Tag: business mathematics and statistics

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Questions Related to business mathematics and statistics

Multiple choice business mathematics and statistics sampling methods population and sampling basic concepts of sampling sampling techniques and statistical inference

A sample selected from a population consists which of the following? 

  1. All units of the population
  2. Only $50\%$ of the units of the population
  3. Only $15\%$ of the units of the population

  4. Some units of the population
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

By definition, a sample is a subset or portion of a population selected to represent the whole population during a statistical study, not all units.

Multiple choice business mathematics and statistics sampling methods population and sampling basic concepts of sampling sampling techniques and statistical inference

Which of the following statements is true?

  1. A sample in which a unit is selected after replacing the unit selected earlier in the population is called a sample without replacement.

  2. If a unit is to be destroyed during an inquiry then sample inquiry is not necessary but also inevitable.

  3. In any sampling method, the sample size is larger than the population size.

  4. Stratified random sampling is best if the population is homogeneous.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

When testing items results in their destruction (such as testing the lifespan of a lightbulb or the potency of a fuse), a complete census is impossible, making sample inquiry not only necessary but inevitable.

Multiple choice business mathematics and statistics sampling methods population and sampling basic concepts of sampling sampling techniques and statistical inference

Suppose we are using stratified sampling for a particular population and have divided it into strata of different sizes. How can we now make sample selection?

  1. Select an equal number of units from each stratum at random.

  2. Draw unequal number of units from each stratum and weigh the result.

  3. Draw number of units from each stratum proportional to their size in the population

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In stratified random sampling, to maintain representativeness and reduce variance, samples are typically drawn from each stratum in proportion to the relative size of that stratum in the overall population (proportional allocation).

Multiple choice business mathematics and statistics sampling methods population and sampling basic concepts of sampling sampling techniques and statistical inference

Which of the following statement is true?

  1. In stratified random sampling, all the units of the population have equal chance of being selected in the sample.

  2. In simple random sampling, all units of the population have equal chance of being selected in the sample.

  3. In any simpling method, the size does not depend on population.

  4. In systematic sampling, all units of the population have equal chance of being elected in the sample.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In simple random sampling, every individual unit in the population has an equal and independent chance of being selected into the sample.

Multiple choice business mathematics and statistics sampling methods population and sampling basic concepts of sampling sampling techniques and statistical inference

Which sampling is affected the most if there is hidden periodicity in population?

  1. simple random sampling

  2. Stratified random sampling

  3. Systematic sampling

  4. Both (b) & (c)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Systematic sampling selects units at regular fixed intervals (e.g., every 10th item). If there is a hidden periodicity in the population that coincides with this interval, the sample can become severely biased and unrepresentative.

Multiple choice business mathematics and statistics sampling methods population and sampling basic concepts of sampling sampling techniques and statistical inference

A security checkpoint that cheks every vehicle entering into the mall is an example of which of the following?

  1. Census inquiry

  2. Stratified random sampling

  3. Systematic sampling

  4. Simple random sampling
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A census inquiry involves examining every single unit in the population. Checking every vehicle is a census of the vehicles.

Multiple choice business mathematics and statistics sampling methods population and sampling basic concepts of sampling sampling techniques and statistical inference

State whether the following statements are 'true' or 'false':
Units on the sample should be selected within the same time duration.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

To ensure consistency and comparability of data, units in a sample should ideally be selected within a similar time frame.

Multiple choice business mathematics and statistics sampling methods population and sampling basic concepts of sampling sampling techniques and statistical inference

State whether the following statements are 'true' or 'false':
A simpling plan that selects units from a population at uniform intervals in time, value or position it called stratified sampling.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Selecting units from a population at uniform intervals in time, value, or position describes systematic sampling, not stratified sampling. Therefore, the statement is false.

Multiple choice business mathematics and statistics sampling methods population and sampling basic concepts of sampling sampling techniques and statistical inference

A parameter and statistic respectively are characteristics of which of the following?

  1. Population and sample

  2. Sample and population

  3. Sample and sample

  4. Population and population
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Parameters are fixed values that describe a population, while statistics are values calculated from a sample to estimate those parameters.