Business Statistics Chapter 1

Identify which ONE of the following is a continuous quantitative variable

the average weight of apples in a box at the market

which of the following best describes interval level data?

the distance between values is a known unit of measure

Which of the following variables is recorded at the ratio level of measurement?

salaries of business school graduates

Which of the following is classified as ordinal level data?

someone's ranking of their three favorite foods. because it has an ~order~

Which of the following are true with regard to the importance of studying statistics? Select all that apply.

- Statistical knowledge is needed to understand the world and be conversant in your career - Data is everywhere, and statistics is needed to understand it - statistics is used to make personal and professional decisions

Which of the following are examples of descriptive statistics? select all that apply

- creating a pie chart to show the majors of students in your business stats class - calculating summary measures of the prices of houses sold in Las Vegas in January

Which of the following examples of statistics? Select all that apply. 1. the typical genre of music played on KCFR 2. yesterdays share price for proctor and gamble stock 3. median price of house in detroit 4. number of home runs in last year's world series

2,3,4 1. this is not a numerical information, and therefore is not a statistic

Which of the following is the best definition of a statistical sample?

A portion, or part of the population of interest

What is inferential statistics?

Methods of estimating a property of a population based on a sample

Which of the following are the four levels of measurement possible for data?

Nominal, ordinal, interval, and ratio

How has technology increased the need for statistical analysis?

Vast amounts of data are collected, and understanding it requires statistical knowledge

Identify all of the following items which are qualitative variables

- a person's favorite food type - the species of trees in a park

Match the situation to the correct level of measurement (ratio, interval, nominal, ordinal) A. The types of fruit in a grocery store B. Movie ratings C. Shoe sizes D. stock prices

A. Nominal B. Ordinal C. Interval D. Ratio

Which of the following represents data recorded at the nominal level? "above average" rating given by customer at restaurant the time a patient waits for dr brand of newly purchased tv today's high temp of 83 degs

Brand of newly purchased TV

Which of the following is NOT part of the science of statistics?

Choosing data that supports your conclusion

For the following questions, would you collect information using a sample or a population? A. To calculate the percentage of car owners in New York City. B. To know how many different private airlines provide service in the United States. C. To estimate weekly earnings of computer programmers in United States. D. To find the marks of a class of 20 students in a physics exam.

A. Sample B. Population C. Sample D. Population *Answers are McGraw Hill approved

Which of the following is a population in a statistical sense?

All of the automobiles sold in Canada in 2011

What is descriptive statistics?

methods of organizing, summarizing, and presenting data in an informative way

Which of the following are methods or techniques used in descriptive statistics? select all that apply

- calculating summary measures like the average - constructing a frequency distribution - constructing charts and graphs

Which of the following are examples of inferential statistics? select all that apply

- counting the blue candies in a package of MnM's as a way to estimate the proportion of blue candies in all packages - estimating the average weight in a box of apples by measuring the weight of five apples

Which of the following are attributes of a discrete quantitative variable? choose all that apply

- it can be used to count items, in which case it can only have integral values - there are gaps between the values of this variable - it can assume only certain values within a range

Which of the following are attributes of a continuous quantitative variable? choose all that apply

- it can take on any value within a range of values - there are no required gaps between values (gaps may exist, but they are not required by the nature of the variable) - it is typically the result of measuring something (measurements can result in fractional values)

AVX Home Entertainment, Inc., recently began a "no-hassles" return policy. A sample of 315 customers who recently returned items showed 130 thought the policy was fair, 170 thought it took too long to complete the transaction, and the rest had no opinion. On the basis of this information, make an inference about customer reaction to the new policy. (Round your answers to 1 decimal place.)

Fair 41.3% Too long 54.0% No opinion 4.8% Majority of the customers believe it took too long to complete the transaction

The nominal level of data describes what type of information?

observations of a qualitative variable that can only be classified and counted

Which of the following represent statistical information?

- on average there are 12.5 chocolate chips in a Chips Hello cookie -the median income in Wasau County is $40,578 per year -Lucky's Market sells a maximum of 240 kilograms of apples per month

Which of the following are discrete variables?

- the number of customers using an atm on a given day - the number of cars for sale on a used car lot

Which three of the following are samples in the statistical sense?

-the GPA of every eighth person on the class roster -ten apples selected from a grocery store bin containing 100 apples -six randomly chosen books from the library Key word ~samples~

The two categories of statistical study are:

descriptive statistics and inferential statistics

What are the two types of quantitative variables?

discrete variables and continuous variables

Which of the following are properties of ration level data? choose all that apply 1. there is a true zero point. 2. the ratio of two values is meaningful 3. it has all the properties of interval level data 4. it is a qualitative measure with no natural ordering

1,2,3