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BASIC STATISTICS FOR BUSINESS AND
ECONOMICS EXAM | QUESTIONS AND
ANSWERS | VERIFIED ANSWERS (100%
CORRECT) | LATEST EXAM UPDATE
Statistics - (answers)the study of how to collect, organize, analyze, and interpret
numerical information from data.
Individuals - (answers)the people or objects included in the study.
Variable - (answers)a characteristic of the individual to be measured or observed.
Quantitative Variable - (answers)has a value or numerical measurement for which
operations such as addition or averaging make sense.
Qualitative Variable - (answers)describes an individual by placing the individual
into a category or group, such as male or female.
Population Data - (answers)the data are from every individual of interest. Data
from a specific population are fixed and complete.
Sample Data - (answers)the data are from only some of the individuals of interest.
Data from samples vary from sample to sample and are NOT complete.
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Parameter - (answers)a numerical measure that describes an aspect of a
population.
Statistic - (answers)a numerical measure that describes an aspect of a sample.
Nominal Level - (answers)The nominal level of measurement applies to data that
consists of names, labels, or categories. There are no implied criteria by which the
data can be ordered from smallest to largest. We can put the data into categories.
Ordinal Level - (answers)The ordinal level of measurement applies to data that
can be arranged in order. However, differences between data values either
cannot be determined or are meaningless. We can order the data from smallest
to largest or "worst" to "best". Each data value can be compared with another
data value.
Interval Level - (answers)The interval level of measurement applies to data that
can be arranged in order. In addition, differences between data values are
meaningful. We can order the data and also take the differences between data
values. At this level, it makes sense to compare the differences between data
values. For instance, we can say that one data value is 5 more than or 12 less than
another data value.
Ratio Level - (answers)The ratio level of measurement applies to data that can be
arranged in order. In addition, both differences between data values and ratios of
data values are meaningful. Data at the ratio level have a true zero. We can order
the data, take differences, and also find the ratio between data values. For
instance, it makes sense to sat that one data value is twice as large as another.
BASIC STATISTICS FOR BUSINESS AND
ECONOMICS EXAM | QUESTIONS AND
ANSWERS | VERIFIED ANSWERS (100%
CORRECT) | LATEST EXAM UPDATE
Statistics - (answers)the study of how to collect, organize, analyze, and interpret
numerical information from data.
Individuals - (answers)the people or objects included in the study.
Variable - (answers)a characteristic of the individual to be measured or observed.
Quantitative Variable - (answers)has a value or numerical measurement for which
operations such as addition or averaging make sense.
Qualitative Variable - (answers)describes an individual by placing the individual
into a category or group, such as male or female.
Population Data - (answers)the data are from every individual of interest. Data
from a specific population are fixed and complete.
Sample Data - (answers)the data are from only some of the individuals of interest.
Data from samples vary from sample to sample and are NOT complete.
, 2
Parameter - (answers)a numerical measure that describes an aspect of a
population.
Statistic - (answers)a numerical measure that describes an aspect of a sample.
Nominal Level - (answers)The nominal level of measurement applies to data that
consists of names, labels, or categories. There are no implied criteria by which the
data can be ordered from smallest to largest. We can put the data into categories.
Ordinal Level - (answers)The ordinal level of measurement applies to data that
can be arranged in order. However, differences between data values either
cannot be determined or are meaningless. We can order the data from smallest
to largest or "worst" to "best". Each data value can be compared with another
data value.
Interval Level - (answers)The interval level of measurement applies to data that
can be arranged in order. In addition, differences between data values are
meaningful. We can order the data and also take the differences between data
values. At this level, it makes sense to compare the differences between data
values. For instance, we can say that one data value is 5 more than or 12 less than
another data value.
Ratio Level - (answers)The ratio level of measurement applies to data that can be
arranged in order. In addition, both differences between data values and ratios of
data values are meaningful. Data at the ratio level have a true zero. We can order
the data, take differences, and also find the ratio between data values. For
instance, it makes sense to sat that one data value is twice as large as another.
