Statistics for Business and Economics - Test 1 Exam Questions with Answers.

Statistics for Business and Economics - Test 1 Exam Questions with Answers Statistics - Correct Answers: Developing & applying techniques -collecting data -organizing data -analyzing data -interpreting results derived from data Branches of Statistics - Correct Answers: Descriptive Statistics Inferential Statistics Descriptive Statistics - Correct Answers: Use of tables, graphs, and numerical summaries Inferential Statistics - Correct Answers: Use of sample evidence & probability theory Probability Theory - Correct Answers: A set of ideas and principles for quantifying uncertainties Types of Data - Correct Answers: Quantitative Qualitative Cross-Sectional Time-Series Quantitative Data - Correct Answers: Numeric values that can be used to classify data according to their measurement levels: interval, ratio, and ordinal Qualitative Data - Correct Answers: Non-numeric/nominal values that can be used to classify statistical entities into distinct categories Cross-sectional Data - Correct Answers: Numeric data that are collected at a given point in time across several statistical entities of interest Time-series Data - Correct Answers: Numeric data that are collected over a period of time on a given variable of interest Variable - Correct Answers: Attribute of a statistical entity/element of interest to the researcher Population - Correct Answers: The set of all entities of interest in a particular study Sample - Correct Answers: A subset of the target population Random Sample - Correct Answers: A sub-set chosen such that each entity has an equal chance of being selected Parameter - Correct Answers: A numeric summary that is embedded in a pop of data Statistic - Correct Answers: A numeric summary that is embedded in a sample of data Estimator - Correct Answers: A rule for computing the numerical value of a statistic Estimate - Correct Answers: Numeric summary derived from estimator Relative Frequency - Correct Answers: Frequency / n (total number of frequency) Percent Frequency - Correct Answers: Relative Frequency * 100 W = - Correct Answers: (Largest Value-Smallest Value) / K* Positive Skewness - Correct Answers: Long tail to the right -Many small values and few large values Negative Skewness - Correct Answers: Long tail to the left -Many large values and few small values No Skewness - Correct Answers: Symmetric -Many intermediate values Basic Requirements for Probability - Correct Answers: 1. The probability assigned to each experimental outcome must be between 0 and 1, inclusive 2. The sum of the probabilities for all experimental outcomes must equal 1 Classical Method - Correct Answers: All the possible outcomes are equally likely to occur Empirical Method - Correct Answers: Each possible outcome has a relative frequency of occurrence Subjective Method - Correct Answers: The event in question will occur assuming that the person has expert knowledge