BUSINESS STATISTICS EXAM STUDY GUIDE;
QUESTIONS WITH 100% CORRECT ANSWERS;
VERIFIED; LATEST UPDATE; 2025
Mean - ANS-Average; the sum total of a data set divided by the number of values in the set. Gives the
average value of the entire set
Median - ANS-The middle value of a data set that is in numerical order. If the number of values is even
you divide the middle two values.
Mode - ANS-The number that occurs most in a data set. If every number occurs the same amount of
times there is no mode
Descriptive Statistics - ANS-"Tabular, graphical, and numerical summaries of data."
Examples: Skewness, Average, Etc
Nominal Scale - ANS-"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-numeric or numeric."
Ordinal Scale - ANS-"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 non-numeric or
numeric."
Interval Scale - ANS-"The Scale of measurement for a variable if the data demonstrate the properties of
ordinal data and the internal between values is expressed in terms of a fixed unit of measure. Interval
data are always numeric"
Ratio Scale - ANS-"The scale of measurement for a variable if the data demonstrate all the properties of
interval data and the ratio of two values is meaningful. Ratio data are always numeric."
Categorical Data - ANS-"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-numeric or numeric."
Quantitative Data - ANS-"Numeric values that indicate how much or how many of something.
Quantitative data are obtained using either the interval or ratio scale of measurement."
QUESTIONS WITH 100% CORRECT ANSWERS;
VERIFIED; LATEST UPDATE; 2025
Mean - ANS-Average; the sum total of a data set divided by the number of values in the set. Gives the
average value of the entire set
Median - ANS-The middle value of a data set that is in numerical order. If the number of values is even
you divide the middle two values.
Mode - ANS-The number that occurs most in a data set. If every number occurs the same amount of
times there is no mode
Descriptive Statistics - ANS-"Tabular, graphical, and numerical summaries of data."
Examples: Skewness, Average, Etc
Nominal Scale - ANS-"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-numeric or numeric."
Ordinal Scale - ANS-"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 non-numeric or
numeric."
Interval Scale - ANS-"The Scale of measurement for a variable if the data demonstrate the properties of
ordinal data and the internal between values is expressed in terms of a fixed unit of measure. Interval
data are always numeric"
Ratio Scale - ANS-"The scale of measurement for a variable if the data demonstrate all the properties of
interval data and the ratio of two values is meaningful. Ratio data are always numeric."
Categorical Data - ANS-"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-numeric or numeric."
Quantitative Data - ANS-"Numeric values that indicate how much or how many of something.
Quantitative data are obtained using either the interval or ratio scale of measurement."
