Question: The ______ identifies the number of standard deviations a particular value is from the mean of its distribution.

Answer Choices:
Coefficient of variation
Z-score
Median
Empirical rule

Answer: Z-score

Question: A recent survey of 290 small firms… Responses were “Yes”, “No”, or “Don’t Know”. This data is best classified as

Answer Choices:
Interval scale
Ordinal scale
Ratio scale
Nominal scale

Answer: Nominal scale

Question: Which of the following best describes a frequency distribution for a categorical variable?

Answer Choices:
It groups data into histograms…
It groups data into categories…
It groups data into intervals called classes and records the proportion…
It groups data into intervals called classes and records the number…

Answer: It groups data into categories and records the number of observations in each category

Question: Which of the following statements involve inferential statistics as opposed to descriptive statistics?

Answer Choices:
A local newspaper reported…
A class of fifty business statistics students earned an average score of 82.5
The business office in Iowa City reported that 459 residential building permits were issued in 2020
Based on a sample of 500 subscribers… estimates that twenty percent…

Answer: Based on a sample of 500 subscribers… estimates that twenty percent…

Question: Which of the following is an example of numerical (quantitative) data?

Answer Choices:
The ZIP code of your home address
Google’s closing stock price today
Your gender
Your Social Security number

Answer: Google’s closing stock price today

Question: The population of interest to the researcher is

Answer Choices:
All UoM students
Students in all academic institutions in Michigan
All UoM students enrolled in the Fall semester of 2021
Students in all academic institutions in Michigan enrolled in the Fall semester of 2021

Answer: All UoM students enrolled in the Fall semester of 2021

Question: A sample statistic is an estimate of

Answer Choices:
Population parameter
Population statistic
Sample parameter
Descriptive statistic

Answer: Population parameter

Question: You want to compare purchases made by cash versus credit card. How should the data be best prepared?

Answer Choices:
Exclude cash and credit card purchases
Impute cash and credit card purchases
Count the data by method of payment
Subset the data by method of payment

Answer: Subset the data by method of payment