Business Statistics Exam Questions with Correct Answers Latest 2025
statistics - Answers the study of methods to collect, organize, analyze and interpret numerical data.
individual - Answers any person or object of interest
variable - Answers the characteristic of interest
population - Answers the entire collection of individuals
sample - Answers any subset of a population
collect
organize
analyze - Answers descriptive statistics
analyze
interpret - Answers inferential statistics
descriptive statistics - Answers organization and summarization of data
goal of statistics - Answers study a sample in order to draw conclusions about a population
parameter - Answers a number describing a population
census - Answers studying a population
statistic - Answers a number describing a sample
Qualitative - Answers described by non-numerical categories
Quantitative - Answers described numerically
described - Answers all categories can be __________ numerically
frequency - Answers number of occurrences of a value
discrete
continuous - Answers 2 main types of quantitative variables
discrete - Answers can be counted
continuous - Answers can only be measured
nominal - Answers lowest level of measurement
, name only; categorical
ordinal - Answers level of measurement that can be arranged in order
interval - Answers level of measurement that the different categories hold a meaning behind it
ratio - Answers level of measurement where 0 literally means nothing
observational study - Answers measurement dos not affect the individual
causation - Answers one variable bringing about a change in another
association - Answers _______does not imply causation
control group - Answers individuals that do not receive the treatment
placebo - Answers fake treatment
bias - Answers systematic favor of an outcome
bias - Answers worse enemy in statistics
randomization - Answers defeat bias with....
variability - Answers too wide of a range of possible outcomes
replication - Answers defeat variability with...
simple random sample - Answers each individual and each sample has the same chance of being
selected
simple random sample - Answers simplest and most common random samples
stratified random sample - Answers separating into groups then randomly selecting within each group
cluster sample - Answers separating into groups then studying each member within randomly selected
groups
cluster sample - Answers type of sample that is useful for reducing time spent collecting data
systematic random sample - Answers selecting 1 out of every k consecutive members
convenience sample - Answers a type of awful sample that is the selection of any readily available group
of participants
voluntary response sample - Answers type of awful sample that is a sample formed when potential
participants determine their selection. most extremely biased technique especially toward negative
opinions
statistics - Answers the study of methods to collect, organize, analyze and interpret numerical data.
individual - Answers any person or object of interest
variable - Answers the characteristic of interest
population - Answers the entire collection of individuals
sample - Answers any subset of a population
collect
organize
analyze - Answers descriptive statistics
analyze
interpret - Answers inferential statistics
descriptive statistics - Answers organization and summarization of data
goal of statistics - Answers study a sample in order to draw conclusions about a population
parameter - Answers a number describing a population
census - Answers studying a population
statistic - Answers a number describing a sample
Qualitative - Answers described by non-numerical categories
Quantitative - Answers described numerically
described - Answers all categories can be __________ numerically
frequency - Answers number of occurrences of a value
discrete
continuous - Answers 2 main types of quantitative variables
discrete - Answers can be counted
continuous - Answers can only be measured
nominal - Answers lowest level of measurement
, name only; categorical
ordinal - Answers level of measurement that can be arranged in order
interval - Answers level of measurement that the different categories hold a meaning behind it
ratio - Answers level of measurement where 0 literally means nothing
observational study - Answers measurement dos not affect the individual
causation - Answers one variable bringing about a change in another
association - Answers _______does not imply causation
control group - Answers individuals that do not receive the treatment
placebo - Answers fake treatment
bias - Answers systematic favor of an outcome
bias - Answers worse enemy in statistics
randomization - Answers defeat bias with....
variability - Answers too wide of a range of possible outcomes
replication - Answers defeat variability with...
simple random sample - Answers each individual and each sample has the same chance of being
selected
simple random sample - Answers simplest and most common random samples
stratified random sample - Answers separating into groups then randomly selecting within each group
cluster sample - Answers separating into groups then studying each member within randomly selected
groups
cluster sample - Answers type of sample that is useful for reducing time spent collecting data
systematic random sample - Answers selecting 1 out of every k consecutive members
convenience sample - Answers a type of awful sample that is the selection of any readily available group
of participants
voluntary response sample - Answers type of awful sample that is a sample formed when potential
participants determine their selection. most extremely biased technique especially toward negative
opinions
