ECN 221 ASU EXAM 1 | LATEST STUDY | QUESTIONS AND
ANSWERS | 2026 STUDY UPDATES | 100% CORRECT
nominal data - ANSWER- names indicating characteristic
ex: NYSE, NASDAQ
ordinal data - ANSWER- can be ordered/ranked
ex: gold, silver, bronze
interval data - ANSWER- quantitative AND can be ranked BUT is a fixed unit of
measurement
ex: SAT scores, credit score
ratio data - ANSWER- quantitative AND can be ranked BUT is a fixed unit of measurement
AND the ratio is meaningful
categorical data (qualitative) - ANSWER- identify characteristics of element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data - ANSWER- numeric: how much/how many
cross sectional data - ANSWER- data covered at some point in time ACROSS MULTIPLE
ELEMENTS/OBSERVATIONS
ex: price of coffee in different cities
time series data - ANSWER- data collected over MULTIPLE TIME PERIODS
ex: price of coffee over 1 year
A data set consists of the number of new stores opened each year, internationally, for the years
1995 through 2015. That is, there are 21 observations, one for each of the years and the
variable reported is the number of new stores.
T/F: The data in this data set are time series data. - ANSWER- TRUE
, A data set consists of all businesses in Tempe that accept Discover Card branded credit cards.
The variables in the data set are the total amount of purchases using Discover Card credit cards
and how many purchases were made using the card and all the data are for the year 2008.
T/F: The data in this data set constitute a cross section, i.e., they are cross sectional data. -
ANSWER- TRUE
Which of the following best describes Starbucks' stock price data? Starbucks stock is traded on
the NASDAQ stock exchange. - ANSWER- These data are always time series data.
Which of the following uses the nominal measurement scale? - ANSWER- The city where
a school is located.
Which of the following uses the ratio measurement scale? - ANSWER- The amount of
money a firm spends on advertising.
relative frequency - ANSWER- =(frequency of class/n)*100
Bar charts are a useful way to display: - ANSWER- categorical data
A histogram is useful for - ANSWER- observing relative frequencies of categorical data.
parameter - ANSWER- distribution of random variable
percentile - ANSWER- top 10% = 90th percentile
EXCEL percentile - ANSWER- =percentile.exc(data cells, p/100)
ex: 10th percentile= .1
EXCEL quartile - ANSWER- =quartile.exc(data cells, 1~2~3)
range - ANSWER- =max-min
interquartile range (IQR) - ANSWER- =Q3-Q1
standard deviation - ANSWER- =sqrt of variance
easier to interpret than variance because it's in the same unit of measurement as the data
coefficient of variation - ANSWER- =std dev / mean
ANSWERS | 2026 STUDY UPDATES | 100% CORRECT
nominal data - ANSWER- names indicating characteristic
ex: NYSE, NASDAQ
ordinal data - ANSWER- can be ordered/ranked
ex: gold, silver, bronze
interval data - ANSWER- quantitative AND can be ranked BUT is a fixed unit of
measurement
ex: SAT scores, credit score
ratio data - ANSWER- quantitative AND can be ranked BUT is a fixed unit of measurement
AND the ratio is meaningful
categorical data (qualitative) - ANSWER- identify characteristics of element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data - ANSWER- numeric: how much/how many
cross sectional data - ANSWER- data covered at some point in time ACROSS MULTIPLE
ELEMENTS/OBSERVATIONS
ex: price of coffee in different cities
time series data - ANSWER- data collected over MULTIPLE TIME PERIODS
ex: price of coffee over 1 year
A data set consists of the number of new stores opened each year, internationally, for the years
1995 through 2015. That is, there are 21 observations, one for each of the years and the
variable reported is the number of new stores.
T/F: The data in this data set are time series data. - ANSWER- TRUE
, A data set consists of all businesses in Tempe that accept Discover Card branded credit cards.
The variables in the data set are the total amount of purchases using Discover Card credit cards
and how many purchases were made using the card and all the data are for the year 2008.
T/F: The data in this data set constitute a cross section, i.e., they are cross sectional data. -
ANSWER- TRUE
Which of the following best describes Starbucks' stock price data? Starbucks stock is traded on
the NASDAQ stock exchange. - ANSWER- These data are always time series data.
Which of the following uses the nominal measurement scale? - ANSWER- The city where
a school is located.
Which of the following uses the ratio measurement scale? - ANSWER- The amount of
money a firm spends on advertising.
relative frequency - ANSWER- =(frequency of class/n)*100
Bar charts are a useful way to display: - ANSWER- categorical data
A histogram is useful for - ANSWER- observing relative frequencies of categorical data.
parameter - ANSWER- distribution of random variable
percentile - ANSWER- top 10% = 90th percentile
EXCEL percentile - ANSWER- =percentile.exc(data cells, p/100)
ex: 10th percentile= .1
EXCEL quartile - ANSWER- =quartile.exc(data cells, 1~2~3)
range - ANSWER- =max-min
interquartile range (IQR) - ANSWER- =Q3-Q1
standard deviation - ANSWER- =sqrt of variance
easier to interpret than variance because it's in the same unit of measurement as the data
coefficient of variation - ANSWER- =std dev / mean
