BAN 280 Final Exam Sec 1 Ch 1,3
Questions & Answers 2024/2025
population - ANSWERSa collection of persons, objects, or items of interest
census - ANSWERSis an examination of each and every measurement of the entire population
sample - ANSWERSis a subset of measurements selected from the population
parameter - ANSWERSa summary measure computed from a POPULATION
statistic - ANSWERSthe corresponding SAMPLE summary measure
qualitative data - ANSWERS(categorical) examples: gender, major, phone numbers, brands, letter grade in
BAN 280
quantitative data - ANSWERS(numerical) examples: test scores, age, employee salary
2 types of quantitative data - ANSWERSDiscrete and Continuous
Quantitative- Discrete - ANSWERS"specific values"
examples:
-shoe size, number of absentees in a class on a given day, strokes on a golf hole, TV monitors in a room
Quantitative- Continuous - ANSWERS"any # in a range"
examples:
-weight, time, yearly rainfall in WB, height of an adult man
, nominal scale - ANSWERSnames (no order)
examples:
-sex (1-Male, 2-Female)
-directions (East, West, North, South)
ordinal scale - ANSWERSnames (order) ---remember O for order
examples:
-satisfaction (very satisfied, satisfied, fair, unsatisfactory)
interval scale - ANSWERSnumbers with NO true zero
example:
Fahrenheit because it can be 0 degrees
ratio scale - ANSWERSnumbers with a TRUE zero,
Ratio is the highest level of data measurement
examples:
-age, weight, height, Kelvin temp.
primary data - ANSWERSwhen the investigator collects the data himself/herself, here the data is
collected by the person who is doing the research
secondary data - ANSWERSwhen the data is taken from some published source, basically when the data
is collected by someone other than the principal investigator (researcher)
time series data - ANSWERSthis is a sequence of observations that are taken in an orderly fashion with
respect to time
examples:
-daily price of gold last week
-daily price of apple stock during the last month
Questions & Answers 2024/2025
population - ANSWERSa collection of persons, objects, or items of interest
census - ANSWERSis an examination of each and every measurement of the entire population
sample - ANSWERSis a subset of measurements selected from the population
parameter - ANSWERSa summary measure computed from a POPULATION
statistic - ANSWERSthe corresponding SAMPLE summary measure
qualitative data - ANSWERS(categorical) examples: gender, major, phone numbers, brands, letter grade in
BAN 280
quantitative data - ANSWERS(numerical) examples: test scores, age, employee salary
2 types of quantitative data - ANSWERSDiscrete and Continuous
Quantitative- Discrete - ANSWERS"specific values"
examples:
-shoe size, number of absentees in a class on a given day, strokes on a golf hole, TV monitors in a room
Quantitative- Continuous - ANSWERS"any # in a range"
examples:
-weight, time, yearly rainfall in WB, height of an adult man
, nominal scale - ANSWERSnames (no order)
examples:
-sex (1-Male, 2-Female)
-directions (East, West, North, South)
ordinal scale - ANSWERSnames (order) ---remember O for order
examples:
-satisfaction (very satisfied, satisfied, fair, unsatisfactory)
interval scale - ANSWERSnumbers with NO true zero
example:
Fahrenheit because it can be 0 degrees
ratio scale - ANSWERSnumbers with a TRUE zero,
Ratio is the highest level of data measurement
examples:
-age, weight, height, Kelvin temp.
primary data - ANSWERSwhen the investigator collects the data himself/herself, here the data is
collected by the person who is doing the research
secondary data - ANSWERSwhen the data is taken from some published source, basically when the data
is collected by someone other than the principal investigator (researcher)
time series data - ANSWERSthis is a sequence of observations that are taken in an orderly fashion with
respect to time
examples:
-daily price of gold last week
-daily price of apple stock during the last month
