Essentials of Statistics for Business and Economics Exam Questions with Verified Answers Rated A+ (Already Passed)

Essentials of Statistics for Business and Economics Exam Questions with Verified Answers Rated A+ (Already Passed) Statistics - Answers The art and science of collecting, analyzing, presenting, and interpreting data. Data - Answers The facts and figures collected, analyzed, and summarized for presentation and interpretation Data set - Answers All the data collected in a particular study Elements - Answers The entities on which data are collected Variable - Answers A characteristic of interest for the elements Observation - Answers The set of measurements obtained for a particular element Nominal Scale - Answers The scale of measurement for a variable when the data are labels or names used to identify an attribute of an element. Nominal data may be non-numerical or numerical Ordinal Scale - Answers The scale of measurement for a variable if the data exhibit the properties of nominal data and the order or rank of the data is meaningful. Ordinal data may be nonnumerical or numerical Interval Scale - Answers The scale of measurement for a variable if the data demonstrate the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure. Interval data are always numerical Ratio Scale - Answers The Scale measurement for a variable if the data demonstrate all properties of interval data and the ratio of two values is meaningful. Ratio data are always numerical Categorical Data - Answers Labels or names used to identify an attribute of each element. Categorical data use either the nominal or ordinal scale of measurement and may be non-numerical or numerical Quantitative Data - Answers Numerical values that indicate how much or how many of something. Quantitative data are obtained using either the interval or ratio scale of measurement. Categorical Variable - Answers A variable with categorical data Quantitative Variable - Answers A variable with quantitative data Cross-Sectional data - Answers Data collected at the same or approximately the same point in time Time Series data - Answers Data collected over several time periods Descriptive Statistics - Answers Tabular, graphical, and numerical summaries of data Population - Answers The set of all elements of interest in a particular study Sample - Answers A subset of the population Census - Answers A survey to collect data on the entire population Sample survey - Answers A survey to collect data on a sample Statistical Inferences - Answers The process of using data to obtain from a sample to make estimates or test hypotheses about the characteristics of a population Data mining - Answers The process of using procedures from statistics and computer science to extract useful information from extremely large databases. Categorical Data - Answers Labels or names used to identify categories of like items Quantitative Data - Answers Numerical values that indicate how much or how many Frequency distribution - Answers A tabular summary of data showing the number (frequency) of data values in each of several non-overlapping classes Relative frequency distribution - Answers A tabular summary of data showing the fraction or proportion of data values in each of several non-overlapping classes Percent frequency distribution - Answers A tabular summary of data showing the percentage of data values in each of several non-overlapping classes Bar Chart - Answers A graphical device for depicting categorical data that have been summarized in a frequency, relative frequency, or percent frequency distribution Pie Chart - Answers A graphical device for presenting data summaries based on subdivision of a circle into sectors that correspond to the relative frequency for each class Class midpoint - Answers The value halfway between the lower and upper class limits Dot plot - Answers A graphical device that summarizes data by the number of dots above each data value on the horizontal axis Histogram - Answers A graphical presentation of a frequency distribution, relative frequency distribution, or percent frequency distribution of quantitative data constructed by placing the class interval on the horizontal axis and the frequencies, relative frequencies, or percent