QMB3250 Midterm
Why are population parameters difficult to calculate? - ANSProhibitive costs and/or practicality
What is an example of cross-sectional data? - ANSTest scores in a class, sale price of a home
last month, current price of gas in different states
What is an example of time series data? - ANSMonthly sales of cars at a dealership, daily price
of stock, exchange rate of currency
What is the ratio scale, and what is an example? - ANSHas the characteristics of interval scale
as well as a true zero point. Examples: weight, time, distance
What is the difference between discrete and continuous variables? - ANSOne has a finite
number of possibilities, one has an infinite number of possibilities
What is an interval scale? - ANSDefined values of variables with lack of a true zero. Example:
farenheit
Which data scales of measurement are associated with qualitative data? - ANSNominal and
Ordinal Scales
Which scales of data measurement are associated with quantitative data? - ANSInterval and
Ratio Scales
Is the interval scale of data measurement more, less, or equally as sophisticated as the ratio
scale? - ANSInterval scale is less sophisticated than ratio scale
What is a useful tool to summarize qualitative data? - ANSFrequency distribution
What best describes a frequency distribution for qualitative data? - ANSRelative Frequency
For both qualitative and quantitative data, what is difference between relative frequency and
percent frequency? - ANSRelative Frequency is a fraction; Percent Frequency is a percentage
How are horizontal bar charts constructed? - ANSEach category is on the vertical axis, and the
range of values is on the horizontal axis
When constructing a frequency distribution for quantitative data, what is important to
remember? - ANSClasses are mutually exclusive and exhaustive
Why are population parameters difficult to calculate? - ANSProhibitive costs and/or practicality
What is an example of cross-sectional data? - ANSTest scores in a class, sale price of a home
last month, current price of gas in different states
What is an example of time series data? - ANSMonthly sales of cars at a dealership, daily price
of stock, exchange rate of currency
What is the ratio scale, and what is an example? - ANSHas the characteristics of interval scale
as well as a true zero point. Examples: weight, time, distance
What is the difference between discrete and continuous variables? - ANSOne has a finite
number of possibilities, one has an infinite number of possibilities
What is an interval scale? - ANSDefined values of variables with lack of a true zero. Example:
farenheit
Which data scales of measurement are associated with qualitative data? - ANSNominal and
Ordinal Scales
Which scales of data measurement are associated with quantitative data? - ANSInterval and
Ratio Scales
Is the interval scale of data measurement more, less, or equally as sophisticated as the ratio
scale? - ANSInterval scale is less sophisticated than ratio scale
What is a useful tool to summarize qualitative data? - ANSFrequency distribution
What best describes a frequency distribution for qualitative data? - ANSRelative Frequency
For both qualitative and quantitative data, what is difference between relative frequency and
percent frequency? - ANSRelative Frequency is a fraction; Percent Frequency is a percentage
How are horizontal bar charts constructed? - ANSEach category is on the vertical axis, and the
range of values is on the horizontal axis
When constructing a frequency distribution for quantitative data, what is important to
remember? - ANSClasses are mutually exclusive and exhaustive
