Question 1

Which of the following best describes the primary goal of business statistics?

Accepted Answer

To collect, analyze, and interpret data to support business decision-making.

Question 2

A company wants to understand customer satisfaction by sending out an online survey. Which data collection method are they using?

Accepted Answer

Written questionnaire and online surveys

Question 3

Which of the following is an example of selection bias in data collection?

Accepted Answer

Surveying only customers who visit the store during weekdays

Question 4

A population is best defined as:

Accepted Answer

The entire group of individuals or items of interest in a statistical study.

Question 5

Which sampling technique involves dividing the population into subgroups and randomly selecting samples from each subgroup?

Accepted Answer

Stratified random sampling

Question 6

A researcher collects data on the number of products sold each day for a year. What type of data is this?

Accepted Answer

Time-series data

Question 7

Which of the following is an example of ratio data?

Accepted Answer

Annual income in dollars

Question 8

A company wants to estimate the average age of its customers. They randomly select every 10th customer from a list. Which sampling method is this?

Accepted Answer

Systematic random sampling

Question 9

Which of the following is a key difference between quantitative and qualitative data?

Accepted Answer

Quantitative data is numerical, while qualitative data is categorical.

Question 10

A survey asks respondents to rate their satisfaction as 'satisfied', 'neutral', or 'dissatisfied'. What level of measurement is this?

Accepted Answer

Ordinal

Question 11

Which of the following best describes a census?

Accepted Answer

A data collection process that includes every member of the population.

Question 12

A business wants to test the effect of a new training program on employee productivity. Which data collection method is most appropriate?

Accepted Answer

Experiment

Question 13

Which of the following is an example of measurement error?

Accepted Answer

A scale consistently adds 2 kg to every measurement.

Question 14

A company divides its sales regions into four groups and randomly selects one group to survey all members. What sampling technique is this?

Accepted Answer

Cluster sampling

Question 15

Which of the following is an example of nonresponse bias?

Accepted Answer

A large portion of people do not return a mailed survey.

Question 16

Which of the following best describes convenience sampling?

Accepted Answer

Selecting individuals who are easiest to reach.

Question 17

Which of the following is an example of cross-sectional data?

Accepted Answer

Surveying 100 companies about their profits in 2023.

Question 18

Which of the following is a nonstatistical sampling technique?

Accepted Answer

Convenience sampling

Question 19

A researcher wants to ensure every possible sample of a given size has an equal chance of being selected. Which method should they use?

Accepted Answer

Simple random sampling

Question 20

Which of the following is an example of nominal data?

Accepted Answer

Types of payment methods (cash, credit, debit)

Guided Study Notes for Business Statistics: Key Concepts and Terminology

Study Guide - Practice Questions