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Free CFA-Level-I Exam Braindumps (page: 285)

Page 284 of 991
PDF with 3963 Questions

What must you know to develop a binomial probability distribution?

  1. Probability of success
  2. Probability of success and number of trials
  3. Probability of success and number of successes
  4. Number of trials
  5. Number of successes

Answer(s): B

Explanation:

Binomial distribution: n!(p^r)(q^(n-r))/r!(n-r)!. We need to know n and p. q = 1-p. r is the number of successes which we determine ourselves.



The weights of a sample of crates ready for shipment to Laos are (in kilograms): 103, 97, 101, 106 and 103.
What is the mean deviation?

  1. 2.4 kg
  2. 102.0 kg
  3. 0 kg
  4. None of these answers
  5. 6.9 kg

Answer(s): A

Explanation:

The mean is 102. The mean deviation is the absolute values of the deviation from the mean. (1 + 5 + 1 + 4 +
1)/5 = 12/5 = 2.4



What is the distribution with a mean of 0 and a standard deviation of 1 called?

  1. Binomial probability distribution
  2. None of these answers
  3. Frequency distribution
  4. Z-score
  5. Standard normal distribution

Answer(s): E

Explanation:

These values describe the standard normal distribution.



Suppose we set the criterion for the rejection of the null that is extremely stringent, assuring us that the null will be definitely rejected. Then, which of the following is/are true?

  1. The probability of a Type I error is zero.
    II. The probability of Type II error is zero.
    III. The significance level of the test is 1.
  2. II only
  3. none of these answers
  4. I only
  5. II & III
  6. I & III

Answer(s): D

Explanation:

A Type I error refers to the event that we will reject the null when, in fact, it is true. If the criterion is so stringent that you always reject the null, then the probability of type I error is one. A Type II error refers to the event that we will fail to reject the null when, in fact, it is false. If you always reject the null, then the probability of type II error is clearly zero. Also remember that the significance level is the same as the probability of making a Type I error. Hence, in this case, the significance level equals 100%.






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