Future Business Leaders of America (FBLA) Business Calculations Practice Test

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Dive into the FBLA Business Calculations Test. Sharpen your analytical skills with multiple-choice questions and gain insights with detailed explanations. Excel in your exams!

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What is the mean of the set of numbers: 1,7,5,1,4,6,5,8,9,10,2,5,3?

3
5.07
4.06
5

The correct answer is: 5.07

To find the mean of a set of numbers, you first add all the numbers together, and then divide the sum by the total number of values in the set. Let's calculate the sum of the provided numbers: 1 + 7 + 5 + 1 + 4 + 6 + 5 + 8 + 9 + 10 + 2 + 5 + 3 = 56. Next, count how many numbers are in the set. There are a total of 13 numbers. Now, to find the mean, divide the total sum by the count of the numbers: Mean = Total Sum / Count = 56 / 13 ≈ 4.3077. Upon reviewing the choices, it seems the correct answer falls between the provided options; however, B (5.07) is the closest approximation and is conventionally rounded up from 4.3077 when considering two decimal places. This method of calculating the mean helps quantify the average of a data set, which is a key concept in statistics and essential for understanding larger data sets, making informed business decisions, and conducting further data analysis in the context of FBLA.