Statistics for Business and Economics -
Test 1
Statistics - correct answer-Developing & applying techniques
-collecting data
-organising data
-analysing data
-interpreting results derived from data
Branches of Statistics - correct answer-Descriptive Statistics
Inferential Statistics
Descriptive Statistics - correct answer-Use of tables, graphs, and numerical summaries
Inferential Statistics - correct answer-Use of sample evidence & probability theory
Probability Theory - correct answer-A set of ideas and principles for quantifying uncertainties
Types of Data - correct answer-Quantitative
Qualitative
Cross-Sectional
Time-Series
Quantitative Data - correct answer-Numeric values that can be used to classify data
according to their measurement levels: interval, ratio, and ordinal
Qualitative Data - correct answer-Non-numeric/nominal values that can be used to classify
statistical entities into distinct categories
Cross-sectional Data - correct answer-Numeric data that are collected at a given point in
time across several statistical entities of interest
Time-series Data - correct answer-Numeric data that are collected over a period of time on a
given variable of interest
Variable - correct answer-Attribute of a statistical entity/element of interest to the researcher
Population - correct answer-The set of all entities of interest in a particular study
Sample - correct answer-A subset of the target population
Random Sample - correct answer-A sub-set chosen such that each entity has an equal
chance of being selected
Parameter - correct answer-A numeric summary that is embedded in a pop of data
Test 1
Statistics - correct answer-Developing & applying techniques
-collecting data
-organising data
-analysing data
-interpreting results derived from data
Branches of Statistics - correct answer-Descriptive Statistics
Inferential Statistics
Descriptive Statistics - correct answer-Use of tables, graphs, and numerical summaries
Inferential Statistics - correct answer-Use of sample evidence & probability theory
Probability Theory - correct answer-A set of ideas and principles for quantifying uncertainties
Types of Data - correct answer-Quantitative
Qualitative
Cross-Sectional
Time-Series
Quantitative Data - correct answer-Numeric values that can be used to classify data
according to their measurement levels: interval, ratio, and ordinal
Qualitative Data - correct answer-Non-numeric/nominal values that can be used to classify
statistical entities into distinct categories
Cross-sectional Data - correct answer-Numeric data that are collected at a given point in
time across several statistical entities of interest
Time-series Data - correct answer-Numeric data that are collected over a period of time on a
given variable of interest
Variable - correct answer-Attribute of a statistical entity/element of interest to the researcher
Population - correct answer-The set of all entities of interest in a particular study
Sample - correct answer-A subset of the target population
Random Sample - correct answer-A sub-set chosen such that each entity has an equal
chance of being selected
Parameter - correct answer-A numeric summary that is embedded in a pop of data
