BASIC STATISTICS FOR BUSINESS AND ECONOMICS EXAM |
QUESTIONS AND ANSWERS | VERIFIED ANSWERS (100%
CORRECT) | LATEST EXAM UPDATE
Statistics - CORRECT ANSWER - the study of how to collect, organize,
analyze, and interpret numerical information from data.
Individuals - CORRECT ANSWER - the people or objects included in the
study.
Variable - CORRECT ANSWER - a characteristic of the individual to be
measured or observed.
Quantitative Variable - CORRECT ANSWER - has a value or numerical
measurement for which operations such as addition or averaging make sense.
Qualitative Variable - CORRECT ANSWER - describes an individual by
placing the individual into a category or group, such as male or female.
Population Data - CORRECT ANSWER - the data are from every individual
of interest. Data from a specific population are fixed and complete.
Sample Data - CORRECT ANSWER - the data are from only some of the
individuals of interest. Data from samples vary from sample to sample and are
NOT complete.
Parameter - CORRECT ANSWER - a numerical measure that describes an
aspect of a population.
,Statistic - CORRECT ANSWER - a numerical measure that describes an
aspect of a sample.
Nominal Level - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - Descriptive statistics involves
methods or organizing, picturing, and summarizing information from samples or
populations.
, Inferential Statistics - CORRECT ANSWER - Inferential statistics involves
methods of using information from a sample to draw conclusions regarding the
population.
Simple Random Sample - CORRECT ANSWER - 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.
Random-Number Table - CORRECT ANSWER - Make one yourself by
writing the digits 0-9 on separate cards and mixing the cards in a "hat". Draw a
card, record the digit, return the card, mix up the cards, and draw again.
Draw a Random Sample - CORRECT ANSWER - 1. Number all members of
the population sequentially.
2. Use a table, calculator, or computer to select random numbers from the
numbers assigned to the population members.
3. Create the sample by using population members with numbers corresponding
to those randomly selected.
Simulation - CORRECT ANSWER - A simulation is a numerical facsimile or
representation of a real-world phenomenon.
Sampling With Replacement - CORRECT ANSWER - although a number has
been selected for the sample, it is not removed from the population
Stratified Sampling - CORRECT ANSWER - Groups or classes inside a
population that share a common characteristic are called strata.
Systematic Sampling - CORRECT ANSWER - It is assumed that the elements
of the population are arranged in some natural sequential order
QUESTIONS AND ANSWERS | VERIFIED ANSWERS (100%
CORRECT) | LATEST EXAM UPDATE
Statistics - CORRECT ANSWER - the study of how to collect, organize,
analyze, and interpret numerical information from data.
Individuals - CORRECT ANSWER - the people or objects included in the
study.
Variable - CORRECT ANSWER - a characteristic of the individual to be
measured or observed.
Quantitative Variable - CORRECT ANSWER - has a value or numerical
measurement for which operations such as addition or averaging make sense.
Qualitative Variable - CORRECT ANSWER - describes an individual by
placing the individual into a category or group, such as male or female.
Population Data - CORRECT ANSWER - the data are from every individual
of interest. Data from a specific population are fixed and complete.
Sample Data - CORRECT ANSWER - the data are from only some of the
individuals of interest. Data from samples vary from sample to sample and are
NOT complete.
Parameter - CORRECT ANSWER - a numerical measure that describes an
aspect of a population.
,Statistic - CORRECT ANSWER - a numerical measure that describes an
aspect of a sample.
Nominal Level - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - 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 - CORRECT ANSWER - Descriptive statistics involves
methods or organizing, picturing, and summarizing information from samples or
populations.
, Inferential Statistics - CORRECT ANSWER - Inferential statistics involves
methods of using information from a sample to draw conclusions regarding the
population.
Simple Random Sample - CORRECT ANSWER - 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.
Random-Number Table - CORRECT ANSWER - Make one yourself by
writing the digits 0-9 on separate cards and mixing the cards in a "hat". Draw a
card, record the digit, return the card, mix up the cards, and draw again.
Draw a Random Sample - CORRECT ANSWER - 1. Number all members of
the population sequentially.
2. Use a table, calculator, or computer to select random numbers from the
numbers assigned to the population members.
3. Create the sample by using population members with numbers corresponding
to those randomly selected.
Simulation - CORRECT ANSWER - A simulation is a numerical facsimile or
representation of a real-world phenomenon.
Sampling With Replacement - CORRECT ANSWER - although a number has
been selected for the sample, it is not removed from the population
Stratified Sampling - CORRECT ANSWER - Groups or classes inside a
population that share a common characteristic are called strata.
Systematic Sampling - CORRECT ANSWER - It is assumed that the elements
of the population are arranged in some natural sequential order
