QNT/351 Final Exam Answers Study Guide

1) What is the primary function or purpose of descriptive statistics?

Summarize complex data in a useful and informative way

Explanation: In other words, descriptive statistics is all about making sense of complex data.

2) What do we call the process of gathering, organizing, summarizing, analyzing, and interpreting data?

Statistics

Explanation: This is the most basic definition of statistics.

3) The performance of financial investments is measured with a percentage know as return on investment. What kind of variable do we call return on investment?

Continuous

Explanation: The variable amount is constantly changing with the financial environment, thus called continuous.

4) What kind of variable is the amount of burglaries reported...