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Essentials of statistics for business and economics,
10th edition Newest Exam Preparation With Complete
Questions And Correct Answers With Rationales
Already Graded A+Brand New Version!!
Question 1
The facts and figures collected, analyzed, and summarized for
presentation and interpretation are referred to as:
A. Data
B. Variables
C. Elements
D. Observations
Answer: A
Explanation: Data are the raw facts and figures that are collected and
then processed to extract meaningful information. Variables are
characteristics of the elements being studied; elements are the entities
on which data are collected; and observations are the set of
measurements collected for a particular element .
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Question 2
Which scale of measurement can be either numeric or non-numeric
and involves data that are labels or names used to identify an attribute
of an element?
A. Ratio scale
B. Interval scale
C. Nominal scale
D. Ordinal scale
Answer: C
Explanation: The nominal scale is the simplest level of measurement. It
involves assigning labels or names to categorize data without any
quantitative value or order. Examples include gender, marital status, or
geographic location codes. The labels can be numeric (e.g., 1 for male, 2
for female) or non-numeric (e.g., "single", "married"), but these
numbers do not imply any ranking or quantitative meaning .
Question 3
Data collected over several time periods are called _____ data.
A. Time series
B. Time controlled
C. Cross-sectional
D. Panel
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Answer: A
Explanation: Time series data are collected over several time periods
(e.g., daily, monthly, yearly). This type of data is used to analyze trends,
patterns, and seasonal variations over time. Cross-sectional data, in
contrast, are collected at a single point in time from multiple subjects .
Question 4
In a sample of 400 students at a university, 80 (or 20%) are Business
majors. The school's newspaper reports that "20% of all students at the
university are Business majors." This is an example of:
A. A sample
B. Statistical inference
C. Descriptive statistics
D. A census
Answer: B
Explanation: Statistical inference is the process of using data from a
sample to draw conclusions about a larger population. In this case, the
sample data (20% of 400 students are Business majors) is used to infer
(estimate) the percentage of Business majors in the entire university
population .
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Question 5
The entities on which data are collected are called:
A. Variables
B. Observations
C. Elements
D. Scales
Answer: C
Explanation: In statistics, the elements are the individual entities
(people, companies, objects) on which we collect data. For instance, in a
survey of students, each student is an element. Variables are the
characteristics of the elements that we measure, and an observation is
the set of measurements for a single element .
Question 6
When constructing a frequency distribution, the number of classes
should typically be:
A. 2 to 5
B. 5 to 20
C. 20 to 30
D. Determined by the range
Essentials of statistics for business and economics,
10th edition Newest Exam Preparation With Complete
Questions And Correct Answers With Rationales
Already Graded A+Brand New Version!!
Question 1
The facts and figures collected, analyzed, and summarized for
presentation and interpretation are referred to as:
A. Data
B. Variables
C. Elements
D. Observations
Answer: A
Explanation: Data are the raw facts and figures that are collected and
then processed to extract meaningful information. Variables are
characteristics of the elements being studied; elements are the entities
on which data are collected; and observations are the set of
measurements collected for a particular element .
,2|Page
Question 2
Which scale of measurement can be either numeric or non-numeric
and involves data that are labels or names used to identify an attribute
of an element?
A. Ratio scale
B. Interval scale
C. Nominal scale
D. Ordinal scale
Answer: C
Explanation: The nominal scale is the simplest level of measurement. It
involves assigning labels or names to categorize data without any
quantitative value or order. Examples include gender, marital status, or
geographic location codes. The labels can be numeric (e.g., 1 for male, 2
for female) or non-numeric (e.g., "single", "married"), but these
numbers do not imply any ranking or quantitative meaning .
Question 3
Data collected over several time periods are called _____ data.
A. Time series
B. Time controlled
C. Cross-sectional
D. Panel
,3|Page
Answer: A
Explanation: Time series data are collected over several time periods
(e.g., daily, monthly, yearly). This type of data is used to analyze trends,
patterns, and seasonal variations over time. Cross-sectional data, in
contrast, are collected at a single point in time from multiple subjects .
Question 4
In a sample of 400 students at a university, 80 (or 20%) are Business
majors. The school's newspaper reports that "20% of all students at the
university are Business majors." This is an example of:
A. A sample
B. Statistical inference
C. Descriptive statistics
D. A census
Answer: B
Explanation: Statistical inference is the process of using data from a
sample to draw conclusions about a larger population. In this case, the
sample data (20% of 400 students are Business majors) is used to infer
(estimate) the percentage of Business majors in the entire university
population .
, 4|Page
Question 5
The entities on which data are collected are called:
A. Variables
B. Observations
C. Elements
D. Scales
Answer: C
Explanation: In statistics, the elements are the individual entities
(people, companies, objects) on which we collect data. For instance, in a
survey of students, each student is an element. Variables are the
characteristics of the elements that we measure, and an observation is
the set of measurements for a single element .
Question 6
When constructing a frequency distribution, the number of classes
should typically be:
A. 2 to 5
B. 5 to 20
C. 20 to 30
D. Determined by the range
