Test Bank For Basic Business Statistics 15th Edition By Mark L Berenson David M Levine David F Stephan 2026 Chapter-1-21 (Complete And Verified Study material) (719pages) LEARNEXAMS

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The process of using data collected from a small group to reach conclusions about a large group is called A) DCOVA framework. B) descriptive statistics. C) statistical inference. D) operational definition. Objective: 2) Those methods involving the collection, presentation, and characterization of a set of data in order to properly describe the various features of that set of data are called A) DCOVA framework. B) statistical inference. C) descriptive statistics. D) operational definition. Objective: 3) The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of A) inferential statistics. B) DCOVA framework. C) operational definition. D) descriptive statistics. Objective: 4) The estimation of the population average family expenditure on food based on the sample average expenditure of 1,000 families is an example of A) inferential statistics. B) DCOVA framework. C) operational definition. D) descriptive statistics. Objective: 5) Which of the following is not an element of descriptive statistical problems? A) Tables, graphs, or numerical summary tools. B) An inference made about the population based on the sample. C) Identification of patterns in the data. D) The population or sample of interest. Objective: 6) True or False: Problems may arise when statistically unsophisticated users who do not understand the assumptions behind the statistical procedures or their limitations are misled by results obtained from computer software. A) True B) False Objective: 7) True or False: Managers need an understanding of statistics to be able to present and describe information accurately, draw conclusions about large populations based on small samples, improve processes, and make reliable forecasts. A) True B) False Objective: