Business Analytics Chapter 1 - ECO 251
31) A limitation of descriptive statistics is that, by summarizing large quantities of data, you lose information.
TRUE
33) Deciding that a process that fills bottles with soda is functioning properly by checking the weights for a sample of bottles is an example of inferential statistics.
TRUE
35) Determining the proportion of customers who have credit scores greater than 700 is an example of descriptive statistics.
TRUE
37) Statistics can be misused by making differences seem greater or lesser by adjusting the scale on graphs.
TRUE
4) One of the major reasons to use statistics is to transform data into information
TRUE
6) Primary data is data collected by the person or organization that eventually uses the data
TRUE
8) Analyzing unemployment data from the Bureau of Labor Statistics is an example of using secondary data
TRUE
9) A hotel employee asks customers who are checking out to rate their satisfaction on a scale of 1-10. This is an example of collecting primary data
TRUE
40) Gathering information from potential customers in an effort to determine their preferences is an example of using statistics in the field of ________. A) marketing research B) advertising C) operations D) finance
A
38) Collecting data about the number of television viewers for the Summer Olympics is an example of using statistics in the field of ________. A) human resources B) advertising C) operations D) finance
B
42) ________ is (are) derived from facts for the purpose of making decisions. A) Data B) Information C) Statistics D) Samples
B
41) Using quality control techniques to test the salt content of pretzels before they are packaged for the consumer is an example of using statistics in the field of ________. A) marketing research B) advertising C) operations D) finance
C
44) A method of gathering data when subjects are exposed to certain treatments and the data of interest is recorded is known as ____________. A) direct observation B) focus groups C) experiments D) surveys
C
39) Using income data to determine the credit worthiness of a consumer who wishes to purchase a new car is an example of using statistics in the field of ________. A) marketing research B) advertising C) operations D) finance
D
10) Analyzing snowfall amounts in New York over the past 100 years to help predict future weather patterns is an example of using primary data
FALSE
12) A restaurant manager randomly selects tables at which customers have just been seated and records the amount of time it takes for the wait staff to greet these customers. This is an example of an experiment being used to collect data
FALSE
23) Your cell phone number is an example of quantitative data
FALSE
25) A respondent to a survey indicates that he has lived in his current residence for three years. This is an example of qualitative data.
FALSE
3) Information is the basic foundation for the field of statistics and can be defined as the value assigned to a specific observation or measurement
FALSE
32) Predicting election results by asking voters their intentions is an example of descriptive statistics.
FALSE
34) Calculating the average time callers wait on the phone for technical support is an example of inferential statistics.
FALSE
7) Asking customers at the shopping mall about their voting intentions in the upcoming political election is an example of secondary data
FALSE
1) Statistics is the mathematical science that deals with the collection, analysis, and presentation of data-data that can then be used as a basis for inference and induction
TRUE
11) Bias can occur in a survey when a question is stated in a way that encourages or leads a respondent to a particular answer
TRUE
14) A manager of an electronics store would like to investigate the impact that price has on the demand for laptop computers. Each week, the price of a Dell laptop is adjusted and the demand for each week is recorded. This is an example of an experiment being used to collect data
TRUE
15) To help ensure good questionnaire design, it is recommended that a survey is tested on a small group of respondents before releasing it to the actual participants
TRUE
18) Education level is an example of nominal data
TRUE
2) Business Analytics are statistics applied to the business world in an effort to improve people's decision making in fields such as marketing research, operations, finance, and advertising
TRUE
20) The interval measurement level is considered quantitative data
TRUE
22) The number of pages in your business statistics textbook is an example of quantitative data
TRUE
24) A respondent to a survey indicates that she drives a Ford Taurus. This is an example of qualitative data
TRUE
30) The purpose of inferential statistics is to make claims or conclusions about a population based on a sample.
TRUE