Question 1

What type of analytics strives to consider the risk of potential future decisions before they are made?

Accepted Answer

A) Network-series analytics 
B) Communication analytics 
C) Predictive analytics 
D) Prescriptive analytics 
E) Trend analytics 
A) Network-series analytics 
B) Communication analytics 
C) Predictive analytics 
D) Prescriptive analytics 
E) Trend analytics

Question 2

The main objective of business analytics is to transform data into meaningful information for business managers.

Accepted Answer

A) True 
 B)False

Question 3

A market research analyst has asked consumers to rate the appearance of a new package on a scale of 1 to 5.A 1 means that the appearance is awful while a 5 means that it is excellent.The measurement level of this data is _______.

Accepted Answer

A) interval level data 
B) ordinal level data 
C) nominal level data 
D) ratio level data 
E) relative level data 
A) interval level data 
B) ordinal level data 
C) nominal level data 
D) ratio level data 
E) relative level data

Question 4

Bubble charts where the size of each bubble refers to that item's size compared to the various other items shown, are examples of:

Accepted Answer

A) mining visualization 
B) statistical analysis 
C) data extract 
D) descriptive analytics 
E) data visualization 
A) mining visualization 
B) statistical analysis 
C) data extract 
D) descriptive analytics 
E) data visualization

Question 5

If a company receives a lot of data within a short amount of time, then the data has both ________ and ________.

Accepted Answer

A) variety, velocity 
B) velocity, veracity 
C) veracity, volume 
D) velocity, volume 
E) variety, veracity 
A) variety, velocity 
B) velocity, veracity 
C) veracity, volume 
D) velocity, volume 
E) variety, veracity

Question 6

The need for new methodologies and processing techniques regarding business data has arisen because _____________

Accepted Answer

A) big data sources have become too large and complex. 
B) privacy issues related to business data sources. 
C) national security concerns regarding data sources. 
D) the lack of industry needs for big data sources. 
E) decrease in availability of data. 
A) big data sources have become too large and complex. 
B) privacy issues related to business data sources. 
C) national security concerns regarding data sources. 
D) the lack of industry needs for big data sources. 
E) decrease in availability of data.

Question 7

Which of the following operations is meaningful for processing nominal data?

Accepted Answer

A) Addition 
B) Multiplication 
C) Ranking 
D) Counting 
E) Division 
A) Addition 
B) Multiplication 
C) Ranking 
D) Counting 
E) Division

Question 8

A portion or subset of the entities under study is called the statistic.

Accepted Answer

A) True 
 B)False

Question 9

Using data from a group to generalize to a larger group involves the use of _______.

Accepted Answer

A) descriptive statistics 
B) inferential statistics 
C) population derivation 
D) sample persuasion 
E) relative level data 
A) descriptive statistics 
B) inferential statistics 
C) population derivation 
D) sample persuasion 
E) relative level data

Question 10

If the U.S.Census indicated that in general, wages having increased, what business decisions might that information impact?

Accepted Answer

A) How much inventory to hold 
B) Whether to increase product prices 
C) Whether to build a new plant 
D) How much to spend on a new plant 
E) Where to locate a new plant 
A) How much inventory to hold 
B) Whether to increase product prices 
C) Whether to build a new plant 
D) How much to spend on a new plant 
E) Where to locate a new plant

Question 11

A graph of purchases made from one store location would be an example of statistics within a business context.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is not a graphical example of business statistics?

Accepted Answer

A) A table that lists all customers 
B) A pie chart of careers at the company 
C) A graph of profits for the last ten years 
D) A bar graph of sales by product 
E) A chart of dividends paid out the past few years 
A) A table that lists all customers 
B) A pie chart of careers at the company 
C) A graph of profits for the last ten years 
D) A bar graph of sales by product 
E) A chart of dividends paid out the past few years

Question 13

Scholastic Aptitude Test scores are an example of what type of measurement scale?

Accepted Answer

A) Interval level data 
B) Ordinal level data 
C) Nominal level data 
D) Ratio level data 
E) Relative level data 
A) Interval level data 
B) Ordinal level data 
C) Nominal level data 
D) Ratio level data 
E) Relative level data

Question 14

A person has decided to code a particular set of sales data.A value of 0 is assigned if the sales occurred on a weekday, and a value of 1 means it happened on a weekend.This is an example of _______.

Accepted Answer

A) interval level data 
B) ordinal level data 
C) nominal level data 
D) ratio level data 
E) relative level data 
A) interval level data 
B) ordinal level data 
C) nominal level data 
D) ratio level data 
E) relative level data

Question 15

A large manufacturing company in Indianapolis produces valves for the chemical industry. According to specifications, one particular valve is supposed to have a five-inch opening on the side.Quality control inspectors take random samples of these valves just after the hole is bored.
They measure the size of the hole in an effort to determine if the machine needs to be adjusted.The measurement of the diameter of the hole represents which level of data?

Accepted Answer

A) Interval level 
B) Ordinal level 
C) Nominal level 
D) Central level 
E) Ratio level 
A) Interval level 
B) Ordinal level 
C) Nominal level 
D) Central level 
E) Ratio level

Question 16

The lowest level of data measurement is _______.

Accepted Answer

A) interval level 
B) ordinal level 
C) nominal level 
D) ratio level 
E) minimal level 
A) interval level 
B) ordinal level 
C) nominal level 
D) ratio level 
E) minimal level

Question 17

Descriptive statistics focuses on what has happened or is happening within the business.

Accepted Answer

A) True 
 B)False

Question 18

Which best describes veracity?

Accepted Answer

A) The data are credible 
B) The amount of information is sufficient 
C) The data originates from a variety of sources 
D) The data are current 
E) The data represent a specific industry 
A) The data are credible 
B) The amount of information is sufficient 
C) The data originates from a variety of sources 
D) The data are current 
E) The data represent a specific industry

Question 19

A business manager is looking to hire someone who can use large data sets to create business models that can then be used to help the manager make better decisions.The manager is looking to hire someone with _____________.

Accepted Answer

A) mathematics skills 
B) science skills 
C) business analytics skills 
D) qualitative analysis skills 
E) business decision skills 
A) mathematics skills 
B) science skills 
C) business analytics skills 
D) qualitative analysis skills 
E) business decision skills

Question 20

Utilizing visual technology to convey information to a diverse audience with a wide range of backgrounds would be an example of _______________.

Accepted Answer

A) data mining 
B) prescriptive visualization 
C) data visualization 
D) velocity analytics 
E) network analysis 
A) data mining 
B) prescriptive visualization 
C) data visualization 
D) velocity analytics 
E) network analysis

What type of analytics strives to consider the risk of potential future decisions before they are made?

The main objective of business analytics is to transform data into meaningful information for business managers.

A market research analyst has asked consumers to rate the appearance of a new package on a scale of 1 to 5.A 1 means that the appearance is awful while a 5 means that it is excellent.The measurement level of this data is _______.

Bubble charts where the size of each bubble refers to that item's size compared to the various other items shown, are examples of:

If a company receives a lot of data within a short amount of time, then the data has both and .

The need for new methodologies and processing techniques regarding business data has arisen because _____________

Which of the following operations is meaningful for processing nominal data?

A portion or subset of the entities under study is called the statistic.

Using data from a group to generalize to a larger group involves the use of _______.

If the U.S.Census indicated that in general, wages having increased, what business decisions might that information impact?

A graph of purchases made from one store location would be an example of statistics within a business context.

Which of the following is not a graphical example of business statistics?

Scholastic Aptitude Test scores are an example of what type of measurement scale?

A person has decided to code a particular set of sales data.A value of 0 is assigned if the sales occurred on a weekday, and a value of 1 means it happened on a weekend.This is an example of _______.

The lowest level of data measurement is _______.

Descriptive statistics focuses on what has happened or is happening within the business.

Which best describes veracity?

A business manager is looking to hire someone who can use large data sets to create business models that can then be used to help the manager make better decisions.The manager is looking to hire someone with _____________.

Utilizing visual technology to convey information to a diverse audience with a wide range of backgrounds would be an example of _______________.

Visualizing Data With Charts and Graphs

Descriptive Statistics

Probability

Discrete Distributions

Continuous Distributions

Sampling and Sampling Distributions

Statistical Inference: Estimation for Single Populations

Statistical Inference: Hypothesis Testing for Single Populations

Statistical Inferences About Two Populations

Analysis of Variance and Design of Experiments

Simple Regression Analysis and Correlation

Multiple Regression Analysis

Building Multiple Regression Models

Time-Series Forecasting and Index Numbers

Analysis of Categorical Data

Nonparametric Statistics

Statistical Quality Control

Decision Analysis

Filters

Exam 1: Introduction to Statistics and Business Analytics

What type of analytics strives to consider the risk of potential future decisions before they are made?

The main objective of business analytics is to transform data into meaningful information for business managers.

A market research analyst has asked consumers to rate the appearance of a new package on a scale of 1 to 5.A 1 means that the appearance is awful while a 5 means that it is excellent.The measurement level of this data is _______.

Bubble charts where the size of each bubble refers to that item's size compared to the various other items shown, are examples of:

If a company receives a lot of data within a short amount of time, then the data has both ________ and ________.

The need for new methodologies and processing techniques regarding business data has arisen because _____________

Which of the following operations is meaningful for processing nominal data?

A portion or subset of the entities under study is called the statistic.

Using data from a group to generalize to a larger group involves the use of _______.

If the U.S.Census indicated that in general, wages having increased, what business decisions might that information impact?

A graph of purchases made from one store location would be an example of statistics within a business context.

Which of the following is not a graphical example of business statistics?

Scholastic Aptitude Test scores are an example of what type of measurement scale?

A person has decided to code a particular set of sales data.A value of 0 is assigned if the sales occurred on a weekday, and a value of 1 means it happened on a weekend.This is an example of _______.

The lowest level of data measurement is _______.

Descriptive statistics focuses on what has happened or is happening within the business.

Which best describes veracity?

A business manager is looking to hire someone who can use large data sets to create business models that can then be used to help the manager make better decisions.The manager is looking to hire someone with _____________.

Utilizing visual technology to convey information to a diverse audience with a wide range of backgrounds would be an example of _______________.

Visualizing Data With Charts and Graphs

Descriptive Statistics

Probability

Discrete Distributions

Continuous Distributions

Sampling and Sampling Distributions

Statistical Inference: Estimation for Single Populations

Statistical Inference: Hypothesis Testing for Single Populations

Statistical Inferences About Two Populations

Analysis of Variance and Design of Experiments

Simple Regression Analysis and Correlation

Multiple Regression Analysis

Building Multiple Regression Models

Time-Series Forecasting and Index Numbers

Analysis of Categorical Data

Nonparametric Statistics

Statistical Quality Control

Decision Analysis

Filters

If a company receives a lot of data within a short amount of time, then the data has both and .