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(Solved) ASSESSMENT ANSWER.....................................

ASSESSMENT ANSWER.....................................

Wentworth Institute

ASSESSMENT COVER SHEET

STUDENT SURNAME:

UNIT CODE NO:

STUDENT FIRST NAME:

UNIT NAME: Interpret and use financial statistics and tools

FNSINC602A

ASSESSOR?S NAME:

STUDENT NUMBER:

ASSESSMENT TASK: CLOSED BOOK EXAM

DATEOF ASSESSMENT:

ELEMENTS OF PERFORMANCE CRITERIA(S)

ELEMENTS 1, 2,3 & 4

STUDENTS SIGNATURE: ___________________________ DATE: _______________

Assessment Task 2

This assessment consists of 1 (One) part all of which must be answered.

The instructions to complete this assessment are included on the following page.

Follow the instructions with each question.

Answer the following questions:

V1.0 February 2015

Updated by Kazi

FNSINC602A Interpret and use financial statistics and tools

1. What is Statistics and describe its scope.

2. What is the difference between sample statistics and population parameters?

3. Sean is in a large school where the scores for mathematics are normally distributed

with a mean (?) of 55 and a standard deviation (?) of 10. Sean has passed his

mathematics exam with a score of 80. Carole is from a similar school where the

scores for mathematics are normally distributed but they take a different examination

which has a mean of 30 and a standard deviation of 5. Carole?s score is 42. Who has

done better in the mathematics exams? Differentiate between random sample and

bias sample?

4. What is time series analysis? Describe the uses of time series analysis.

5. What is cash flow forecasting? What can you use it for? How to prepare a cash flow

forecast.

6. How do you interpret the confidence levels associated with interval estimation?

7. Explain the data and information functions of the following regulatory bodies:

a. Reserve Bank of Australia

b. Australian Taxation Office (ATO)

c. Australian Bureau of Statistics ( ABS)

d. National Statistical Service(NSS)

e. Australian Securities and Investments Commission (ASIC)

f. Australian Prudential Regulation Authority (APRA)

8. What do you understand by point estimation and interval estimation? How trend

analysis can improve business performance?

9. A new approach to instructing students is adopted by the Institute. You are asked to

design a test to establish if it has had an impact on the performance of the students.

Is this going to be a one-tailed or a two-tailed hypothesis test?

10. Create chart and pie chart for each quarter based on the following information:

WINSTON'S SOFT DRINKS

ANNUAL SALES FIGURES

ACT

NSW

NT

QLD

SA

TAS

VIC

WA

V1.0 February 2015

Updated by Kazi

Q1

15005

55896

7890

32088

20415

18035

48985

30156

Q2

13568

67065

3564

28981

18465

22350

55657

30003

Q3

11684

60235

5540

33457

19846

21984

54687

27982

Q4

17985

59648

8403

30047

17652

21987

56421

29856

TOTAL

58242

242844

25397

124573

76378

84356

215750

117997

FNSINC602A Interpret and use financial statistics and tools

TOTAL: 228470 239653 235415 241999 945537

11. In what ways are normal distribution and the t-distribution similar and in what way do

they differ?

12. What are the different types of errors in statistical data? Provides some examples.

13. What is the Null Hypothesis? When can we say we have proved the Null Hypothesis?

14. Explain why some researchers or statisticians believe that using the t-test for

hypothesis testing is better than using the Z-score.

15. What do you understand by the term ?level of significance??

Checklist for Assessment

Assessment 2

Student Name:

Assessor Name:

Unit of Competency:

FNSINC602A Interpret and use financial statistics and tools

Elements and

Performance Criteria(s)

Elements 1, 2,3 & 4

Note any special

conditions:

C

Assessor Comments

Short questions

Result :

V1.0 February 2015

Updated by Kazi

C

NYC

FNSINC602A Interpret and use financial statistics and tools

NYC

Feedback to student

This signature confirms that the student agrees that the above record is a true reflection of the task performed.

Student signature: ___________________Date:_________________________

Assessor signature: __________________ Date:_______________________

V1.0 February 2015

Updated by Kazi

FNSINC602A Interpret and use financial statistics and tools

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