Business Statistics Exam 1 Study Guide Updated Actual Questions And Correct Answers

BUSINESS STATISTICS EXAM 1 STUDY GUIDE
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS

Question:
1. Elements

Answer:
entities are which data are collected

Question:
2. Variable

Answer:
characteristic of interest for the element

Question:
3. Observation

Answer:
set of measurements obtained for a particular element

Question:
4. Data

Answer:
facts and figures collected, analyzed and summarized for presentation and
interpretation

Question:
5. Sample

Answer:
a subset of the population

Question:
6. Population

Answer:
a set of all elements of interest in a particular study

, Question:
7. Descriptive Statistics

Answer:
summaries of all data, tabular, graphical or numerical
ex. pie charts, frequency, histogram

Question:
8. Statistical Inference

Answer:
uses data from a sample to make estimates and test hypothesis about the
characteristics of a population

Question:
9. Parameters

Answer:
numerical characteristics of a population

Question:
10. Nominal

Answer:
data contain names or labels used to identify an attribute of the element
Ex. name of state, person name

Question:
11. Ordinal

Answer:
data exhibit properties of nominal data and in addition, the order or rank of the
data is meaningful
Ex. Stability Status (good, normal, poor)

Question:
12. Interval

Answer:
data have all the properties of ordinal data and the interval between the values is
expressed in terms of a fixed unit of measure
Ex. exam scores: 99,100