Modern Business Statistics With Microsoft Excel Certification Evaluation Exams Set Full Questions And Complete Solution

MODERN BUSINESS STATISTICS WITH
MICROSOFT EXCEL CERTIFICATION
EVALUATION EXAMS SET FULL QUESTIONS
AND COMPLETE SOLUTION

●● How do public accounting firms use statistics?
Answer: They use statistical sampling procedures when conducting
audits for their clients.


●● What role do economists play in using statistics?
Answer: Economists use statistical information to make forecasts about
the economy.


●● In finance, what two metrics do financial advisors commonly use?
Answer: Price-earnings ratios and dividend yields.


●● What is a data set?
Answer: A data set is all the data collected in a particular study.


●● What are elements in a data set?
Answer: Elements are the entities on which data are collected.

, ●● Define a variable in the context of statistics.
Answer: A variable is a characteristic of interest for the elements.


●● What is an observation in statistics?
Answer: An observation is the set of measurements obtained for a
particular element.


●● What are the four scales of measurement?
Answer: Nominal, Ordinal, Interval, and Ratio.


●● What is nominal data?
Answer: Nominal data are labels or names used to identify an attribute
of the element.


●● Give an example of nominal data.
Answer: The WTO status category for nations classified as 'member' or
'observer.'


●● What is ordinal data?
Answer: Ordinal data have the properties of nominal data, and the order
or rank of the data is meaningful.


●● Provide an example of ordinal data.