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Exam 1 for Business Statistics Questions with
Detailed Verified Answers
A population is a collection of all individuals, objects, or measurements of interest.
Ans: TRUE
Statistics are used as a basis for making decisions.
Ans: TRUE
A listing of 100 family annual incomes is an example of statistics.
Ans: FALSE A listing of incomes is raw data. Statistics is used to organize, summarize,
and present the data.
The average number of passengers on commercial flights between Chicago and New
York City is an example of a statistic.
Ans: TRUE
Statistics are used to report the summary results of market surveys.
Ans: TRUE
A sample is a portion or part of the population of interest.
Ans: TRUE
To infer something about a population, we usually take a sample from the population.
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Ans: TRUE
Descriptive statistics are used to find out something about a population based on a
sample.
Ans: FALSE Inferential statistics uses sample information to find out something about a
population.
There are four levels of measurement: qualitative, quantitative, discrete, and
continuous.
Ans: FALSE The four levels of measurement are nominal, ordinal, interval, and ratio.
The ordinal level of measurement is considered the "lowest" level of measurement.
Ans: FALSE The nominal scale is the "lowest" level of measurement.
A store asks shoppers for their zip code to identify market areas. Zip codes are an
example of ratio data.
Ans: FALSE While zip codes use numbers they are only labels. Therefore, they
represent a nominal measurement scale.
An ordinal level of measurement implies some sort of ranking.
Ans: TRUE
Data measured on a nominal scale can only be classified into categories.
Ans: TRUE
The terms descriptive statistics and inferential statistics can be used interchangeably.
© Get it right 2025 Getaway - Stuvia US All rights reserved
Exam 1 for Business Statistics Questions with
Detailed Verified Answers
A population is a collection of all individuals, objects, or measurements of interest.
Ans: TRUE
Statistics are used as a basis for making decisions.
Ans: TRUE
A listing of 100 family annual incomes is an example of statistics.
Ans: FALSE A listing of incomes is raw data. Statistics is used to organize, summarize,
and present the data.
The average number of passengers on commercial flights between Chicago and New
York City is an example of a statistic.
Ans: TRUE
Statistics are used to report the summary results of market surveys.
Ans: TRUE
A sample is a portion or part of the population of interest.
Ans: TRUE
To infer something about a population, we usually take a sample from the population.
© Get it right 2025 Getaway - Stuvia US All rights reserved
, Click here for more: Scholars nexus
Ans: TRUE
Descriptive statistics are used to find out something about a population based on a
sample.
Ans: FALSE Inferential statistics uses sample information to find out something about a
population.
There are four levels of measurement: qualitative, quantitative, discrete, and
continuous.
Ans: FALSE The four levels of measurement are nominal, ordinal, interval, and ratio.
The ordinal level of measurement is considered the "lowest" level of measurement.
Ans: FALSE The nominal scale is the "lowest" level of measurement.
A store asks shoppers for their zip code to identify market areas. Zip codes are an
example of ratio data.
Ans: FALSE While zip codes use numbers they are only labels. Therefore, they
represent a nominal measurement scale.
An ordinal level of measurement implies some sort of ranking.
Ans: TRUE
Data measured on a nominal scale can only be classified into categories.
Ans: TRUE
The terms descriptive statistics and inferential statistics can be used interchangeably.
© Get it right 2025 Getaway - Stuvia US All rights reserved
