Exam (elaborations)
QMB 3200 Module 1 Exam Questions And Answers Latest Update.
- Course
- QMB 3200
- Institution
- University Of Central Florida
QMB 3200 Module 1 Exam Questions And Answers Latest Update.
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Solution 2024/2025Pepper
QMB 3200 Module 1 Exam Questions And Answers Latest Update
Which level of measurement are considered quantitative data? ANS✔✔ Interval and ratio
A method of gathering data when subjects are exposed to certain treatments and the data of interest is recorded is
known as ANS✔✔ experiments
Primary data is data collected by the person or organization that eventually uses the data ANS✔✔ true
Education level is an example of nominal data ANS✔✔ false
Bias can occur in a survey when a question is stated in a way that encourages or leads a respondent to a particular
answer. ANS✔✔ true
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 ANS✔✔ finance
One of the major reasons to use statistics is to transform data into information ANS✔✔ true
The ratio measurement level is considered qualitative data ANS✔✔ false
Analyzing unemployment data from the Bureau of Labor Statistics is an example of using secondary data ANS✔✔ true
The mathematical operation of addition can be performed on nominal data ANS✔✔ false
Analyzing snowfall amounts in New York over the past 100 years to help predict future weather patterns is an example
of using primary data ANS✔✔ false
, Solution 2024/2025
Pepper
___________ data has the benefit of a true zero point ANS✔✔ Ratio
The number of pages in your business statistics textbook is an example of quantitative data ANS✔✔ True
A respondent of a survey indicates that she is currently in her junior year at the University of Texas. This is an example of
___________ data. ANS✔✔ ordinal
The main drawback to using secondary data is that ANS✔✔ you have no control over how the data were collected
Data that describe a characteristic about a sample is known as ___________. ANS✔✔ Statistic
Your business statistics class had an exam last week. The average exam score for the class is an
example of ANS✔✔ descriptive statistics
Predicting election results by asking voters their intentions is an example of descriptive statistics ANS✔✔ false
Bridgestone would like to estimate the average tread life of a particular brand of automobile tire. Fifty customers who
have purchased this tire are sampled and asked about the tread life of their tires. This is an example of using ________.
ANS✔✔ inferential statistics
General Mills is considering offering a new type of yogurt. To gauge interest, they are performing taste tests at different
locations around the country. Based on the results of these samples, they will decide whether or not to market the new
yogurt. This is an example of using ________. ANS✔✔ inferential statistics
Statistics ANS✔✔ the mathematical science that deals with the collection, analysis, and presentation of data, which can
then be used as a basis for inference and induction.
Marketing research ANS✔✔ -focus group data, customer surveys
-predicting consumer buying patterns
, Solution 2024/2025
Pepper
Advertising ANS✔✔ -household surveys, TV viewing habits
-Allows networks to determine what to charge for advertising, based on viewing habits.
Operations ANS✔✔ -quality control, reliability
-supply chain management
Finance and Economics ANS✔✔ -data on income, credit risk, unemployment
-credit risks for consumer borrowers
-credit risks for corporate borrowers.
Data ANS✔✔ -Information in raw or unorganized form (such as alphabets, numbers, or symbols) that refer to, or
represent, conditions, ideas, or objects
-Data are the numbers-the fact and figures that are collected, analyzed and summarized for presentation and
interpretation.
-Not all data start out as numbers, but they can be converted into numbers
Information ANS✔✔ data that are transformed into useful facts that can be used for a specific purpose, such as making
a decision
Primary data ANS✔✔ -data that you have collected for your own use.
-Advantages: collected by the person or organization who uses the data
-Disadvantages: can be expensive and time-consuming to gather
Secondary data ANS✔✔ -data collected by someone else
-Advantages: Readily available, less expensive to collect
-Disadvantages: No control over how the data was collected, Less reliable unless collected and recorded accurately
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