Question 1

Which of the following statements is correct?

Accepted Answer

A)  Business researchers rarely give attention to collecting meaningful data. 
B)  Variables are data that can be directly used for decision making. 
C)  Valid data are the lifeblood of business statistics. 
D)  Measurements never need to be defined by the business researcher. 
E)  Business statistics are extremely complex and hard to use for decision making. 
A)  Business researchers rarely give attention to collecting meaningful data. 
B)  Variables are data that can be directly used for decision making. 
C)  Valid data are the lifeblood of business statistics. 
D)  Measurements never need to be defined by the business researcher. 
E)  Business statistics are extremely complex and hard to use for decision making.

Question 2

Morningstar Mutual Funds analyzes the risk and performance of mutual funds. Each mutual fund is assigned an overall rating of one to five stars. One star is the lowest rating,and five stars is the highest rating.This level of measurement is __________.

Accepted Answer

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

Question 3

Which of the following operations is meaningful for processing ordinal data,but is meaningless 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 4

Interval- and Ratio-level data are sometimes referred to as quantitative data.

Accepted Answer

A) True 
 B)False

Question 5

A consumer has been asked to rank five cars based upon their desirability. This level of measurement is _______.

Accepted Answer

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

Question 6

Which types of data are normally used in parametric statistics?

Accepted Answer

A)  Interval or ratio level data 
B)  Ordinal or nominal level data 
C)  Nominal or ratio level data 
D)  Ratio or ordinal level data 
E)  Relative or ratio level data 
A)  Interval or ratio level data 
B)  Ordinal or nominal level data 
C)  Nominal or ratio level data 
D)  Ratio or ordinal level data 
E)  Relative or ratio level data

Question 7

A manager was asked to rate the performance of his employees on a scale of 1 to 6. A 1 means that the performance is awful while a 6 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 8

When a person collects information from the entire population,this is called a _______.

Accepted Answer

A)  parameter 
B)  sample 
C)  population 
D)  census 
E)  statistic 
A)  parameter 
B)  sample 
C)  population 
D)  census 
E)  statistic

Question 9

Sue Taylor,Director of Global Industrial Sales,is concerned by a deteriorating sales trend. Specifically,the number of customers is stable at 1,500,but they are purchasing less each year.
She orders her staff to search for causes of the downward trend by surveying all 1,500 industrial customers. One question on the survey asked the customers: "How many people does your company employ? The measurement level for this question is __________.

Accepted Answer

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

Question 10

What proportion of San Diego's registered voters favor trade restrictions with China? In an effort to determine this,a research team calls every registered voter in San Diego and contacts them.The proportion determined from the data gathered is a _______.

Accepted Answer

A)  parameter 
B)  sample 
C)  population 
D)  statistic 
E)  frame 
A)  parameter 
B)  sample 
C)  population 
D)  statistic 
E)  frame

Question 11

A student makes an 82 on the first test in a statistics course.From this,she estimates that her average at the end of the semester (after other tests)will be about 82. This is an example 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 12

Virtually all areas of business use statistics in decision making.

Accepted Answer

A) True 
 B)False

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

Calculation of population parameters is usually either impossible or excessively time consuming and costly.

Accepted Answer

A) True 
 B)False

Which of the following statements is correct?

Morningstar Mutual Funds analyzes the risk and performance of mutual funds. Each mutual fund is assigned an overall rating of one to five stars. One star is the lowest rating,and five stars is the highest rating.This level of measurement is __________.

Which of the following operations is meaningful for processing ordinal data,but is meaningless for processing nominal data?

Interval- and Ratio-level data are sometimes referred to as quantitative data.

A consumer has been asked to rank five cars based upon their desirability. This level of measurement is _______.

Which types of data are normally used in parametric statistics?

A manager was asked to rate the performance of his employees on a scale of 1 to 6. A 1 means that the performance is awful while a 6 means that it is excellent.The measurement level of this data is _______.

When a person collects information from the entire population,this is called a _______.

What proportion of San Diego's registered voters favor trade restrictions with China? In an effort to determine this,a research team calls every registered voter in San Diego and contacts them.The proportion determined from the data gathered is a _______.

A student makes an 82 on the first test in a statistics course.From this,she estimates that her average at the end of the semester (after other tests)will be about 82. This is an example of _______.

Virtually all areas of business use statistics in decision making.

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

Calculation of population parameters is usually either impossible or excessively time consuming and costly.

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

A Nalysis 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

Which of the following statements is correct?

Morningstar Mutual Funds analyzes the risk and performance of mutual funds. Each mutual fund is assigned an overall rating of one to five stars. One star is the lowest rating,and five stars is the highest rating.This level of measurement is __________.

Which of the following operations is meaningful for processing ordinal data,but is meaningless for processing nominal data?

Interval- and Ratio-level data are sometimes referred to as quantitative data.

A consumer has been asked to rank five cars based upon their desirability. This level of measurement is _______.

Which types of data are normally used in parametric statistics?

A manager was asked to rate the performance of his employees on a scale of 1 to 6. A 1 means that the performance is awful while a 6 means that it is excellent.The measurement level of this data is _______.

When a person collects information from the entire population,this is called a _______.

What proportion of San Diego's registered voters favor trade restrictions with China? In an effort to determine this,a research team calls every registered voter in San Diego and contacts them.The proportion determined from the data gathered is a _______.

A student makes an 82 on the first test in a statistics course.From this,she estimates that her average at the end of the semester (after other tests)will be about 82. This is an example of _______.

Virtually all areas of business use statistics in decision making.

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

Calculation of population parameters is usually either impossible or excessively time consuming and costly.

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

A Nalysis 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