BUS 201 Exam 1 Questions With
Complete Solutions
descriptive statistics correct answer: methods of organizing,
summarizing, and presenting data in an informative way
inferential statistics correct answer: A decision, estimate,
prediction, or generalization about a population, based on a
sample.
Population correct answer: a collection of all possible
individuals, objects or measurements of interest
sample correct answer: a portion/part of the population of
interest
1. prohibitive cost of census
2. destruction of item being studied may be required
3. not possible to test or inspect all members of a population
being studied correct answer: why take a sample instead of
studying the whole population?
qualitative variable correct answer: the characteristic being
studied is nonnumeric
-ex) gender, eye color, type of automobile owned
quantitative variable correct answer: information is reported
numerically
-ex) balance in your checking account, # of kids in a family
, discrete and continuous correct answer: how are quantitative
variables classified?
discrete variable correct answer: can only assume certain values
and there are usually "gaps" between values
-ex) # of bedrooms in a house, # of hammers sold
continuous variable correct answer: can assume any value
within a specified range
-ex) pressure in tire, height of students in class
nominal level (1) correct answer: data that is classified into
categories/counted and cannot be arranged in any particular
order
-ex) eye color, gender
ordinal level (2) correct answer: data arranged in some order,
but the differences between data values cannot be determined or
are meaningless (ranked)
-classifications are represented by sets of labels/names that have
relative values
interval level (3) correct answer: similar to the ordinal level,
with the additional property that meaningful amounts of
differences between data values can be determined. There is no
natural zero point
-temperature in Fahrenheit, IQ test scores
Complete Solutions
descriptive statistics correct answer: methods of organizing,
summarizing, and presenting data in an informative way
inferential statistics correct answer: A decision, estimate,
prediction, or generalization about a population, based on a
sample.
Population correct answer: a collection of all possible
individuals, objects or measurements of interest
sample correct answer: a portion/part of the population of
interest
1. prohibitive cost of census
2. destruction of item being studied may be required
3. not possible to test or inspect all members of a population
being studied correct answer: why take a sample instead of
studying the whole population?
qualitative variable correct answer: the characteristic being
studied is nonnumeric
-ex) gender, eye color, type of automobile owned
quantitative variable correct answer: information is reported
numerically
-ex) balance in your checking account, # of kids in a family
, discrete and continuous correct answer: how are quantitative
variables classified?
discrete variable correct answer: can only assume certain values
and there are usually "gaps" between values
-ex) # of bedrooms in a house, # of hammers sold
continuous variable correct answer: can assume any value
within a specified range
-ex) pressure in tire, height of students in class
nominal level (1) correct answer: data that is classified into
categories/counted and cannot be arranged in any particular
order
-ex) eye color, gender
ordinal level (2) correct answer: data arranged in some order,
but the differences between data values cannot be determined or
are meaningless (ranked)
-classifications are represented by sets of labels/names that have
relative values
interval level (3) correct answer: similar to the ordinal level,
with the additional property that meaningful amounts of
differences between data values can be determined. There is no
natural zero point
-temperature in Fahrenheit, IQ test scores
