BAN 280 Exam 1: Key Concepts and Applications
two main branches of statistics - correct answer ✔✔descriptive and inferential
population - correct answer ✔✔a collection of persons, objects, or items of interest
census - correct answer ✔✔an examination of each and every measurement of the entire population
sample - correct answer ✔✔a subset of measurements selected from the population
random sample - correct answer ✔✔a sample in which every element in the population has an equal
chance of being selected
parameter - correct answer ✔✔a summary measure computed from a population
statistic - correct answer ✔✔a summary measure computed from a sample
discrete data - correct answer ✔✔variables that can take on distinct and separate values
continuous data - correct answer ✔✔can assume an infinite number of values within an interval
qualitative variables - correct answer ✔✔variables that can be placed into distinct categories, according
to some characteristic or attribute
quantitative variable - correct answer ✔✔can be discrete or continuous, and can be measured on a
numeric scale.
Scales of Measurement - correct answer ✔✔nominal, ordinal, interval, ratio (noir)
, nominal scale - correct answer ✔✔Lowest level of measurement where data has no natural order and
are merely categories or simply assigned values
ordinal data - correct answer ✔✔categorical data in which order is important, but the distance between
the values is meaningless. ordinal data can be counted and ordered but not measured
interval data - correct answer ✔✔data is always numerical, and the distance between values are known,
equal, and can be measured. has no definite zero (zero is arbitrary)
ratio data - correct answer ✔✔data that is ordered, with known and measurable intervals between each
values. the zero is absolute, and signifies the absence of the characteristic being measured.
primary data - correct answer ✔✔the data is collected by the person who is doing the research
secondary data - correct answer ✔✔the data is collected by someone other than the principal
investigator
time series data - correct answer ✔✔a sequence of observations that are taken in an orderly fashion
with respect to time
cross sectional data - correct answer ✔✔observations taken at a single point in time
frequency distribution - correct answer ✔✔the grouping of data into several non-overlapping classes
showing the number of observations in each class (aka the frequency of each class). a frequency
distribution is used for qualitative variables
relative frequency distribution - correct answer ✔✔a grouping of data which displays the fraction of the
total number of observations belonging to each class. this distribution is used for quantitative variables
histogram - correct answer ✔✔a graph that looks like a bar graph and shows the frequency distribution
or the relative frequency distribution of the data
two main branches of statistics - correct answer ✔✔descriptive and inferential
population - correct answer ✔✔a collection of persons, objects, or items of interest
census - correct answer ✔✔an examination of each and every measurement of the entire population
sample - correct answer ✔✔a subset of measurements selected from the population
random sample - correct answer ✔✔a sample in which every element in the population has an equal
chance of being selected
parameter - correct answer ✔✔a summary measure computed from a population
statistic - correct answer ✔✔a summary measure computed from a sample
discrete data - correct answer ✔✔variables that can take on distinct and separate values
continuous data - correct answer ✔✔can assume an infinite number of values within an interval
qualitative variables - correct answer ✔✔variables that can be placed into distinct categories, according
to some characteristic or attribute
quantitative variable - correct answer ✔✔can be discrete or continuous, and can be measured on a
numeric scale.
Scales of Measurement - correct answer ✔✔nominal, ordinal, interval, ratio (noir)
, nominal scale - correct answer ✔✔Lowest level of measurement where data has no natural order and
are merely categories or simply assigned values
ordinal data - correct answer ✔✔categorical data in which order is important, but the distance between
the values is meaningless. ordinal data can be counted and ordered but not measured
interval data - correct answer ✔✔data is always numerical, and the distance between values are known,
equal, and can be measured. has no definite zero (zero is arbitrary)
ratio data - correct answer ✔✔data that is ordered, with known and measurable intervals between each
values. the zero is absolute, and signifies the absence of the characteristic being measured.
primary data - correct answer ✔✔the data is collected by the person who is doing the research
secondary data - correct answer ✔✔the data is collected by someone other than the principal
investigator
time series data - correct answer ✔✔a sequence of observations that are taken in an orderly fashion
with respect to time
cross sectional data - correct answer ✔✔observations taken at a single point in time
frequency distribution - correct answer ✔✔the grouping of data into several non-overlapping classes
showing the number of observations in each class (aka the frequency of each class). a frequency
distribution is used for qualitative variables
relative frequency distribution - correct answer ✔✔a grouping of data which displays the fraction of the
total number of observations belonging to each class. this distribution is used for quantitative variables
histogram - correct answer ✔✔a graph that looks like a bar graph and shows the frequency distribution
or the relative frequency distribution of the data
