mailto:://www.stuvia.com/user/BRAINSCAPE1
QMB 3200 Exam 1 Exam Questions
and Answers A+ Graded (2025)
statistics - CORRECT ANSWER-the mathematical science that deals with the
collection, analysis, and presentation of data, which can then be used as a basis
for inference and induction. Logical and intuitive.
data - CORRECT ANSWER-the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information - CORRECT ANSWER-data that are transformed into useful facts that
can be used for a specific purpose, such as making a decision, making a sale,
predicting patterns, etc
can be done by observing patterns or trends in data
direct observation or focus group - CORRECT ANSWER-1 of 3 types of primary
data collection
direct observation: Observing subjects in their natural environment
Focus group: asking a group to do something
Example: Watching to see if drivers stop at a stop sign
experiments - CORRECT ANSWER-2 of 3 types of primary data collection
Treatments are applied in controlled conditions
Example: Crop growth from different plots using different fertilizers
surveys/questionnaires - CORRECT ANSWER-3 of 3 types of primary data
collection
, mailto:://www.stuvia.com/user/BRAINSCAPE1
Subjects are asked to respond to questions or discuss attitudes
Subject to much bias
Example: E-mail surveys to customers to assess service quality
qualitative (categorical) data - CORRECT ANSWER-classified by descriptive terms
broken down into nominal and ordinal
nominal: arbitrary labels. no ranking. Ex. zip codes
ordinal: ranking allowed but no measurable meaning to the number differences.
Ex. education levels (masters, doctorate); good, better, best; freshman,
sophomore, junior
quantitative data - CORRECT ANSWER-described by numerical values. must be
counted or measured.
broken down into interval and ratio
interval: meaningful differences. no true zero point. ex. calendar year
ratio: meaningful differences. true zero point. ex. income; percentage
comparisons
time series data - CORRECT ANSWER-values that correspond to specific
measurements taken over a range of time periods ex. 2000-2016 DJIA;
unemployment from 2008-2017
cross section data - CORRECT ANSWER-values collected from a number of
subjects during a single time period. ex. unemployment rates in 2012 across
states
descriptive statistics - CORRECT ANSWER-Collecting, summarizing, and
displaying data
The majority of statistics you encounter in your day to day life are descriptive
statistics
inferential statistics - CORRECT ANSWER-making claims or conclusions about
the population based on a sample
Using samples to make predictions (inferences) about populations.
parameter vs statistic - CORRECT ANSWER-parameter- describes characteristic
of a population
statistic- describes characteristic of a sample
QMB 3200 Exam 1 Exam Questions
and Answers A+ Graded (2025)
statistics - CORRECT ANSWER-the mathematical science that deals with the
collection, analysis, and presentation of data, which can then be used as a basis
for inference and induction. Logical and intuitive.
data - CORRECT ANSWER-the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information - CORRECT ANSWER-data that are transformed into useful facts that
can be used for a specific purpose, such as making a decision, making a sale,
predicting patterns, etc
can be done by observing patterns or trends in data
direct observation or focus group - CORRECT ANSWER-1 of 3 types of primary
data collection
direct observation: Observing subjects in their natural environment
Focus group: asking a group to do something
Example: Watching to see if drivers stop at a stop sign
experiments - CORRECT ANSWER-2 of 3 types of primary data collection
Treatments are applied in controlled conditions
Example: Crop growth from different plots using different fertilizers
surveys/questionnaires - CORRECT ANSWER-3 of 3 types of primary data
collection
, mailto:://www.stuvia.com/user/BRAINSCAPE1
Subjects are asked to respond to questions or discuss attitudes
Subject to much bias
Example: E-mail surveys to customers to assess service quality
qualitative (categorical) data - CORRECT ANSWER-classified by descriptive terms
broken down into nominal and ordinal
nominal: arbitrary labels. no ranking. Ex. zip codes
ordinal: ranking allowed but no measurable meaning to the number differences.
Ex. education levels (masters, doctorate); good, better, best; freshman,
sophomore, junior
quantitative data - CORRECT ANSWER-described by numerical values. must be
counted or measured.
broken down into interval and ratio
interval: meaningful differences. no true zero point. ex. calendar year
ratio: meaningful differences. true zero point. ex. income; percentage
comparisons
time series data - CORRECT ANSWER-values that correspond to specific
measurements taken over a range of time periods ex. 2000-2016 DJIA;
unemployment from 2008-2017
cross section data - CORRECT ANSWER-values collected from a number of
subjects during a single time period. ex. unemployment rates in 2012 across
states
descriptive statistics - CORRECT ANSWER-Collecting, summarizing, and
displaying data
The majority of statistics you encounter in your day to day life are descriptive
statistics
inferential statistics - CORRECT ANSWER-making claims or conclusions about
the population based on a sample
Using samples to make predictions (inferences) about populations.
parameter vs statistic - CORRECT ANSWER-parameter- describes characteristic
of a population
statistic- describes characteristic of a sample
