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Test Bank For Business Statistics For Contemporary Decision Making 8th Edition By Black
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Created By : TestsBanksTest Bank For Business Statistics For Contemporary Decision
Making 8th Edition By Black - Updated Version 2024
Chapter 1: Introduction to Statistics
True/False
1. Virtually all areas of business use statistics in decision making.
Ans: True
Response: See section 1.1, Statistics in Business
Difficulty: Easy Learning
Objective: 1.1: List quantitative and graphical examples of statistics within a business context.
2. Statistics can be used to predict the business future.
Ans: True
Response: See section 1.1, Statistics in Business
Difficulty: Easy
Learning Objective: 1.1: List quantitative and graphical examples of statistics within a business
context.
3. Statistics are used to market vitamins.
Ans: True
Response: See section 1.1, Statistics in Business
Difficulty: Easy
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
Ans: false
Response: See section 1.1, Statistics in Business
Difficulty: Easy
Page | 1
,Created By : TestsBanks
Learning Objective: 1.1: List quantitative and graphical examples of statistics within a business
context.
5. The complete collection of all entities under study is called the sample.
Ans: False
Response: See section 1.2, Basic Statistical Concepts
Difficulty: Easy
Learning Objective: 1.2: define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
6. A portion or subset of the entities under study is called the statistic.
Ans: False
Response: See section 1.2, Basic Statistical Concepts
Difficulty: Easy
Learning Objective: 1.2: define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
7. A descriptive measure of the population is called a parameter.
Ans: True
Response: See section 1.2, Basic Statistical Concepts
Difficulty: Easy Learning Objective: 1.2: define important statistical terms, including population,
sample, and parameter, as they relate to descriptive and inferential statistics.
8. A census is the process of gathering data on all the entities in the population.
Ans: True
Response: See section 1.2, Basic Statistical Concepts
Difficulty: Easy
Learning Objective: 1.2: define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
9. Statistics is commonly divided into two branches called descriptive statistics and summary
statistics.
Ans: False
Page | 2
,Created By : TestsBanks
Response: See section 1.2, Basic Statistical Concepts
Difficulty: Easy
Learning Objective: 1.2: define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
10. A descriptive measure of the sample is called a statistic.
Ans: True
Response: See section 1.2, Basic Statistical Concepts
Difficulty: Easy
Learning Objective: 1.2: define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
11. Gathering data from a sample to reach conclusions about the population from which the
sample was drawn is called descriptive statistics.
Ans: False
Response: See section 1.2, Basic Statistical Concepts
Difficulty: Medium
Learning Objective: 1.2: define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
12. Calculation of population parameters is usually either impossible or excessively time
consuming and costly.
Ans: True
Response: See section 1.2, Basic Statistical Concepts
Difficulty: Easy
Learning Objective: 1.2: define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
13. The basis for inferential statistics is the ability to make decisions about population
parameters without having to complete a census of the population.
Ans: True
Response: See section 1.2, Basic Statistical Concepts
Difficulty: Easy
Page | 3
, Created By : TestsBanks
Learning Objective: 1.2: define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
14. A variable is a numerical description of each of the possible outcomes of an experiment.
Ans: True
Response: See section 1.3 Variable and data
Difficulty: Medium
Learning Objective: 1.3: Explain the difference between variables, measurement, and data.
15. Variables and measurement data are interchangeable terms.
Ans: False
Response: See section 1.3 Variable and data
Difficulty: Medium
Learning Objective: 1.3: Explain the difference between variables, measurement, and data.
16. Measurements occur when a standard process is used to assign numbers to attributes or
characteristics of a variable.
Ans: True
Response: See section 1.3 Variable and data
Difficulty: Medium
Learning Objective: 1.3: Explain the difference between variables, measurement, and data.
17. All numerical data must be analyzed statistically in the same way because all of them are
represented by numbers.
Ans: False Response: See section 1.4, Data Measurement
Difficulty: Medium
Learning Objective: 1.4: Compare the four different levels of data: nominal, ordinal, interval, and
ratio.
18. The manner in which numerical data can be analyzed statistically depends on the level of
data measurement represented by numbers being analyzed.
Ans: True
Response: See section 1.4, Data Measurement
Page | 4
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