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Test: Statistics - Commerce MCQ


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10 Questions MCQ Test - Test: Statistics

Test: Statistics for Commerce 2024 is part of Commerce preparation. The Test: Statistics questions and answers have been prepared according to the Commerce exam syllabus.The Test: Statistics MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Statistics below.
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Test: Statistics - Question 1

What is the Arithmetic Mean, and what is its primary objective?

Detailed Solution for Test: Statistics - Question 1
The Arithmetic Mean, denoted by X, is calculated by adding up all the values in a series and dividing the sum by the total number of items in the series. Its primary objectives include simplifying data representation, facilitating comparisons between data sets, aiding in decision-making, and serving as a basis for policy formulation. It provides a single value that represents the central tendency of the data.
Test: Statistics - Question 2

What is a demerit of using the Arithmetic Mean?

Detailed Solution for Test: Statistics - Question 2
One of the demerits of using the Arithmetic Mean is that it can be significantly affected by extreme values in the data, leading to potentially misleading results. While it has many merits, this sensitivity to extreme values is an important consideration in data analysis.
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Test: Statistics - Question 3

What is the Median, and what is a situation where it is the most suitable average?

Detailed Solution for Test: Statistics - Question 3
The Median is the value that separates the data into two equal parts, making it the most suitable average for situations where data is divided into open-ended classes. In such cases, where class boundaries are not defined, the Median provides a reliable measure of central tendency.
Test: Statistics - Question 4
What is a demerit of using the Median?
Detailed Solution for Test: Statistics - Question 4
One of the demerits of using the Median is that it cannot be precisely calculated if the series has an even number of items. In such cases, additional steps or assumptions may be needed to determine the Median.
Test: Statistics - Question 5
In which type of series is the Quartile most appropriate as an average?
Detailed Solution for Test: Statistics - Question 5
The Quartile is most appropriate as an average in a series with open-ended classes. It provides a reliable measure of central tendency when class boundaries are not defined.
Test: Statistics - Question 6
What is a demerit of using the Mode?
Detailed Solution for Test: Statistics - Question 6
One of the demerits of using the Mode is that it is an uncertain measure. This means that in some cases, there may be multiple modes or no clear mode, making it less reliable in such situations.
Test: Statistics - Question 7
What is the Mode, and what is one of its merits?
Detailed Solution for Test: Statistics - Question 7
The Mode is the value that appears most frequently in a series. One of its merits is that it is less affected by extreme values, making it a useful measure for data with outliers or extreme observations.
Test: Statistics - Question 8
What is the primary objective of calculating Percentiles?
Detailed Solution for Test: Statistics - Question 8
The primary objective of calculating Percentiles is to divide the data into 100 equal parts, allowing for a more detailed analysis of the data distribution.
Test: Statistics - Question 9
Which measure of central tendency is the most suitable for qualitative measurements such as intelligence or beauty?
Detailed Solution for Test: Statistics - Question 9
The Mode is the most suitable measure of central tendency for qualitative measurements such as intelligence or beauty. It represents the value that appears most frequently in the series, making it a relevant choice for non-numeric data.
Test: Statistics - Question 10
What is a Quartile, and how is it calculated for an individual and discrete series?
Detailed Solution for Test: Statistics - Question 10
A Quartile is defined as one of the three points that divide a statistical series into four equal parts. The calculation of Quartiles varies for different types of series, such as individual and discrete series. Different formulas are used to calculate Quartiles in these cases.
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