Learning Objective: 1.1: List quantitative and graphical examples of statistics within a business

1 Business Statistics, 11e (Black) Chapter 1 Introduction to Statistics

1) Virtually all areas of business use statistics in decision making.

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.1: List quantitative and graphical examples of statistics within a business context.

2) Statistics can be used to predict business in the future.

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.1: List quantitative and graphical examples of statistics within a business context.

3) Statistics are used to market vitamins.

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.1: List quantitative and graphical examples of statistics within a business context.

4) A list of final grades in an introductory class in business is an example of statistics.

Answer: FALSE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.1: List quantitative and graphical examples of statistics within a business context.

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

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.1: List quantitative and graphical examples of statistics within a business context.

6) The complete collection of all entities under study is called the sample.

Answer: FALSE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.2: Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

(Business Statistics For Contemporary Decision Making, 11e Ken Black) (Test Bank all Chapters) 1 / 4

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

Answer: FALSE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.2: Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

8) A descriptive measure of the population is called a parameter.

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.2: Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

9) A census is the process of gathering data on all the entities in the population.

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.2: Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

10) Statistics is commonly divided into two branches called descriptive statistics and summary statistics.

Answer: FALSE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.2: Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

11) A descriptive measure of the sample is called a statistic.

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.2: Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

12) Gathering data from a sample to reach conclusions about the population from which the sample was drawn is called descriptive statistics.

Answer: FALSE

Diff: 2

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.2: Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

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

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.2: Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

14) The basis for inferential statistics is the ability to make decisions about population parameters without having to complete a census of the population.

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.2: Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

15) A variable is a numerical description of each of the possible outcomes of an experiment.

Answer: TRUE

Diff: 2

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.3: Explain the difference between variables, measurement, and data.

16) Variables and measurement data are interchangeable terms.

Answer: FALSE

Diff: 2

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.3: Explain the difference between variables, measurement, and data.

17) Measurements occur when a standard process is used to assign numbers to attributes or characteristics of a variable.

Answer: TRUE

Diff: 2

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.3: Explain the difference between variables, measurement, and data.

18) One piece of data includes a variety of variables.

Answer: FALSE

Diff: 2

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.3: Explain the difference between variables, measurement, and data.

19) A variable can take on different values.

Answer: TRUE

Diff: 1

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.3: Explain the difference between variables, measurement, and data.

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4 20) All numerical data must be analyzed statistically in the same way because all of them are represented by numbers.

Answer: FALSE

Diff: 2

Response: See section 1.1 Basic Statistical Concepts

Learning Objective: 1.4: Compare the four different levels of data: nominal, ordinal, interval, and ratio.

21) The manner in which numerical data can be analyzed statistically depends on the level of data measurement represented by numbers being analyzed.

Answer: TRUE

Diff: 2

Response: See section 1.2 Data Measurement

Learning Objective: 1.4: Compare the four different levels of data: nominal, ordinal, interval, and ratio.

22) The lowest level of data measurement is the ratio level.

Answer: FALSE

Diff: 1

Response: See section 1.2 Data Measurement

Learning Objective: 1.4: Compare the four different levels of data: nominal, ordinal, interval, and ratio.

23) The highest level of data measurement is the ratio level.

Answer: TRUE

Diff: 1

Response: See section 1.2 Data Measurement

Learning Objective: 1.4: Compare the four different levels of data: nominal, ordinal, interval, and ratio.

24) Numbers which are used only to classify or categorize the observations represent data measured at the nominal level.

Answer: TRUE

Diff: 2

Response: See section 1.2 Data Measurement

Learning Objective: 1.4: Compare the four different levels of data: nominal, ordinal, interval, and ratio.

25) Numbers which are used to rank-order the performance of workers represent data measured at the interval level.

Answer: FALSE

Diff: 2

Response: See section 1.2 Data Measurement

Learning Objective: 1.4: Compare the four different levels of data: nominal, ordinal, interval, and ratio.

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