BUSINESS STATISTICS EXAM 2026 TEST PAPER QUESTIONS
AND ANSWERS SURE A+
✔✔Outcome - ✔✔A particular result of an experiment.
✔✔Parameter - ✔✔A characteristic of a population.
✔✔Permutation - ✔✔Any arrangement of r objects selected from a single group of n
possible objects.
✔✔Pie Chart - ✔✔A chart the shows the proportion or percent that each class
represents of the total number of frequencies.
✔✔Point Estimate - ✔✔The statistic, computed from sample information, which is used
to estimate the population parameter.
✔✔Population - ✔✔The entire set of individuals or objects of interest or the
measurements obtained from all individuals or objects of interest.
✔✔Probability - ✔✔A value between zero and one, inclusive, describing the relative
possibility (chance or likelihood) an event will occur.
✔✔Probability Distribution - ✔✔A listing of all the outcomes of an experiment and the
probability associated with each outcome.
✔✔Proportion - ✔✔The fraction, ratio, or percent, indicating the part of the sample or
the population having a particular trait of interest.
✔✔P-Value - ✔✔The probability of observing a sample value as extreme as, or more
extreme than, the value observed, given that the null hypothesis is true.
✔✔Random Variable - ✔✔A quantity resulting from an experiment that, by chance, can
assume different values.
✔✔Random Variation - ✔✔The sum of the squared differences between each
observation and its treatment mean.
✔✔Range - ✔✔The simplest measure of dispersion. It is the difference between the
largest and the smallest values in a data set.
✔✔Regression Equation - ✔✔An equation that expresses the linear relationship
between two variables.
✔✔Sample - ✔✔A portion, or part, of the population of interest.
, ✔✔Sampling Error - ✔✔The difference between a sample statistic and its corresponding
population parameter.
✔✔Sampling Distribution of Sample Mean - ✔✔A probability distribution of all possible
sample means of a given sample size.
✔✔Simple Random Sample - ✔✔A sample selected so that each item or person in the
population has the same chance of being included.
✔✔Standard Deviation - ✔✔The square root of the variance.
✔✔Standard Error of Estimate - ✔✔A measure of the dispersion, or scatter, of the
observed values around the line of regression.
✔✔Statistic - ✔✔A characteristic of a sample.
✔✔Statistics - ✔✔The science of collecting, organizing, presenting, analyzing, and
interpreting data to assist in making more effective decisions.
✔✔Stratified Random Sample - ✔✔A population is divided into subgroups, called strata,
and a sample is randomly selected from each stratum.
✔✔Subjective Concept of Probability - ✔✔The likelihood of a particular event happening
that is assigned by an individual based on whatever information is available.
✔✔Systematic Random Sample - ✔✔A random starting point is selected, and then
every Kth member of the population is selected.
✔✔Test Statistic - ✔✔A value, determined from sample information, used to determine
whether to reject the null hypothesis.
✔✔Total Variation - ✔✔The sum of the squared differences between each observation
and the overall mean.
✔✔Treatment Variation - ✔✔The sum of the squared differences between each
treatment mean and the grand or overall mean.
✔✔Type I Error - ✔✔Rejecting the null hypothesis, Ho, when it is true.
✔✔Type II Error - ✔✔Accepting the null hypothesis when it is false.
✔✔Variance - ✔✔The arithmetic mean of the squared deviation from the mean.
AND ANSWERS SURE A+
✔✔Outcome - ✔✔A particular result of an experiment.
✔✔Parameter - ✔✔A characteristic of a population.
✔✔Permutation - ✔✔Any arrangement of r objects selected from a single group of n
possible objects.
✔✔Pie Chart - ✔✔A chart the shows the proportion or percent that each class
represents of the total number of frequencies.
✔✔Point Estimate - ✔✔The statistic, computed from sample information, which is used
to estimate the population parameter.
✔✔Population - ✔✔The entire set of individuals or objects of interest or the
measurements obtained from all individuals or objects of interest.
✔✔Probability - ✔✔A value between zero and one, inclusive, describing the relative
possibility (chance or likelihood) an event will occur.
✔✔Probability Distribution - ✔✔A listing of all the outcomes of an experiment and the
probability associated with each outcome.
✔✔Proportion - ✔✔The fraction, ratio, or percent, indicating the part of the sample or
the population having a particular trait of interest.
✔✔P-Value - ✔✔The probability of observing a sample value as extreme as, or more
extreme than, the value observed, given that the null hypothesis is true.
✔✔Random Variable - ✔✔A quantity resulting from an experiment that, by chance, can
assume different values.
✔✔Random Variation - ✔✔The sum of the squared differences between each
observation and its treatment mean.
✔✔Range - ✔✔The simplest measure of dispersion. It is the difference between the
largest and the smallest values in a data set.
✔✔Regression Equation - ✔✔An equation that expresses the linear relationship
between two variables.
✔✔Sample - ✔✔A portion, or part, of the population of interest.
, ✔✔Sampling Error - ✔✔The difference between a sample statistic and its corresponding
population parameter.
✔✔Sampling Distribution of Sample Mean - ✔✔A probability distribution of all possible
sample means of a given sample size.
✔✔Simple Random Sample - ✔✔A sample selected so that each item or person in the
population has the same chance of being included.
✔✔Standard Deviation - ✔✔The square root of the variance.
✔✔Standard Error of Estimate - ✔✔A measure of the dispersion, or scatter, of the
observed values around the line of regression.
✔✔Statistic - ✔✔A characteristic of a sample.
✔✔Statistics - ✔✔The science of collecting, organizing, presenting, analyzing, and
interpreting data to assist in making more effective decisions.
✔✔Stratified Random Sample - ✔✔A population is divided into subgroups, called strata,
and a sample is randomly selected from each stratum.
✔✔Subjective Concept of Probability - ✔✔The likelihood of a particular event happening
that is assigned by an individual based on whatever information is available.
✔✔Systematic Random Sample - ✔✔A random starting point is selected, and then
every Kth member of the population is selected.
✔✔Test Statistic - ✔✔A value, determined from sample information, used to determine
whether to reject the null hypothesis.
✔✔Total Variation - ✔✔The sum of the squared differences between each observation
and the overall mean.
✔✔Treatment Variation - ✔✔The sum of the squared differences between each
treatment mean and the grand or overall mean.
✔✔Type I Error - ✔✔Rejecting the null hypothesis, Ho, when it is true.
✔✔Type II Error - ✔✔Accepting the null hypothesis when it is false.
✔✔Variance - ✔✔The arithmetic mean of the squared deviation from the mean.
