Basic Statistics for
Business and Economics
2026 | Study Guide,
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Updated 2026 Questions and Answers
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Included
, Variable a characteristic of the individual to be measured or observed.
Quantitative Variable has a value or numerical measurement for which operations such as addition or
averaging make sense.
Qualitative Variable describes an individual by placing the individual into a category or group, such as
male or female.
Population Data the data are from every individual of interest. Data from a specific population are
fixed and complete.
Sample Data the data are from only some of the individuals of interest. Data from samples vary
from sample to sample and are NOT complete.
Parameter a numerical measure that describes an aspect of a population.
Statistic a numerical measure that describes an aspect of a sample.
Nominal Level The nominal level of measurement applies to data that consists of names, labels,
or categories. There are no implied criteria by which the data can be ordered
from smallest to largest. We can put the data into categories.
Ordinal Level The ordinal level of measurement applies to data that can be arranged in order.
However, differences between data values either cannot be determined or are
meaningless. We can order the data from smallest to largest or "worst" to "best".
Each data value can be compared with another data value.
Interval Level The interval level of measurement applies to data that can be arranged in order. In
addition, differences between data values are meaningful. We can order the data
and also take the differences between data values. At this level, it makes sense to
compare the differences between data values. For instance, we can say that one
data value is 5 more than or 12 less than another data value.
Ratio Level The ratio level of measurement applies to data that can be arranged in order. In
addition, both differences between data values and ratios of data values are
meaningful. Data at the ratio level have a true zero. We can order the data, take
differences, and also find the ratio between data values. For instance, it makes
sense to sat that one data value is twice as large as another.
Descriptive Statistics Descriptive statistics involves methods or organizing, picturing, and summarizing
information from samples or populations.
Inferential Statistics Inferential statistics involves methods of using information from a sample to draw
conclusions regarding the population.
Simple Random Sample A simple random sample of "n" measurements from a population is a subset of the
population selected in a manner that every sample of size "n" from the population
has an equal chance of being selected. Every sample of the given size must also
have an equal chance of being selected.
Business and Economics
2026 | Study Guide,
Questions & Answers
|Graded A+ | Guaranteed
success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Variable a characteristic of the individual to be measured or observed.
Quantitative Variable has a value or numerical measurement for which operations such as addition or
averaging make sense.
Qualitative Variable describes an individual by placing the individual into a category or group, such as
male or female.
Population Data the data are from every individual of interest. Data from a specific population are
fixed and complete.
Sample Data the data are from only some of the individuals of interest. Data from samples vary
from sample to sample and are NOT complete.
Parameter a numerical measure that describes an aspect of a population.
Statistic a numerical measure that describes an aspect of a sample.
Nominal Level The nominal level of measurement applies to data that consists of names, labels,
or categories. There are no implied criteria by which the data can be ordered
from smallest to largest. We can put the data into categories.
Ordinal Level The ordinal level of measurement applies to data that can be arranged in order.
However, differences between data values either cannot be determined or are
meaningless. We can order the data from smallest to largest or "worst" to "best".
Each data value can be compared with another data value.
Interval Level The interval level of measurement applies to data that can be arranged in order. In
addition, differences between data values are meaningful. We can order the data
and also take the differences between data values. At this level, it makes sense to
compare the differences between data values. For instance, we can say that one
data value is 5 more than or 12 less than another data value.
Ratio Level The ratio level of measurement applies to data that can be arranged in order. In
addition, both differences between data values and ratios of data values are
meaningful. Data at the ratio level have a true zero. We can order the data, take
differences, and also find the ratio between data values. For instance, it makes
sense to sat that one data value is twice as large as another.
Descriptive Statistics Descriptive statistics involves methods or organizing, picturing, and summarizing
information from samples or populations.
Inferential Statistics Inferential statistics involves methods of using information from a sample to draw
conclusions regarding the population.
Simple Random Sample A simple random sample of "n" measurements from a population is a subset of the
population selected in a manner that every sample of size "n" from the population
has an equal chance of being selected. Every sample of the given size must also
have an equal chance of being selected.
