject the null hypothesis. In most cases, the probability of a type II error is not expressly stated because the determination of this probability is inherently difficult. A type II error is contrasted by a type I error, which is defined as the act of incorrectly rejecting the null hypothesis.



Which of the following is / are true?

  1. The mean deviation can never be negative.
    II. The range of a data set can never be negative.
    III. The mean deviation is always less than the mean absolute deviation (MAD).
  2. I only
  3. I & II
  4. I, II & III
  5. III only
  6. II & III
  7. II only

Answer(s): B

Explanation:

Range of a dataset = maximum value - minimum value. Therefore, the range can never be negative. Also, since the mean deviation is the average of the absolute deviations from the mean, the MD can never be negative, either. Finally, Mean deviation and mean absolute deviation are one and the same thing.



What is the following table called?

Ages Number of Ages
20 - 2916
30 - 3925
40 - 4951
50 - 5980
60 - 6920
70 - 798

  1. None of these answers
  2. Ogive
  3. Histogram
  4. Frequency distribution
  5. Frequency polygon

Answer(s): D

Explanation:

The table above tallies the number of people within each age group. The tallies are then reported in the second column and form the frequency of occurrences in each group. By doing so for every age group, we have a distribution of the frequencies.



Which of the following is/are assumptions of a linear regression?

  1. For every given value of the independent variable, the dependent variable is normally distributed.
    II. The error terms are normally distributed with mean zero.
    III. The error terms are statistically uncorrelated.
  2. I & III
  3. II & III
  4. III only
  5. I & II
  6. II only
  7. I only
  8. I, II & III

Answer(s): G

Explanation:

For every given value of the independent variable, the dependent variable is normally distributed, the error terms are normally distributed with mean zero, and the error terms are statistically uncorrelated.






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