Business Statistics Quiz

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Questions and Answers

Which type of data is categorical in nature?

Temperature
Gender (correct)
Income
Age

What is the purpose of business statistics?

To develop marketing strategies
To manage human resources effectively
To analyze and interpret data for making informed business decisions (correct)
To create financial statements for tax purposes

What is the median of the following set of numbers: 12, 15, 18, 21, 25, 30, 35?

25 (correct)
21
18
30

Flashcards

Categorical Data

Data that can be categorized or grouped into distinct labels. Examples include gender, color, or product type.

Median

The middle value in a sorted dataset.

Business Statistics

The use of statistical methods to analyze and interpret data related to business operations. It helps make informed decisions based on factual insights.

Study Notes

Data Types

Categorical data is a type of data that can be grouped into categories or labels.

Purpose of Business Statistics

The purpose of business statistics is to collect, analyze, and interpret data to make informed business decisions.

Median Calculation

To find the median of a set of numbers, first arrange the numbers in order from smallest to largest.
If the set of numbers has an odd number of values, the middle value is the median.
In the given set of numbers: 12, 15, 18, 21, 25, 30, 35, the median is 21 since it is the middle value when the numbers are arranged in order.