STATISTICS FOR BUSINESS AND
ECONOMICS CERTIFICATION TEST PAPER
VERIFIED QUESTIONS AND SOLUTIONS
GRADED A+
●● Individuals
Answer: the people or objects included in the study.
●● Variable
Answer: a characteristic of the individual to be measured or observed.
●● Quantitative Variable
Answer: has a value or numerical measurement for which operations
such as addition or averaging make sense.
●● Qualitative Variable
Answer: describes an individual by placing the individual into a
category or group, such as male or female.
●● Population Data
Answer: the data are from every individual of interest. Data from a
specific population are fixed and complete.
, ●● Sample Data
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
Answer: a numerical measure that describes an aspect of a population.
●● Statistic
Answer: a numerical measure that describes an aspect of a sample.
●● Nominal Level
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
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.
ECONOMICS CERTIFICATION TEST PAPER
VERIFIED QUESTIONS AND SOLUTIONS
GRADED A+
●● Individuals
Answer: the people or objects included in the study.
●● Variable
Answer: a characteristic of the individual to be measured or observed.
●● Quantitative Variable
Answer: has a value or numerical measurement for which operations
such as addition or averaging make sense.
●● Qualitative Variable
Answer: describes an individual by placing the individual into a
category or group, such as male or female.
●● Population Data
Answer: the data are from every individual of interest. Data from a
specific population are fixed and complete.
, ●● Sample Data
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
Answer: a numerical measure that describes an aspect of a population.
●● Statistic
Answer: a numerical measure that describes an aspect of a sample.
●● Nominal Level
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
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.
