BAN 280: Key Concepts for Exam 1
population - correct answer ✔✔collection of persons, objects, or items of interest
census - correct answer ✔✔an examination of each and every measurement of the entire population
random sample - correct answer ✔✔every sample created should be random
parameter - correct answer ✔✔summary measure computed from a population
statistic - correct answer ✔✔summary measure computed from a sample
discrete data - correct answer ✔✔ex. the number of heads obtained in 5 coin tosses
continuous data - correct answer ✔✔ex. all of the possible temps of coffee
Continuous & Discrete Data - correct answer ✔✔both are quantitative
Primary Data - correct answer ✔✔when the investigator collects the data himself
Secondary data - correct answer ✔✔data is taken from a published source
Time Series Data - correct answer ✔✔Sequence of observations taken in an orderly fashion (ex. daily
price of goal last week)
Cross sectional data - correct answer ✔✔if data is not time series (ex. green grocer go through different
amounts, don't buy the same amounts)
population - correct answer ✔✔collection of persons, objects, or items of interest
census - correct answer ✔✔an examination of each and every measurement of the entire population
random sample - correct answer ✔✔every sample created should be random
parameter - correct answer ✔✔summary measure computed from a population
statistic - correct answer ✔✔summary measure computed from a sample
discrete data - correct answer ✔✔ex. the number of heads obtained in 5 coin tosses
continuous data - correct answer ✔✔ex. all of the possible temps of coffee
Continuous & Discrete Data - correct answer ✔✔both are quantitative
Primary Data - correct answer ✔✔when the investigator collects the data himself
Secondary data - correct answer ✔✔data is taken from a published source
Time Series Data - correct answer ✔✔Sequence of observations taken in an orderly fashion (ex. daily
price of goal last week)
Cross sectional data - correct answer ✔✔if data is not time series (ex. green grocer go through different
amounts, don't buy the same amounts)
