This document contains 20 multiple choice questions about business and statistics concepts such as break even analysis, probability distributions, and acceptance rates. The questions assess understanding of key terms like fixed and variable costs; properties of binomial, normal, and other probability distributions; and how to calculate probabilities and averages. Sample calculations are provided for some questions.

1. STRAYER MAT 540 Week 2 Quiz 1 Set 1 QUESTIONS NEW
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Question 1: Parameters are known, constant values that are
usually coefficients of variables in equations.
Question 2: If variable costs increase, but price and fixed costs
are held constant, the break even point will decrease.
Question 3: Probabilistic techniques assume that no
uncertainty exists in model parameters.
Question 4: Fixed cost is the difference between total cost and
total variable cost.
Question 5: A binomial probability distribution indicates the
probability of r successes in n trials.
Question 6: The events in an experiment are mutually
exclusive if only one can occur at a time.
Question 7: If events A and B are independent, then P(A|B) =
P(B|A).
Question 8: If fixed costs increase, but variable cost and price
remain the same, the break even point
Question 9: If the price increases but fixed and variable costs
do not change, the break even point
Question 10: A bed and breakfast breaks even every month if
they book 30 rooms over the course of a month. Their fixed
cost is $4200 per month and the revenue they receive from
each booked room is $180. What their variable cost per
occupied room?
Question 11: EKA manufacturing company produces Part #

2. 2206 for the aerospace industry. Each unit of part # 2206 is
sold for $15. The unit production cost of part # 2206 is $3. The
fixed monthly cost of operating the production facility is $3000.
How many units of part # 2206 have to be sold in a month to
break-even?
Question 12: In a binomial distribution, for each of n trials, the
event
Question 13: The expected value of the standard normal
distribution is equal to
Question 14: The area under the normal curve represents
probability, and the total area under the curve sums to
Question 15: Administrators at a university are planning to
offer a summer seminar. The costs of reserving a room, hiring
an instructor, and bringing in the equipment amount to $3000.
Suppose that it costs $25 per student for the administrators to
provide the course materials. If we know that 20 people will
attend, what price should be charged per person to break even?
Note: please report the result as a whole number, rounding if
necessary and omitting the decimal point.
Question 16: A production process requires a fixed cost of
$50,000. The variable cost per unit is $25 and the revenue per
unit is projected to be $45. Find the break-even point.
Question 17: Administrators at a university will charge
students $158 to attend a seminar. It costs $2160 to reserve a
room, hire an instructor, and bring in the equipment. Assume it
costs $50 per student for the administrators to provide the
course materials. How many students would have to register
for the seminar for the university to break even?Note: please
report the result as a whole number, omitting the decimal
point.
Question 18: Wei is considering pursuing an MS in Information
Systems degree. She has applied to two different universities.
The acceptance rate for applicants with similar qualifications is
20% for University X and 45% for University Y. What is the

3. probability that Wei will be accepted by at least one of the two
universities? {Express your answer as a percent. Round (if
necessary) to the nearest whole percent and omit the decimal.
For instance, 20.1% would be written as 20}
Question 19: An inspector correctly identifies defective
products 90% of the time. For the next 10 products, what is the
probability that he makes fewer than 2 incorrect inspections?
Note: Please report your answer with two places to the right of
the decimal, rounding if appropriate.
Question 20: An automotive center keeps tracks of customer
complaints received each week. The probability distribution
for complaints can be represented as a table (shown below).
The random variable xi represents the number of complaints,
and p(xi) is the probability of receiving xi complaints.
xi 0 1 2 3 4 5 6
p(xi) .10 .15 .18 .20 .20 .10 .07
What is the average number of complaints received per week?
Note: Please report your answer with two places to the right of
the decimal, rounding if appropriate.