CAIIB ABM Unit 1 MCQs – Best 100 MCQs

By /

CAIIB ABM Unit 1 MCQs – Best 100 MCQs to crack CAIIB Exam in first attempt.

Introduction to Statistics – CAIIB ABM Unit 1 MCQs

Question 1: The term ‘statistics’ originated from which language?

A. Greek

B. Latin

C. French

D. German

Answer
Answer: B. The word ‘statistics’ has been derived from the Latin word ‘statisticum’.

Question 2: In its early years, statistics was primarily used by:

A. Kings for administrative purposes

B. Merchants for trade analysis

C. Farmers for agricultural planning

D. Scientists for research

Answer
Answer: A. In the early years, statistics was to be used only by the kings to collect facts about the state, revenue of the state or the people in the state for administrative or political purposes.

Question 3: Which of the following is an example of quantitative data?

A. The color of a car

B. The gender of a person

C. The height of a building

D. The type of cuisine

Answer
Answer: C. The height of a building is numerical data and can be measured, making it quantitative.

Question 4: The final stage of statistical analysis involves:

A. Data collection

B. Classification and tabulation

C. Analysis

D. Interpretation

Answer
Answer: D. Interpretation is the final stage where conclusions are drawn from the analyzed data.

Question 5: Which of the following is NOT a phase of statistical analysis?

A. Data collection

B. Hypothesis testing

C. Classification and tabulation

D. Interpretation

Answer
Answer: B. Hypothesis testing, while an important statistical concept, is not one of the four distinct phases of statistical analysis mentioned in the text.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 6: The process of organizing collected data into meaningful groups is known as:

A. Analysis

B. Interpretation

C. Classification

D. Tabulation

Answer
Answer: C. Classification is the process of arranging data into homogeneous groups based on common characteristics.

Question 7: Which type of data deals with numerical information that can be measured or counted?

A. Qualitative data

B. Quantitative data

C. Categorical data

D. Ordinal data

Answer
Answer: B. Quantitative data represents information that can be expressed numerically.

Question 8: The first step in statistical analysis is:

A. Interpretation of data

B. Classification and tabulation of data

C. Collection of data

D. Analysis of data

Answer
Answer: C. The first stage of investigation involves collecting numerical data from various sources.

Question 9: Which of the following is an example of qualitative data?

A. The weight of a person

B. The temperature of a room

C. The eye color of an individual

D. The number of students in a class

Answer
Answer: C. The eye color of an individual is descriptive and non-numerical, making it qualitative data.

Question 10: What is the primary purpose of tabulation in statistical analysis?

A. To collect raw data

B. To organize and present data in a structured format

C. To analyze data using formulas

D. To draw conclusions from the data

Answer
Answer: B. Tabulation involves presenting classified data in an organized manner, usually in the form of tables, for easier interpretation and comparison.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 11: The evolution of statistics saw its application expand from primarily serving kings to being used in which of the following fields today?

A. Business and Economics

B. Medical

C. Weather Forecasting

D. All of the above

Answer
Answer: D. Statistics is now used in almost all fields of human knowledge and skills, including business, economics, medical, weather forecasting, and many others.

Question 12: Which of the following best describes the relationship between data and statistics?

A. Data is the raw information, while statistics is the process of analyzing and interpreting that data

B. Statistics is the raw information, while data is the process of analyzing and interpreting that information

C. Data and statistics are the same thing

D. Data is qualitative, while statistics is quantitative

Answer
Answer: A. Data refers to the raw information collected, and statistics involves the methods and techniques used to analyze and interpret that data.

Question 13: In the context of statistical analysis, what does ‘interpretation’ mean?

A. Collecting numerical data

B. Organizing data into groups

C. Applying formulas to analyze data

D. Drawing meaningful conclusions from the analyzed data

Answer
Answer: D. Interpretation is the final phase of statistical analysis where relevant conclusions are drawn after thorough data analysis.

Question 14: Which of the following is an essential aspect of the ‘classification’ phase in statistical analysis?

A. Collecting data from various sources

B. Arranging data into homogeneous groups based on common characteristics

C. Applying statistical formulas to the data

D. Presenting data in tables or charts

Answer
Answer: B. Classification involves dividing the raw data into different groups or classes based on shared attributes.

Question 15: What is the primary goal of statistical analysis?

A. To collect as much data as possible

B. To organize data in a visually appealing way

C. To extract meaningful insights and knowledge from data

D. To create complex mathematical models

Answer
Answer: C. The ultimate aim of statistical analysis is to understand, analyze, compare, and interpret data correctly to gain valuable insights and knowledge.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

The Importance of Statistics – CAIIB ABM Unit 1 MCQs

Question 16: Statistics plays a crucial role in which of the following areas?

A. Business and Economics

B. Medical

C. Weather Forecasting

D. All of the above

Answer
Answer: D. Statistics has applications in various domains, including business and economics, medical, weather forecasting, stock market, banking, sports, and more.

Question 17: In the field of medicine, statistics is primarily used for:

A. Diagnosing diseases

B. Prescribing medications

C. Clinical research and treatment evaluation

D. Performing surgeries

Answer
Answer: C. Statistics has extensive applications in clinical research, involving investigating proposed medical treatments, assessing competing therapies, and establishing optimal treatment combinations.

Question 18: How does statistics contribute to decision-making in business and economics?

A. By providing insights into production, sales, profit, and other key metrics

B. By enabling forecasting and prediction of future trends

C. By helping in selecting optimal decisions through techniques like Bayesian Decision Theory

D. All of the above

Answer
Answer: D. Statistics aids decision-making in business and economics by providing information on various metrics, enabling forecasting, and assisting in optimal decision selection.

Question 19: Which statistical techniques are commonly used in weather forecasting?

A. Correlation and regression

B. Time series analysis

C. Both A and B

D. Neither A nor B

Answer
Answer: C. Both correlation and regression techniques, as well as time series analysis, are employed in weather forecasting.

Question 20: In the stock market, statistics is utilized for:

A. Forecasting stock prices

B. Risk analysis and portfolio management

C. Calculating market and personal portfolios

D. All of the above

Answer
Answer: D. Statistics finds applications in the stock market for forecasting stock prices, conducting risk analysis, managing portfolios, and calculating market and personal portfolios.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 21: How does statistics aid in formulating credit policies in the banking industry?

A. By analyzing profitability, demand deposits, and other relevant ratios

B. By applying probability theory

C. Both A and B

D. Neither A nor B

Answer
Answer: C. Credit policies in banking are decided based on statistical analysis of various factors and the application of probability theory.

Question 22: In sports, statistics is used for:

A. Player performance analysis

B. Identifying and rectifying mistakes

C. Developing strategies

D. All of the above

Answer
Answer: D. Statistics helps players analyze their performance, identify areas for improvement, and contributes to team strategies.

Question 23: Which of the following is NOT a specific application of statistics mentioned in the text?

A. Quality testing in manufacturing

B. Government decisions and policies

C. Predicting lottery numbers

D. Educational and research organizations

Answer
Answer: C. While statistics is used in various fields, predicting lottery numbers is not a specific application mentioned in the text.

Question 24: The use of statistics in business and economics helps in:

A. Understanding consumer behavior

B. Analyzing market trends

C. Making informed decisions

D. All of the above

Answer
Answer: D. Statistics provides valuable insights into consumer behavior, market trends, and enables businesses to make informed decisions.

Question 25: Which of the following statements best highlights the importance of statistics?

A. Statistics is only useful for mathematicians and statisticians

B. Statistics has limited applications in real-world scenarios

C. Statistics is a crucial process behind how we make discoveries, decisions, and predictions

D. Statistics is primarily used for data collection

Answer
Answer: C. Statistics plays a vital role in scientific discoveries, data-driven decision-making, and making predictions.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Functions of Statistics – CAIIB ABM Unit 1 MCQs

Question 26: One of the primary functions of statistics is to:

A. Complicate data

B. Present facts in a definite form

C. Create confusion

D. Focus on individual observations

Answer
Answer: B. Statistics helps to present facts in a clear and concise manner, making them easier to understand and interpret.

Question 27: Statistics simplifies complex data by:

A. Organizing it into meaningful groups and summaries

B. Adding unnecessary details

C. Making it more difficult to understand

D.Ignoring unnecessary details

Answer
Answer: A. Organizing it into meaningful groups and summaries.

Question 28: The function of statistics that enables the identification of trends and patterns in data is:

A. Presentation of facts

B. Simplification of data

C. Facilitation of comparison

D. Study of relationships

Answer
Answer: D. By studying the relationships between variables, statistics helps identify trends and patterns in data.

Question 29: Which of the following is an example of how statistics helps in policy formulation?

A. Analyzing crime rates to develop crime prevention strategies

B. Calculating average temperatures to predict weather patterns

C. Tracking stock prices to make investment decisions

D. Measuring the height of individuals for medical research

Answer
Answer: A. Analyzing crime rates allows policymakers to understand the problem and develop effective strategies to address it.

Question 30: Statistics aids in forecasting outcomes by:

A. Analyzing past data and identifying trends

B. Making random guesses

C. Relying on intuition

D. Ignoring historical patterns

Answer
Answer: A. By examining past data and identifying trends, statistics can help predict future outcomes with a certain degree of accuracy.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 31: Which of the following is NOT a function of statistics?

A. Presenting facts in a definite form

B. Simplifying complex data

C. Providing techniques of comparison

D. Manipulating data to achieve desired results

Answer
Answer: D. While statistics helps organize, analyze, and interpret data, it should not be used to manipulate data to achieve desired outcomes.

Question 32: The ability of statistics to simplify complex data is crucial because:

A. It makes data more difficult to understand

B. It allows for easier interpretation and decision-making

C. It hides important details

D. It creates unnecessary confusion

Answer
Answer: B. By simplifying complex data, statistics makes it more accessible and understandable, facilitating better decision-making.

Question 33: The function of statistics that allows for the comparison of different groups or datasets is:

A. Presentation of facts

B. Simplification of data

C. Facilitation of comparison

D. Study of relationships

Answer
Answer: C. Statistics provides techniques to compare different groups or datasets, enabling the identification of similarities and differences.

Question 34: Which of the following is an example of how statistics facilitates comparison?

A. Comparing the sales figures of different products

B. Analyzing the effectiveness of different medical treatments

C. Comparing the performance of different sports teams

D. All of the above

Answer
Answer: D. Statistics allows for comparison in various fields, including sales, medicine, and sports.

Question 35: The study of relationships between variables in statistics helps to:

A. Understand how different factors influence each other

B. Predict the impact of one variable on another

C. Make informed decisions based on these relationships

D. All of the above

Answer
Answer: D. By studying relationships, statistics helps understand the interplay of variables, predict outcomes, and make informed decisions.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 36: Which of the following is a key function of statistics in the field of economics?

A. Analyzing demand and supply

B. Studying consumer behavior

C. Forecasting economic trends

D. All of the above

Answer
Answer: D. Statistics plays a vital role in economics by analyzing demand and supply, studying consumer behavior, and forecasting economic trends.

Question 37: In the context of statistics, what does ‘forecasting’ mean?

A. Predicting future outcomes based on past data and trends

B. Collecting data from various sources

C. Organizing data into groups

D. Analyzing data using formulas

Answer
Answer: A. Forecasting involves using statistical techniques to predict future events or trends based on historical data and patterns.

Question 38: Which of the following statements best describes the function of statistics in policy formulation?

A. Statistics provides evidence-based insights to inform policy decisions

B. Statistics has no role in policy formulation

C. Statistics can be used to manipulate data to support any policy

D. Statistics is only useful for evaluating existing policies

Answer
Answer: A. By analyzing data and providing insights, statistics helps policymakers make informed decisions and develop effective policies.

Question 39: The function of statistics that involves presenting data in a clear and organized manner is:

A. Presentation of facts in a definite form

B. Simplification of complex data

C. Facilitation of comparison

D. Study of relationships

Answer
Answer: A. Statistics helps present data in a definite and organized form, making it easier to understand and interpret.

Question 40: Which of the following is NOT a benefit of using statistics to simplify complex data?

A. Easier interpretation

B. Improved decision-making

C. Increased complexity and confusion

D. Identification of key trends and patterns

Answer
Answer: C. Simplifying complex data through statistics reduces confusion and makes it easier to interpret and identify key trends.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Limitations of Statistics – CAIIB ABM Unit 1 MCQs

Question 41: One of the limitations of statistics is its:

A. Inability to deal with individual observations

B. Applicability to both qualitative and quantitative data

C. Ability to provide exact results

D. Focus on aggregates of facts

Answer
Answer: A. Statistical methods are designed to analyze groups of observations and cannot be applied to individual cases.

Question 42: Statistics is primarily concerned with:

A. Qualitative data

B. Quantitative data

C. Both qualitative and quantitative data

D. Neither qualitative nor quantitative data

Answer
Answer: B. Statistics deals with numerical data that can be measured or counted.

Question 43: The results obtained from statistical analysis are:

A. Always exact

B. True only on an average in the long run

C. Based on individual observations

D. Free from any bias

Answer
Answer: B. Statistical results are based on estimations and averages and may not be perfectly accurate for every individual case.

Question 44: Which of the following can lead to biased results in statistical analysis?

A. Inexperienced or dishonest handling of data

B. Using appropriate statistical methods

C. Collecting data from a representative sample

D. Careful interpretation of results

Answer
Answer: A. Bias can occur in data collection or analysis if handled by inexperienced or dishonest individuals, leading to inaccurate results.

Question 45: Which of the following statements about statistics is FALSE?

A. Statistics deals with aggregates of facts

B. Statistics can be applied to qualitative data

C. Statistical results are true only on an average

D. Statistics can be biased

Answer
Answer: B. Statistics cannot be directly applied to qualitative data, which is non-numerical and descriptive in nature.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 46: The limitation of statistics in dealing with individual observations means that:

A. It cannot analyze data from a single person or event

B. It can only analyze large datasets

C. It is not useful for case studies

D. It focuses on general trends and patterns rather than specific cases

Answer
Answer: D. Statistics focuses on analyzing groups of observations to identify general trends and patterns, rather than focusing on individual cases.

Question 47: Why is it important to be aware of the potential for bias in statistics?

A. Bias can invalidate the results of a statistical analysis

B. Bias is always present in any statistical study

C. Bias can be easily eliminated

D. Bias is not a concern in modern statistical methods

Answer
Answer: A. Bias, whether in data collection or analysis, can lead to inaccurate conclusions and invalidate the findings of a statistical study.

Question 48: Which of the following is NOT a limitation of statistics?

A. Inability to deal with individual observations

B. Applicability only to quantitative data

C. Results based on averages and estimations

D. Ability to simplify complex data

Answer
Answer: D. The ability to simplify complex data is a function of statistics, not a limitation.

Question 49: The fact that statistical results are true only on an average implies that:

A. They are always 100% accurate

B. They may not apply to every individual case

C. They are completely unreliable

D. They are only useful for large datasets

Answer
Answer: B. Statistical results are based on estimations and averages, and while they provide insights into general trends, they may not hold true for every single observation.

Question 50: Which of the following is an example of how the limitation of statistics in dealing with individuals can impact its application?

A. Analyzing the average income of a country to understand the economic situation of every citizen

B. Studying the effectiveness of a new drug on a large group of patients to determine its efficacy for an individual patient

C. Predicting the weather patterns for a region based on historical data to determine the exact weather on a specific day

D. All of the above

Answer
Answer: D. All the examples highlight how statistical results, while providing general insights, may not accurately reflect the situation for every individual or specific instance.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 51: The limitation of statistics in dealing with only quantitative data means that:

A. It cannot analyze any type of data

B. It is not useful for studying social phenomena

C. It cannot directly analyze qualitative data like opinions or emotions

D. It is only applicable to scientific research

Answer
Answer: C. Statistics requires numerical data for analysis and cannot directly analyze qualitative data, which is descriptive and non-numerical.

Question 52: Which of the following is a potential consequence of bias in statistical analysis?

A. Misleading conclusions

B. Inaccurate predictions

C. Ineffective policies

D. All of the above

Answer
Answer: D.Bias can have serious consequences, leading to misleading conclusions, inaccurate predictions, and the implementation of ineffective policies.

Question 53: The fact that statistics relies on averages and estimations means that:

A. The results are always precise and applicable to every individual

B. The results provide a general understanding of trends and patterns but may not be accurate for every specific case

C. The results are completely unreliable and should not be used for decision-making

D. The results are only useful for small datasets

Answer
Answer: B. Statistics provides insights into general trends and patterns, but the reliance on averages and estimations means that the results may not be perfectly accurate for every individual case.

Question 54: Which of the following is an example of how the limitation of statistics relying on averages can impact its application?

A. Predicting the average lifespan of a population to determine the lifespan of an individual

B. Analyzing the average income of a country to understand the financial situation of every citizen

C. Studying the average effectiveness of a medical treatment to determine its efficacy for a specific patient

D. All of the above

Answer
Answer: D. All the examples illustrate how statistical averages, while providing general insights, may not accurately reflect the situation for every individual or specific instance.

Question 55: Which of the following statements best summarizes the limitations of statistics?

A. Statistics is a perfect tool that provides 100% accurate results in all situations

B. Statistics is a valuable tool for analyzing data, but it has limitations that need to be considered when interpreting results and making decisions

C. Statistics is completely unreliable and should not be used for any purpose

D. Statistics is only useful for academic research and has no practical applications

Answer
Answer: B. Statistics is a powerful tool for data analysis, but it’s essential to be aware of its limitations, such as its inability to deal with individual observations, applicability only to quantitative data, reliance on averages and estimations, and potential for bias.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Key Definitions – CAIIB ABM Unit 1 MCQs

Question 56: In statistics, the entire collection of observations that a researcher is interested in studying is called the:

A. Sample

B. Population

C. Data

D. Variable

Answer
Answer: B. The population is the complete set of individuals or objects that the researcher wants to draw conclusions about.

Question 57: A subset of the population selected for study to draw conclusions about the whole group is called a:

A. Sample

B. Population

C. Data

D. Variable

Answer
Answer: A. A sample is a portion of the population chosen to represent the entire group, often due to constraints like time and cost.

Question 58: Which of the following is an example of a variate?

A. The color of a flower

B. The gender of a person

C. The height of a tree

D. The type of music

Answer
Answer: C. The height of a tree is a characteristic that varies and can be expressed numerically, making it a variate.

Question 59: A characteristic that varies but cannot be expressed in numerical terms is called an:

A. Attribute

B. Variate

C. Parameter

D. Statistic

Answer
Answer: A. An attribute is a qualitative characteristic that describes an individual or object but cannot be measured numerically.

Question 60: Which of the following is an example of a discrete variable?

A. The number of students in a class

B. The weight of a person

C. The time taken to complete a task

D. The temperature of a room

Answer
Answer: A. The number of students in a class is a discrete variable as it can only take specific, whole number values.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 61: A variable that can take any value within a given range is called a:

A. Discrete variable

B. Continuous variable

C. Qualitative variable

D. Categorical variable

Answer
Answer: B. A continuous variable can take on any value within a specified interval, including fractions or decimals.

Question 62: A numerical value that describes a characteristic of an entire population is called a:

A. Parameter

B. Statistic

C. Variable

D. Data

Answer
Answer: A. A parameter is a numerical value or function of the observations of the entire population being studied.

Question 63: A quantity calculated from a sample to estimate an unknown population parameter is called a:

A. Parameter

B. Statistic

C. Variable

D. Data

Answer
Answer: B. A statistic is a value calculated from sample data used to estimate a population parameter.

Question 64: Which of the following is an example of a parameter?

A. The average height of all students in a school

B. The average height of a sample of 50 students from a school

C. The gender distribution in a class

D. The eye color of an individual

Answer
Answer: A. The average height of all students in a school represents a characteristic of the entire population and is therefore a parameter.

Question 65: Which of the following is an example of a statistic?

A. The proportion of voters who support a particular candidate in an election

B. The proportion of voters in a sample of 1000 who support a particular candidate

C. The average age of all citizens in a country

D. The total number of cars produced by a company in a year

Answer
Answer: B. The proportion of voters in a sample is calculated from sample data and used to estimate the population parameter (the proportion of all voters who support the candidate).

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 66: The key difference between a population and a sample is:

A. A population is always larger than a sample

B. A sample is always larger than a population

C. A population includes all members of a group, while a sample is a subset of the population

D. A population is used for statistical analysis, while a sample is not

Answer
Answer: C. The population encompasses the entire group of interest, while a sample is a smaller, representative portion selected from the population.

Question 67: Which of the following is an example of an attribute?

A. The weight of a package

B. The temperature of a city

C. The marital status of a person

D. The number of books in a library

Answer
Answer: C. Marital status is a characteristic that varies but cannot be expressed numerically, making it an attribute.

Question 68: The distinction between discrete and continuous variables lies in:

A. Whether the variable can be measured or counted

B. Whether the variable can take on fractional or decimal values

C. Whether the variable is qualitative or quantitative

D. Whether the variable is nominal or ordinal

Answer
Answer: B. Discrete variables can only take specific, countable values, while continuous variables can take any value within a range, including fractions or decimals.

Question 69: Why is it sometimes necessary to use a sample instead of the entire population in statistical analysis?

A. It is always easier to collect data from a sample

B. Analyzing the entire population is often impractical or too expensive

C. Samples are always more representative of the population

D. Samples provide more accurate results than analyzing the entire population

Answer
Answer: B. Studying the entire population can be time-consuming, costly, or even impossible in some cases, making it necessary to use a representative sample.

Question 70: Which of the following is a reason why statistics is important in understanding populations and samples?

A. Statistics provides tools to analyze and interpret data from both populations and samples

B. Statistics helps draw conclusions about populations based on sample data

C. Statistics helps ensure that samples are representative of the populations they are drawn from

D. All of the above

Answer
Answer: D. Statistics plays a crucial role in analyzing data from both populations and samples, drawing inferences about populations based on samples, and ensuring sample representativeness.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Data Collection – CAIIB ABM Unit 1 MCQs

Question 71: Which of the following is a method of collecting primary data?

A. Direct interviews

B. Questionnaires

C. Census

D. All of the above

Answer
Answer: D. Primary data can be collected through various methods, including direct interviews, questionnaires, census, and sample surveys.

Question 72: Data that has already been collected and processed by someone else is called:

A. Primary data

B. Secondary data

C. Raw data

D. Sample data

Answer
Answer: B. Secondary data is information that has been previously gathered and processed by another individual or organization.

Question 73: Which of the following is NOT a source of secondary data?

A. Published reports and records

B. Online databases

C. Direct interviews with respondents

D. Research papers

Answer
Answer: C. Direct interviews with respondents are a method of collecting primary data, not secondary data.

Question 74: One advantage of using primary data is that:

A. It is readily available and requires less effort to collect

B. It is always more accurate than secondary data

C. It is tailored to the specific research needs

D. It is less expensive than secondary data

Answer
Answer: C. Primary data is collected directly by the researcher, allowing them to tailor the data collection process to their specific research objectives.

Question 75: One disadvantage of using primary data is that:

A. It can be time-consuming and expensive to collect

B. It is always less accurate than secondary data

C. It is not relevant to the research needs

D. It is readily available and requires minimal effort

Answer
Answer: A. Collecting primary data can be expensive and time-consuming, requiring resources for planning, designing, and executing the data collection process..

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 76: The choice between primary and secondary data depends on:

A. The research objectives

B. Available resources (time, budget)

C. The nature of the research question

D. All of the above

Answer
Answer: D. The decision to use primary or secondary data depends on various factors, including the research goals, available resources, and the specific research question.

Question 77: Which of the following is an example of secondary data?

A. Data collected from a survey conducted by the researcher

B. Data obtained from government publications

C. Data collected through interviews conducted by the researcher

D. Data collected through experiments conducted by the researcher

Answer
Answer: B. Government publications are a common source of secondary data that has been previously collected and processed.

Question 78: Which data collection method involves a face-to-face interaction between the researcher and the respondent?

A. Direct interview

B. Questionnaire

C. Census

D. Online survey

Answer
Answer: A. The direct interview method involves a personal interaction where the interviewer asks questions and collects information directly from the respondent.

Question 79: Which of the following is a characteristic of secondary data?

A. It is always more expensive than primary data

B. It is always less time-consuming to collect than primary data

C. It may not be tailored to the specific research needs

D. It is always more accurate than primary data

Answer
Answer: C. Secondary data, being collected for a different purpose, may not perfectly align with the specific requirements of the current research.

Question 80: The process of systematically collecting data about every individual unit in a population is called a:

A. Sample survey

B. Census

C. Direct interview

D. Questionnaire

Answer
Answer: B. A census involves collecting data from all individual units within a population.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Classification and Tabulation – CAIIB ABM Unit 1 MCQs

Question 81: The process of arranging data into homogeneous groups based on common characteristics is known as:

A. Collection

B. Analysis

C. Classification

D. Tabulation

Answer
Answer: C. Classification is the process of organizing data into groups or classes based on shared attributes.

Question 82: Which of the following is NOT a benefit of classification?

A. Data condensation

B. Easier interpretation

C. Increased complexity

D. Facilitation of comparison

Answer
Answer: C. Classification helps simplify and organize data, making it easier to interpret and compare, thus reducing complexity.

Question 83: Classifying data based on gender (male/female) is an example of which basis of classification?

A. Qualitative

B. Quantitative

C. Geographical

D. Chronological

Answer
Answer: A. Gender is a qualitative attribute, making this classification based on a qualitative basis.

Question 84: Classifying data based on income levels (low/medium/high) is an example of which basis of classification?

A. Qualitative

B. Quantitative

C. Geographical

D. Chronological

Answer
Answer: B. Income levels represent a quantitative characteristic as they can be measured numerically.

Question 85: Classifying data based on regions (North/South/East/West) is an example of which basis of classification?

A. Qualitative

B. Quantitative

C. Geographical

D. Chronological

Answer
Answer: C. Classification based on regions falls under the geographical basis of classification.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 86: Classifying data based on years (2019/2020/2021) is an example of which basis of classification?

A. Qualitative

B. Quantitative

C. Geographical

D. Chronological

Answer
Answer: D. Organizing data based on years represents a chronological or temporal classification.

Question 87: If data is classified based on a single characteristic, it is known as:

A. One-way classification

B. Two-way classification

C. Multi-way classification

D. None of the above

Answer
Answer: A. One-way classification involves grouping data based on only one characteristic or attribute.

Question 88: Classifying data based on both gender (male/female) and age groups (young/middle-aged/old) is an example of:

A. One-way classification

B. Two-way classification

C. Multi-way classification

D. None of the above

Answer
Answer: B. Two-way classification considers two characteristics simultaneously to categorize the data.

Question 89: Which of the following is NOT a type of classification?

A. One-way classification

B. Two-way classification

C. Multi-way classification

D. Random classification

Answer
Answer: D. Random classification is not a recognized type of classification in statistics.

Question 90: The primary purpose of tabulation is to:

A. Collect raw data

B. Present classified data in an organized and easily understandable format

C. Analyze data using formulas

D. Draw conclusions from the data

Answer
Answer: B. Tabulation involves presenting classified data in a structured manner, usually in the form of tables, for easier interpretation and comparison.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Frequency Distribution – CAIIB ABM Unit 1 MCQs

Question 91: The number of times a particular value of a variable occurs in a dataset is called its:

A. Frequency

B. Cumulative frequency

C. Relative frequency

D. Class interval

Answer
Answer: A. Frequency refers to the count of occurrences of a specific value within a dataset.

Question 92: A tabular representation of data showing the values of the variable along with their corresponding frequencies is called a:

A. Frequency distribution

B. Cumulative frequency distribution

C. Relative frequency distribution

D. Class interval distribution

Answer
Answer: A. A frequency distribution organizes data by presenting the values of the variable and how often each value appears.

Question 93: In a discrete frequency distribution, the variable:

A. Takes on distinct and separate values

B. Can take any value within a range

C. Is always qualitative

D. Is always continuous

Answer
Answer: A. Discrete variables have distinct and separate values, often represented by whole numbers.

Question 94: In a continuous frequency distribution, the variable:

A. Takes on distinct and separate values

B. Can take any value within a range

C. Is always qualitative

D. Is always discrete

Answer
Answer: B. Continuous variables can assume any value within a specified interval, including fractions or decimals.

Question 95: A cumulative frequency distribution shows:

A. The number of times each value occurs

B. The running total of frequencies up to a certain point

C. The proportion of each frequency to the total

D. The range of values for each class interval

Answer
Answer: B. A cumulative frequency distribution displays the accumulated frequencies up to a particular value or class interval.

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Question 96: The two types of cumulative frequency distributions are:

A. Less than and greater than

B. Discrete and continuous

C. Qualitative and quantitative

D. Nominal and ordinal

Answer
Answer: A. Cumulative frequencies can be calculated in two ways: “less than” (accumulating frequencies from the lowest value upwards) and “greater than” (accumulating frequencies from the highest value downwards).

Question 97: Relative frequency is calculated by:

A. Dividing each frequency by the total number of observations

B. Adding all the frequencies together

C. Subtracting the lowest frequency from the highest frequency

D. Multiplying each frequency by 100

Answer
Answer: A. Relative frequency expresses the proportion of each frequency to the total number of observations.

Question 98: Relative cumulative frequency shows:

A. The running total of relative frequencies up to a certain point

B. The number of times each value occurs

C. The proportion of each frequency to the total

D. The range of values for each class interval

Answer
Answer: A. Relative cumulative frequency displays the accumulated relative frequencies up to a particular value or class interval.

Question 99: Which of the following is NOT a component of a frequency distribution table?

A. Class intervals (for continuous data) or values of the variable (for discrete data)

B. Frequencies

C. Cumulative frequencies

D. Standard deviation

Answer
Answer: D. While standard deviation is an important statistical measure, it is not typically included in a basic frequency distribution table.

Question 100: The purpose of constructing a frequency distribution is to:

A. Organize and summarize data

B. Make data more complex

C. Hide important details

D. Make it difficult to interpret data

Answer
Answer: A. Frequency distributions help organize and summarize data, making it easier to understand and analyze.

Read Also: IRDAI 2024 Exam MCQs – Best 100 MCQs

CAIIB ABM Unit 1 MCQs – Best 100 MCQs

Related Posts

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top