CIS March 2013 Exam Diet
Examination Paper 1.1:
Financial Accounting and Financial Statement
Analysis
Economics and Financial Markets
Quantitative Analysis and Statistics
Level 1
Financial Accounting and Financial Statement Analysis (1 - 34)
1.
Which of the following statements are true when analyzing a company's financial
ratios?
I.
Ratios only measure effects; they do not say anything about the causes that led
to those particular effects.
II. As long as the accounting methods used are similar, it is possible to compare two
companies even if they operate in different industries.
III. The usefulness of ratios largely depends on the assumption that past
performance is not a good predictor of future performance.
IV. Income statements would be more reflective of economic reality if replacement
cost figures were used instead of historical cost.
A.
B.
C.
D.
II and III only.
I and II only.
I and IV only.
III and IV only.
2.
ABC Corp. has a current ratio of 1.9:1. Which of the following activities would cause
this ratio to decrease?
A. Returning some inventory with a corresponding reduction in amount owed to the
supplier.
B. Obtaining a short-term debt in order to boost cash positions.
C. Using cash to acquire some inventories.
D. Using cash to pay down some wages payable.
3.
Which of the following represents cash flow from operating activities?
A. Payment of dividends.
B. Collection of accounts receivable.
C. Using cash to buy some new equipment.
D. Prepayment of a portion of the bonds outstanding.
4.
Under which of the following conditions would the value of an asset be considered
impaired?
A. When the sum of the cash flows expected to be generated from the use and
disposal of the asset becomes less than its book value.
B. When the book value of the asset becomes less than its fair market value.
C. Only the firm's independent auditors may exercise that judgment.
D. When the fair market value of the assets becomes less than its value in use.
5.
Which of the following events would result in a reduction in reported profit before
taxes?
A. Purchase of a long-term asset.
B. Payment of trade creditors.
C. Payment of preferred dividends.
D. None of the above.
Use the information below to answer questions 6 – 9:
The accounts of Lola plc for the year ended 31 December 2012 include the following
information:
Revenue
Gross profit
Net profit
Inventory
Trade receivables
Cash
Trade payables
7,200
2,376
1,080
300
624
1,608
1,890
6.
What is the net profit percentage?
A. 33%
B. 66%
C. 15%
D. 85%
7.
What is the gross profit percentage?
A. 33%
B. 66%
C. 15%
D. 85%
8.
Calculate the receivables payment period (all sales are on credit and 360 days make
a year).
A. 211 days.
B. 95 days.
C. 49 days.
D. 32 days.
9.
What is the current ratio?
A. 1.18
B. 1.34
C. 0.49
D. 0.75
10. The following items have to be considered in finalizing the financial statements of Q
Ltd, a limited liability company:
I.
The company gives warranties on its products. The company’s statistics show
that about 5% of sales give rise to a warranty claim.
II. The company has guaranteed the overdraft of another company. The likelihood
of a liability arising under the guarantee is assessed as possible.
What is the correct action to be taken in the financial statements for these items?
Item I
Item II
A. Create a provision
Disclose by note only
B. Disclose by note only
No action
C. Create a provision
Create a provision
D. Disclose by note only
Disclose by note only
11. The purpose of a statement of financial position is to show __________
A. A clear and definite estimate of what a business is really worth.
B. The amount the business could be sold for in liquidation.
C. The amount the business could be sold for as a going concern.
D. The assets of the business and the claims against those assets.
12. A grocery business has net assets of N64,800 at 31 January 2008 and the net profit
for the year to 31 January 2008 was N30,600. On 31 August 2007 the proprietor
introduced additional capital of N7,200. He also withdrew N960 per month and on 24
December 2007 withdrew goods amounting to N840.
What were the net assets at 1 February 2007?
A. N 51,720
B. N 50,040
C. N 39,360
D. N 13,920
13. At 31 December 2008 the following require inclusion in a company’s financial
statements:
I.
On 1 January 2008 the company made a loan of N28,800 to an employee,
repayable on 1 January 2009, charging interest at 2 percent per year. On the
due date she repaid the loan and paid the whole of the interest due on the loan
to that date.
II. The company has paid insurance N21,600 in 2008, covering the year ending 31
August 2009.
III. On 1 January 2009 the company received rent from a tenant N9,600 covering
the six months to 31 December 2008.
For these items, what total figures should be included in the company’s statement of
financial position at 31 December 2008?
A.
B.
C.
D.
Current assets
N
24,000
53,376
24,576
38,976
Current liabilities
N
29,376
nil
nil
14,400
14. A sole trader took goods costing N1,920 from inventory for his own use. The normal
selling price of the goods is N3,840.
Which of the following journal entries would correctly record this?
Dr
Cr
N
N
A. Drawings account
1,920
Inventory account
1,920
B. Drawings account
1,920
Purchases account
1,920
C. Sales account
3,840
Drawings account
3,840
D. None of the above.
15. According to IAS 2 Inventories, which of the following costs should be included in
valuing the inventories of a manufacturing company?
I.
II.
III.
IV.
Carriage inwards.
Carriage outwards.
Depreciation of factory plant.
General administrative overheads.
A.
B.
C.
D.
I, II and IV only
II and III only.
I and III only.
All of the above.
16. Which of the following statements about inventory valuation for statement of
financial position purposes are true?
I.
According to IAS Inventories, average cost and FIFO (first in and first out) are
both acceptable methods of arriving at the cost of inventories.
II. Inventories of finished goods may be valued at labour and materials cost only,
without including overheads.
III. Inventories should be valued at the lowest of cost, net realizable value and
replacement cost.
IV. It may be acceptable for inventories to be valued at selling price less estimated
profit margin.
A.
B.
C.
D.
I and III only.
II and III only.
I and IV only.
II and IV only.
17. Which of the following should appear as items in a company’s statement of changes
in equity?
I.
II.
III.
IV.
Profit for the financial year.
Income from investments.
Gain on revaluation of non-current assets.
Dividends paid.
A.
B.
C.
D.
I, III and IV only.
I and IV only.
II and III only.
I, II and III only.
18. The debit side of a company’s trial balance totals N1,920 more than the credit side.
Which of the following errors would fully account for the difference?
A. N960 paid for plant maintenance has been correctly entered in the cash book
and credited to the plant asset account.
B. Discount received N960 has been debited to discount allowed account.
C. A receipt of N1,920 for commission receivable has been omitted from the
records.
D. The petty cash balance of N1,920 has been omitted from the trial balance.
19. Part of company’s statement of cash flows is shown below:
N’000
Operating profit
8,640
Depreciation charges
(2,160)
Increase in inventory
(330)
Increase in accounts payable
440
The following criticisms of the extract have been made:
I. Depreciation charges should have been added, not deducted.
II. Increase in inventory should have been added, not deducted.
III. Increase in accounts payable should have been deducted, not added.
Which of the criticisms are valid?
A. II and III only.
B. I only.
C. I and III only.
D. II only.
20. On 1 January 2000 Krim Co. bought a machine for N70,000. It was estimated that
the machine’s useful life would be 7 years and its residual value N7,000. Two years
later the useful life was revised to three remaining years and at 31 December 2003
the machine was sold for N30,000. What is the profit on disposal?
A. N2,000
B. N8,000
C. N12,000
D. N20,000
21. In times of rising prices, what effect does the use of the historical cost concept have
on a company’s asset values and profit?
A. Asset values and profit both understated.
B. Asset values and profit both overstated.
C. Asset values understated and profit overstated.
D. Asset values overstated and profit understated.
22. The IASB’s framework for the preparation and presentation of financial statements
gives qualitative characteristics that make financial information reliable. Which of the
following are examples of those qualitative characteristics?
A. Faithful representation, neutrality and prudence.
B. Neutrality, comparability and true and fair view.
C. Prudence, comparability and accruals.
D. Neutrality, accruals and going concern.
23. What is the role of International Financial Reporting Interpretations Committee?
A. To create a set of global accounting standards.
B. To issue guidance on the application of International Financial Reporting
Standards.
C. (A) and (B) above.
D. None of the above.
24. The asset turnover ratio of ABC limited has dropped from 4.2 times in 2011 to 2.1
times in 2012. Which of the following is the most likely explanation for this?
A. Trade receivables have increases significantly in 2012.
B. The company has made huge investments in additional non-current assets
towards year end in 2012.
C. Gross profit margin has reduced in 2012 possibly due to economic recession
D. Turnover has increased significantly in 2012 due to aggressive marketing of
products.
25. Which of the following statements is/are correct?
I.
Materiality means that only items having a physical existence may be recognized
as assets.
II. The substance over form convention means that the legal form of a transaction
must always be shown in financial statements even if this differs from the
commercial effect.
III. The money measurement concept means that only items capable of being
measured in monetary terms can be recognized in financial statements.
A.
B.
C.
D.
I only.
II only.
III only.
All of the above.
26. Cashful plc recorded current ratio of 5:1 based on the numbers in its most recent
financial statements, while the industry average is 1.6:1. Which of the following
statements is most likely true about the operations of the company? Cashful plc
__________
A. Is overtrading.
B. Is overcapitalised.
C. Is operating profitably.
D. Has low gearing.
27. The accounting concept that assumes an organization will continue to operate in
perpetuity is known as:
A. Periodicity concept.
B. Consistency concept.
C. Historical cost concept.
D. None of the above.
28. According to International Financial Reporting Standards (IFRS), which of the
following statements is correct?
A. Capital expenditure on Research must be capitalized and depreciated as normal.
B. Contingent liabilities should always be provided for in the accounts.
C. Land should be depreciated over 50 years.
D. None of the above.
29. A company made a profit of N250,000 for the year after charging depreciation of
N8,000. During the year it paid off a loan of N100,000, made payments for noncurrent assets totaling N90,000, issued shares for N100,000 and had an increase in
receivables of N38,000. What will be the increase in cash and bank balances at the
end of the year?
A. N130,000
B. N114,000
C. N256,000
D. N206,000
30. In line with International Financial Reporting Standards, which of the following
statements about Goodwill is correct?
A. Goodwill should be tested regularly for impairment.
B. Negative Goodwill should only be recognized in the Statement of Financial
Position.
C. Internally generated Goodwill should be capitalized as usual.
D. Goodwill should be amortized over a period of 5 years.
31. Dupe reported a sales revenue of N3,000,000 and gross profit of N500,900 for the
year ended 30 June 2011. It was subsequently discovered that the sales revenue
was overstated by N200,000 and the opening inventory understated by N100,000.
After correction, what was Doreen’s revised sales revenue and gross profit?
A. Sales Revenue : N2,800,000 Gross Profit : N200,900
B. Sales Revenue : N2,800,000 Gross Profit : N400,900
C. Sales Revenue : N3,200,000 Gross Profit : N200,900
D. Sales Revenue : N3,200,000 Gross Profit : N400,900
32. What is the purpose of charging depreciation?
A. To apply the accounting concept of prudence.
B. To ensure funds are set aside for replacement of non-current asset.
C. To reflect the net book value of the non-current asset in the statement of
financial position.
D. To allocate the cost of the non-current asset over the accounting periods
expected to benefit.
33. Which of the following errors will be revealed by extracting a trial balance?
I. Error of commission.
II. Error of omission.
III. Error of single entry.
A.
B.
C.
D.
III only.
I and II only.
I and III only.
II and III only.
34. Which of the following is/are correct?
Transaction
I.
II.
III.
IV.
Paid interest on loan
Received cheque for rent
Cash sales banked
Owner took stock for own use
A.
B.
C.
D.
I, II and III only.
II and IV only.
III only.
I and II only.
Account to be
Debited
Interest
Bank
Cash
Drawings
Account to be
Credited
Loan
Rent
Sales
Stock
Economics and Financial Markets (35 - 67)
35. If Nigerians become less concerned with the future and save less at each real interest
rate:
A. Real interest rates fall and investment falls.
B. Real interest rates fall and investment rises.
C. Real interest rates rise and investment falls.
D. Real interest rates rise and investment rises.
36. Under a freely flexible exchange rate system, a deficit in a nation’s balance of
payment is corrected by:
A. A decrease in the domestic currency price of the foreign currency.
B. An appreciation of the domestic currency.
C. A depreciation of the domestic currency.
D. Domestic currency price of gold.
37. A decrease in income will, ceteris paribus, bring about:
A. A movement along the same demand curve.
B. A leftward shift of the demand curve.
C. A movement along the same supply curve.
D. A leftward shift of the supply curve.
38. If the price of an item increases by 8% while the quantity demanded falls from 1,500
units to 1,492 units, the demand is:
A. Perfectly elastic.
B. Perfectly inelastic.
C. Elastic.
D. Inelastic.
39. A firm’s declining LAC curve over some ranges of output can be explained by:
A. Diminishing returns.
B. Decreasing returns to scale.
C. Increasing returns to scale.
D. Increasing costs.
40. Which of the following does not relate to macroeconomics?
A. The study of causes of inflation.
B. The study of the causes of and policies to remedy unemployment.
C. The study of economic behavior of consumers and business firms.
D. The study of aggregate economic activity.
41. The relationship between income and quantity demanded for a normal good is:
A. Elastic.
B. Inelastic.
C. Positive.
D. Negative.
42. When total utility is at maximum, marginal utility is:
A. Increasing at an increasing rate.
B. Increasing at a decreasing rate.
C. Zero.
D. A positive constant.
43. Average Total cost (ATC) is:
A. AVC-AFC
B. MC+AVC
C. AFC+AVC
D. (AFC+AVC) x Q
44. Which of the following illustrate(s) the concept of “Opportunity cost”?
A. If I go back to the university, I will have to give up my N20,000 a year job.
B. Let’s see, should we go to see a movie tonight or participate in tutorial group
session?
C. Increased government spending on the military will force a reduction in spending
on education.
D. All of the above.
45. The level of output and employment in the economy depends:
A. Directly on the level of total expenditures.
B. Inversely on the quantity of resources available.
C. Inversely on the level of disposable income.
D. Directly on the rate of interest.
46. One of the following is chronologically correct?
A. Scarcity, choice, scale of preference and opportunity cost.
B. Scale of preference, choice, opportunity cost and scarcity.
C. Scarcity, scale of preference, choice and opportunity cost.
D. Scale of preference, scarcity, choice and opportunity cost.
47. The type of unemployment that is linked with movement from lecturing to banking
is:
A. Structural unemployment.
B. Cyclical unemployment.
C. Frictional unemployment.
D. Hidden unemployment.
48. Which of the following contributes to the cost-push inflation?
A. A rise in output.
B. A rise per unit production costs.
C. A decrease in resource pries.
D. A decrease in employment.
49. An
A.
B.
C.
D.
expansionary monetary policy can:
Cause the rate of interest to rise.
Raise the level of household wealth.
Lower the cost of borrowing.
Decrease consumption of durable goods.
50. The tradeoff between unemployment and inflation is graphically depicted in the:
A. Phillips curve.
B. Engels curve.
C. Edgeworth’s curve.
D. Marshall’s curve.
51. An
A.
B.
C.
D.
increase in the rate of interest would increase:
The opportunity cost of holding money.
The transactions demand for money.
The asset demand for money.
The prices of bonds.
52. When the law of diminishing returns begin to operate, the total variable cost curve
begins to:
A. Fall at an increasing rate.
B. Rise at a decreasing rate.
C. Fall at a decreasing rate.
D. Rise at an increasing rate.
53. The failure of people to appreciate that a general increase in prices (inflation)
reduces the real purchasing power of their income (real wages) refers to the
phenomenon:
A. Hedging.
B. Neutrality of money.
C. Money illusion.
D. Monetization.
54. The policy of intervening in the exchange market to offset temporary fluctuations in
the exchange rate is referred to as a:
A. Flexible exchange rate system.
B. Fixed exchange rate system.
C. Arbitrated float.
D. Managed or dirty float.
55. An
A.
B.
C.
D.
open market sale of bonds by the Central Bank will cause
A decrease in the bank rate.
A decrease in the quantity of non-borrowed reserves.
An increase in the demand for bank reserves.
A decrease in the demand for bank reserves.
56. The use of government spending and taxes to affect aggregate demand and
aggregate supply is called:
A. Fiscal policy.
B. Monetary policy.
C. Expenditure policy.
D. Functional finance.
57. Which of the following would be most characteristic of monopolistic competition?
A. Collusion among firms.
B. Firms selling a homogenous product.
C. A relatively large number of firms.
D. Difficult entry into and exit from the industry.
58. The production possibilities curve tends to move outwards overtime as a result of:
A. Persistent unemployment.
B. Long-term economic growth.
C. Increased productivity.
D. Productive efficiency.
59. The part of after-tax income which is not consumed is defined as:
A. Savings.
B. Capital investment.
C. Wages and salaries.
D. Non-durable goods expenditure.
60. Aggregate demand is inversely related to the price level because an increase in the
price level:
A. Lowers the rate of interest, which results in a higher level of aggregate spending.
B. Has a negative effect upon wealth, which results in increased aggregate
spending.
C. Dampens exports and increases imports, which results in a lower level of
aggregate spending.
D. Causes government spending to decline, which results in a lower level of
aggregate spending.
61. In pure competition, product price is:
A. Greater than marginal revenue.
B. Equal to marginal revenue.
C. Equal to total revenue.
D. Greater than total revenue.
62. If an economy has experienced an inflation rate of over 3,000% per year, this
economic condition would best be described as:
A. A wage-price inflationary spiral.
B. A cost-of-living adjustment.
C. Cost-push inflation.
D. Hyperinflation.
63. How do public goods differ from private goods? Public goods ___________
A. Are divisible.
B. Are subject to the exclusion principle.
C. Are not divisible and subject to the exclusion principle.
D. Are not divisible and not subject to the exclusion principle.
64. The chief economic virtue of the competitive market system is that it:
A. Allows extensive personal freedom.
B. Efficiently allocates resources.
C. Provides an equitable distribution of income.
D. Eliminates the need for decision making.
65. Which of the following would be an example of a price floor?
A. Rent controls in Lagos.
B. Keeping interest below two digits.
C. Price controls of the essential commodities.
D. Price supports for agricultural products.
66. If an oligopolist incurs losses in the short run, then in the long run:
A. It will go out of business.
B. It will stay in business.
C. It will break–even.
D. Any of the above is possible.
67. Crowding out occurs when:
A. A change in the rate of interest affects the quantity of money demanded.
B. A stimulative fiscal policy pushes up the rate of interest, which lowers investment
spending.
C. A stimulative fiscal policy changes the velocity of money.
D. A stimulative fiscal policy increases equilibrium output by ke∆t.
Quantitative Analysis and Statistics (68 - 100)
68. Given two matrices A of order 2 by 3 and B of order 3 by 2. The product of matrices
AB will give rise to matrix of order:
A. 1 by 3
B. 2 by 3
C. 2 by 2
D. 3 by 2
69. Which of the following measures is the “odd one out”?
A. Coefficient of skewness.
B. Standard deviation.
C. Coefficient of variation.
D. Coefficient of mean deviation.
70. The population list from where representative sample can be drawn is known as:
A. Population frame.
B. Sampling frame.
C. Population fraction.
D. Sample distribution.
71. Which of the following methods cannot be used for calculating the trend of a time
series?
I.
II.
III.
IV.
Moving Average method.
Least cost method.
Free hand method.
Semi-average method.
A.
B.
C.
D.
I and II only.
II and IV only.
II only.
III only.
72. Which of the following measures of location can be used for further mathematical
analysis?
I.
II.
III.
IV.
Arithmetic mean.
Geometric mean.
Median.
Mode.
A.
B.
C.
D.
I only.
II only.
I and III only.
II and IV only.
73. If the correlation coefficient of total monthly sales on monthly cost of advertising is
0:89, find the coefficient of determination:
A. 0.98
B. 0.72
C. 0.97
D. 0.79
74. A price index which uses quantity in the base year as weight is called:
A. Laspeyres price index.
B. Paasches price index.
C. Fishers-Ideal price index.
D. Marshal-Edgeworth’s price index.
75. The Board of Directors of a multi-national Investment company consists of 3
Accountants, 3 stockbrokers and 2 bankers. If a sub-committee of 3 is to be chosen
at random from the Board, find the probability that all the 3 members of the subcommittee are stockbrokers.
A. 1/36
B. 1/56
C. 5/36
D. 1/3
76. Which one of the following statements is (are) not true of the Payback period of
Investment appraisal?
I. It uses cashflows, not profit.
II. It favours quickly return projects.
III. It considers the time value of money.
A.
B.
C.
D.
I and II only.
III only.
II only.
II and III only.
77. The graph of Time series data plotted against interval period is known as:
A. Line graph.
B. Ghant chart.
C. Scatter diagram.
D. Histogram.
78. The total cost in Naira of manufacturing of units of a product is given by:
C (q) = 70q2 + 20q + 500
What is the marginal cost when 10 units have been produced?
A. N1,420
B. N1,240
C. N14,200
D. N1,220
79. The difference between sample statistic and population parameter being estimated is
known as:
A. Systematic error.
B. Type I error.
C. Sampling error.
D. Type II error.
80. An employee is paid X Naira per hour for normal work and double rate for overtime.
If he does 35 hours work which includes y hours of overtime, find an expression for
his weekly earning.
A. Y(35X-Y)
B. X(35X-Y)
C. X(35+Y)
D. Y(35+X)
81. What is the derivative of (x2 + 1)4 ?
A. 4 (x2 + 1)3
B. 8x (x2 + 1)3
C. 4x (x2 + 1) 4
D. 8X (x2 + 1) 4
82. Given two matrices X =
3
-1
4
5
and Y= 2
1
-7
-6
What is the determinant of X + Y ?
A. 4
B. 5
C. -4
D. -5
83. A graphical solution to the Linear Programming model is only feasible for problems
involving:
A. Two variables only.
B. Two constraints only.
C. More than two variables and constraints.
D. All of the above.
84. The demand function of a consumer product is given by P = 192-X2 where P is the
price in Naira and X is the quantity produce and sold in unit.
What is the maximum revenue?
A. N1,192
B. N1,024
C. N1,182
D. N1,240
85. How much will N5,000 deposited today be worth in seven years if the bank is paying
an interest of 9% compounded quarterly?
A. N9,323
B. N5,843
C. N9,140
D. N55,836
86. List the following steps in hypothesis testing in their proper order:
I.
II.
III.
IV.
Collect the data and perform the relevant calculations.
Select the test statistic that will test the hypothesis.
State the decision rule.
State the hypothesis.
A.
B.
C.
D.
I, IV, III, II
II, I, IV, III
III, IV, I, II
IV, II, III, I
87. If a mutual fund bought for N200,000 three years ago was worth N251,200 two
years ago, N191,200 last year, and N169,200 today, what would be the best
estimate of its annual geometric rate of return?
A. -3.3%
B. -5.4%
C. -9.8%
D. -7.0%
88. A portfolio manager examines the following return possibilities of Stock A and Stock
B:
State of Economy
Recession
Neutral
Boom
What is the expected
Stock A
A. 10%
B. 5.0
C. 5.2%
D. 5.2%
Probability
.20
.70
.10
Stock A
-12%
8%
20%
Stock B
3%
5%
9%
return of the two stocks?
Stock B
5.0%
8%
8%
5.0%
89. In analyzing a project, you obtained the following NPV at the indicated discount
rates:
NPV
Discount rate
5,000
10%
(2,000)
13%
Using linear interpolation, which of the following is the best estimate of the project’s
IRR?
A. 12.14%
B. 13.44%
C. 14.80%
D. 15.66%
90. What is the present value of the following series of cash flow at 12%?
Year
Cash flow
A.
B.
C.
D.
0
- 2,000
1
800
2
600
3
700
4
500
N8
N40
N90
N200
91. The correlation co-efficient that indicates the weakest linear relationship between
variables is:
A. -0.75
B. -0.22
C. 0.35
D. 0.70
92. You are given the following regression equation:
Growth in Sales = 6.253 + 0.7 GDP
Which of the following statements would be false?
A. Growth in sales is the independent variable.
B. If there is a recession, sales would only grow at 6.253%
C. The GDP rate is the dependent variable.
D. All of the above.
93. What is the range of the following set of data: 30, 40, 60, 70, 80, 25, 65, 85, and
90?
A. 9
B. 105
C. 55
D. 65
94. What is the differential of X-1?
A. -1/x2
B. ∞
C. 1
D. 0
95. Assuming a fair die is tossed. What is the probability of having 2 or 5 as the
outcome?
A. 0.33
B. 0.68
C. 0.49
D. 0.25
96. Any numerical value or information that describes a characteristic of a population is
___________
A. Statistic.
B. Parameter.
C. Population.
D. Sample.
97. A population has mean (µ) 50, standard deviation (δ) 70 and sample number (x) 80.
What is the standard normal distribution?
A. 0.45
B. 0.53
C. 0.48
D. 0.43
98. The scores for Team 1 in a competition were 70, 60, 65, 69. What is the Coefficient
of Variation?
A. 6.89%
B. 13.78%
C. 3.45%
D. 11.54%
99. From a random sample, the mean is 50 and the standard deviation is 5. What is the
z-score if an observation’s value is 40?
A. 10
B. 5
C. -10
D. -2
100. The long term growth in the Nigerian economy would influence the variation in the
profit of a national chain of departmental stores. Which of the following components
of time series will it contribute to?
A. Irregular.
B. Seasonal.
C. Trend.
D. None of the above.