EXAM 1 FOR BUSINESS STATISTICS|QUESTIONS AND CORRECT VERIFIED ANSWERS|LATEST
2025|A+ PASS GUARANTEED
Which of the following variables is qualitative?
A. Gender
B. Values corresponding to a qualitative variable are typically expressed in words.
C. Height
D. Temperature
E. Weight -CORRECT ANSWER-Gender
What are some examples of quantitative variables? -CORRECT ANSWER-House size, house
price, house age, numbers
A recent survey of 200 small firms (annual revenue less than $10 million) asked whether an
increase in the minimum wage would cause the firm to decrease capital spending. Possible
responses to the survey question were: "Yes," "No," or "Don't Know." The scale of
measurement for the data generated by this survey question is best classified as
A. ordinal
B. interval
C. nominal
D. ratio -CORRECT ANSWER-C.
What is the scale of measurement of the distance between any location? -CORRECT
ANSWER-ratio
,Differences between data are meaningless with what type of data? -CORRECT ANSWER-
Ordinal
The Fahrenheit scale for measuring temperature would be a(n) -CORRECT ANSWER-Interval
scale
Which of the following characteristics does the interval scale NOT have?
A. There is a true zero point.
B. Numerical values are used to measure various characteristics
C. Values can be ranked
D. The differences between values are valid -CORRECT ANSWER-A.
What scales of data measurement are associated with quantitative data? -CORRECT
ANSWER-Interval and ratio
What is cross sectional data? -CORRECT ANSWER-Cross-sectional data refers to data
collected by recording a characteristic of many subjects at the same point in time, or without
regard to differences in time.
What is time series data? -CORRECT ANSWER-Time series data refers to data collected by
recording a characteristic of a subject over several time periods.
The data represents the stock price for Google at the end of the past four quarters. Which of
the following types of data best describes these values?
A. Cross-sectional
B. Time series
C. Nominal
D. Ordinal -CORRECT ANSWER-B
, Define a population and what is consists of. -CORRECT ANSWER-All items of interest in a
study and is defined as all members of a specified group under study.
Why are population parameters difficult to calculate? -CORRECT ANSWER-both cost
prohibitions on data collection and the infeasibility of collecting data on the entire
population. Gathering population data can be very expensive and difficult if not impossible
to obtain.
Why do we calculate inferential statistics? -CORRECT ANSWER-Estimate unknown population
parameters
Which of the following represents a population and a sample from that population?
A. Residents of Albany, New York, and registered voters in Albany, New York
B. Fans at a concert who purchase T-shirts, and fans at a concert who purchase soda
C. Freshmen at IU and basketball players at IU
D. Teachers of a high school and members of the parent-teacher group -CORRECT ANSWER-
A.
Your business statistics class had a test last week. The average score for the class is an
example of what? -CORRECT ANSWER-descriptive statistics
Data that describes a characteristic about a sample is known as what? -CORRECT ANSWER-
Statistic
Frequency distributions are used to describe what types of data? -CORRECT ANSWER-
Nominal, ordinal, interval, and ratio data. All types of data
Which of the following symbols represents the mean of the sample? -CORRECT ANSWER-x
with line on top
u is an example of a -CORRECT ANSWER-population paramater
2025|A+ PASS GUARANTEED
Which of the following variables is qualitative?
A. Gender
B. Values corresponding to a qualitative variable are typically expressed in words.
C. Height
D. Temperature
E. Weight -CORRECT ANSWER-Gender
What are some examples of quantitative variables? -CORRECT ANSWER-House size, house
price, house age, numbers
A recent survey of 200 small firms (annual revenue less than $10 million) asked whether an
increase in the minimum wage would cause the firm to decrease capital spending. Possible
responses to the survey question were: "Yes," "No," or "Don't Know." The scale of
measurement for the data generated by this survey question is best classified as
A. ordinal
B. interval
C. nominal
D. ratio -CORRECT ANSWER-C.
What is the scale of measurement of the distance between any location? -CORRECT
ANSWER-ratio
,Differences between data are meaningless with what type of data? -CORRECT ANSWER-
Ordinal
The Fahrenheit scale for measuring temperature would be a(n) -CORRECT ANSWER-Interval
scale
Which of the following characteristics does the interval scale NOT have?
A. There is a true zero point.
B. Numerical values are used to measure various characteristics
C. Values can be ranked
D. The differences between values are valid -CORRECT ANSWER-A.
What scales of data measurement are associated with quantitative data? -CORRECT
ANSWER-Interval and ratio
What is cross sectional data? -CORRECT ANSWER-Cross-sectional data refers to data
collected by recording a characteristic of many subjects at the same point in time, or without
regard to differences in time.
What is time series data? -CORRECT ANSWER-Time series data refers to data collected by
recording a characteristic of a subject over several time periods.
The data represents the stock price for Google at the end of the past four quarters. Which of
the following types of data best describes these values?
A. Cross-sectional
B. Time series
C. Nominal
D. Ordinal -CORRECT ANSWER-B
, Define a population and what is consists of. -CORRECT ANSWER-All items of interest in a
study and is defined as all members of a specified group under study.
Why are population parameters difficult to calculate? -CORRECT ANSWER-both cost
prohibitions on data collection and the infeasibility of collecting data on the entire
population. Gathering population data can be very expensive and difficult if not impossible
to obtain.
Why do we calculate inferential statistics? -CORRECT ANSWER-Estimate unknown population
parameters
Which of the following represents a population and a sample from that population?
A. Residents of Albany, New York, and registered voters in Albany, New York
B. Fans at a concert who purchase T-shirts, and fans at a concert who purchase soda
C. Freshmen at IU and basketball players at IU
D. Teachers of a high school and members of the parent-teacher group -CORRECT ANSWER-
A.
Your business statistics class had a test last week. The average score for the class is an
example of what? -CORRECT ANSWER-descriptive statistics
Data that describes a characteristic about a sample is known as what? -CORRECT ANSWER-
Statistic
Frequency distributions are used to describe what types of data? -CORRECT ANSWER-
Nominal, ordinal, interval, and ratio data. All types of data
Which of the following symbols represents the mean of the sample? -CORRECT ANSWER-x
with line on top
u is an example of a -CORRECT ANSWER-population paramater
