Which variable(s) are quantitative (i.e., interval and ratio variables)?

The quantitative variables are age (in years), the number of children they have, and their feelings of financial security on a rating scale from 0 to 100 (higher scores represent greater feelings of security).

Which variable(s) are qualitative (i.e., nominal and ordinal variables)?

The qualitative variables are married (1=Yes, 0=No) and second marriage (1=Yes, 0=No).

Interpret the standard deviation for age.

The standard deviation for age is 4.172; it means that the deviation from mean is 4.172 units for age variable.

Interpret the skewness for age.

The skewness for age is -.482, since this value is not close to zero and is negative so we can say that the distribution is moderately skewed.

Calculate and interpret a one-sample t test (alpha = .05) to determine whether the average financial security rating is significantly different than 50. The appropriate critical values are: -2.001 and 2.001.

Null Hypothesis (Ho): Âµ = 50
Alternative Hypothesis (Ha): Âµ â‰ 50
Level of significance = 0.05
Critical value = Â±2.001
Test statistic
t = (Sample Mean â€“ Population Mean)/SE
We have
Sample Mean = 65.25, standard deviation = 4.348, n = 60 and Population Mean = 50
t = (65.25-50)/(4.348/sqrt(60))= 27.17
Decision Rule: Reject Ho if test statistic value is smaller than the lower critical value or test statistic value is bigger than the upper critical value.
Conclusion: Test statistic value is 27.17 which bigger than 2.001 so we will reject the null hypothesis and conclude that the average financial security rating is significantly different than 50

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