Q: A dataset has a mean of 60 and a standard deviation of 12. What is the coefficient of variation (CV)? $$CV = \frac{\text{Standard Deviation}}{\text{Mean}} \times 100$$

$$CV = \frac{12}{60} \times 100 = 20\%$$

Question 1

Which of the following best describes the main difference between descriptive statistics and inferential statistics?

Accepted Answer

Descriptive statistics summarize and organize data, while inferential statistics use sample data to make generalizations about a population.

Question 2

A financial analyst wants to estimate the average overtime hours worked by employees in a large corporation. She randomly selects three departments and collects data from all employees within each selected department. Which sampling method is she using?

Accepted Answer

Cluster sampling

Question 3

Which of the following is NOT a property of the arithmetic mean?

Accepted Answer

It always represents the most frequently occurring value in a dataset.

Question 4

A company wants to ensure that every job role is represented in its employee satisfaction survey. Employees are divided into groups based on job role, and a random sample is taken from each group. What sampling method is this?

Accepted Answer

Stratified sampling

Question 5

Which of the following data types is best described as 'the number of cars sold each day at a dealership'?

Accepted Answer

Discrete quantitative data

Question 6

Given the following salaries (in thousands): 30, 35, 40, 45, 50. What is the range of this dataset?

$$R = 	ext{Largest value} - 	ext{Smallest value}$$

Accepted Answer

$$R = 50 - 30 = 20$$

Question 7

Which of the following is a limitation of using pie charts in business reporting?

Accepted Answer

They become difficult to interpret with too many categories.

Question 8

A dataset has a mean of 60 and a standard deviation of 12. What is the coefficient of variation (CV)?

$$CV = \frac{	ext{Standard Deviation}}{	ext{Mean}} 	imes 100$$

Accepted Answer

$$CV = \frac{12}{60} 	imes 100 = 20\%$$

Question 9

Which of the following best describes the interquartile range (IQR)?

Accepted Answer

The range of the middle 50% of the data, calculated as $$IQR = Q_3$ - Q_1$

Question 10

A researcher wants to study the opinions of disabled students at a university. She selects students with different support needs to ensure a variety of experiences. Which sampling method is she using?

Accepted Answer

Purposive (judgemental) sampling

Question 11

Which of the following is TRUE about the median?

Accepted Answer

It divides the ordered dataset into two equal halves.

Question 12

A company lists all employees alphabetically and selects every 10th employee for a survey, starting from a randomly chosen point. What sampling method is this?

Accepted Answer

Systematic sampling

Question 13

Which of the following is an example of data measured on an interval scale?

Accepted Answer

Temperature in Celsius

Question 14

A box-and-whisker plot is constructed using which five summary statistics?

Accepted Answer

Minimum, first quartile, median, third quartile, maximum

Question 15

Which of the following statements about the standard deviation is FALSE?

Accepted Answer

It is not affected by outliers.

Question 16

A dataset is positively skewed. Which of the following is the correct order of the measures of central tendency?

Accepted Answer

Mode \u003c Median \u003c Mean

Question 17

Which of the following best describes a histogram?

Accepted Answer

A graph that displays the frequency of continuous data within intervals.

Question 18

If a value is more than 1.5 times the interquartile range above $$Q_3 or $$below $$Q_1$$, what is it considered?

Accepted Answer

An outlier

Question 19

Which of the following is a real-world example of using statistics in economics?

Accepted Answer

Predicting inflation trends using historical data.

Descriptive Statistics and Exploratory Data Analysis: Foundations for Business Statistics

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