Data Insights in Business Management

Which of the following is the primary purpose of data collection in Accountancy, Business, and Management?

• To create random numbers for analysis

• To gather relevant information for informed decision-making

• To increase the workload of employees

• To avoid using technology in business

What is the most appropriate data collection method for gathering information about customer satisfaction in a retail business?

• Observing employees only

• Conducting customer surveys

• Reviewing only financial statements

• Guessing based on previous years

Which of the following is a quantitative data type commonly used in business analysis?

• Employee opinions

• Monthly sales figures

• Customer feedback comments

• Brand colors

• The most frequently occurring value

• The middle value in a data set

• The sum of all values divided by the number of values

• The difference between the highest and lowest values

Which of the following best describes primary data?

• Data collected by someone else for another purpose

• Data collected firsthand for a specific research purpose

• Data found in textbooks

• Data that is always qualitative

A business wants to analyze the relationship between advertising expenses and sales revenue. Which statistical method is most appropriate?

• Frequency distribution

• Regression analysis

• Pie chart

• Mode calculation

Which of the following is NOT a step in the data analysis process?

• Data collection

• Data cleaning

• Data ignoring

• Data interpretation

Which data collection tool is best for gathering detailed opinions from a small group of employees?

• Online survey

• Focus group discussion

• Financial audit

• Observation checklist

If a company wants to compare the average sales of two different branches, which statistical test should they use?

• Chi-square test

• t-test

• ANOVA

• Correlation

Which of the following is an example of secondary data?

• Interviewing customers directly

• Using published industry reports

• Conducting a new experiment

• Observing employee behavior