QBA EXAM 1 QUESTIONS AND ANSWERS
Accounting - CORRECT ANSWER✅✅✅use statistical sampling procedures when conducting audits
for their clients
Economics - CORRECT ANSWER✅✅✅use statistical information in making forecasts about the future
of the economy or some aspect of it
Financial Advisors - CORRECT ANSWER✅✅✅use price-earnings ratio and dividend yields to guide
their investment advice
Marketing - CORRECT ANSWER✅✅✅Electronic point-of-sale scanners at retail checkout counters
are used to collect data
Production - CORRECT ANSWER✅✅✅A variety of statistical quality control charts are used to
monitor the output
Information Systems - CORRECT ANSWER✅✅✅a variety of statistical information helps
administrators assess the performance of computer networks
Data - CORRECT ANSWER✅✅✅facts and figures collected, analyzed, and summarized for
presentation and interpretation
data set - CORRECT ANSWER✅✅✅all the data collected in a particular study
elements - CORRECT ANSWER✅✅✅the entities on which data are collected
variable - CORRECT ANSWER✅✅✅a characteristic of interest for the elements
observation - CORRECT ANSWER✅✅✅set of measurements obtained for a particular element
, nominal scale - CORRECT ANSWER✅✅✅data are labels or names used to identify an attribute of the
element, may be numeric or nonnumeric
ordinal scale - CORRECT ANSWER✅✅✅exhibit properties of nominal data and the order or rank of
the data is meaningful, may be numeric or nonnumeric
interval scale - CORRECT ANSWER✅✅✅data have properties of ordinal data, and the interval
between observations is expressed in terms of a fixed unit. data is always numeric.
Ratio scale - CORRECT ANSWER✅✅✅data have all the properties of interval data and the ratio of
two values is meaningful. Always numeric
categorical (qualitative) data - CORRECT ANSWER✅✅✅labels or names used to identify an attribute
of each element, use nominal or ordinal scale of measurement and can be numeric or nonnumeric
Quantitative data - CORRECT ANSWER✅✅✅numeric values that indicate how much or how many of
something . obtained using either the interval or ratio scale of measurement
Cross-sectional data - CORRECT ANSWER✅✅✅data collected at the same or approximately the
same point in time
time series data - CORRECT ANSWER✅✅✅data collected over several time periods
descriptive statistics - CORRECT ANSWER✅✅✅tabular graphical, and numerical summaries of data
population - CORRECT ANSWER✅✅✅the set of all elements of interest in a particular study
sample - CORRECT ANSWER✅✅✅a subset of the population
census - CORRECT ANSWER✅✅✅a survey to collect data on the entire population
Accounting - CORRECT ANSWER✅✅✅use statistical sampling procedures when conducting audits
for their clients
Economics - CORRECT ANSWER✅✅✅use statistical information in making forecasts about the future
of the economy or some aspect of it
Financial Advisors - CORRECT ANSWER✅✅✅use price-earnings ratio and dividend yields to guide
their investment advice
Marketing - CORRECT ANSWER✅✅✅Electronic point-of-sale scanners at retail checkout counters
are used to collect data
Production - CORRECT ANSWER✅✅✅A variety of statistical quality control charts are used to
monitor the output
Information Systems - CORRECT ANSWER✅✅✅a variety of statistical information helps
administrators assess the performance of computer networks
Data - CORRECT ANSWER✅✅✅facts and figures collected, analyzed, and summarized for
presentation and interpretation
data set - CORRECT ANSWER✅✅✅all the data collected in a particular study
elements - CORRECT ANSWER✅✅✅the entities on which data are collected
variable - CORRECT ANSWER✅✅✅a characteristic of interest for the elements
observation - CORRECT ANSWER✅✅✅set of measurements obtained for a particular element
, nominal scale - CORRECT ANSWER✅✅✅data are labels or names used to identify an attribute of the
element, may be numeric or nonnumeric
ordinal scale - CORRECT ANSWER✅✅✅exhibit properties of nominal data and the order or rank of
the data is meaningful, may be numeric or nonnumeric
interval scale - CORRECT ANSWER✅✅✅data have properties of ordinal data, and the interval
between observations is expressed in terms of a fixed unit. data is always numeric.
Ratio scale - CORRECT ANSWER✅✅✅data have all the properties of interval data and the ratio of
two values is meaningful. Always numeric
categorical (qualitative) data - CORRECT ANSWER✅✅✅labels or names used to identify an attribute
of each element, use nominal or ordinal scale of measurement and can be numeric or nonnumeric
Quantitative data - CORRECT ANSWER✅✅✅numeric values that indicate how much or how many of
something . obtained using either the interval or ratio scale of measurement
Cross-sectional data - CORRECT ANSWER✅✅✅data collected at the same or approximately the
same point in time
time series data - CORRECT ANSWER✅✅✅data collected over several time periods
descriptive statistics - CORRECT ANSWER✅✅✅tabular graphical, and numerical summaries of data
population - CORRECT ANSWER✅✅✅the set of all elements of interest in a particular study
sample - CORRECT ANSWER✅✅✅a subset of the population
census - CORRECT ANSWER✅✅✅a survey to collect data on the entire population
