Ch 1 Statistics Flashcards
How much is (459.31 + 125.75) X (329.2 - 245.85) ÷ 23.4?
2,083.96
Your stock went from $124 to $188 in 3 years. What is the average percent change per year?
124 ENTER 188 Delta% 3 ÷
Answer is 17.2%
A ___________ variable is defined as “The variable being estimated (outcome or response variable) in a predictive model such as a multiple linear regression equation”
dependent
A(n) _______________ is defined as “a characteristic or attribute of an item, service, or individual that can change from observation to observation.”
variable
An opinion can be all of the following
a belief, a view, a judgment
An investor sells his apartment house for $3,450,000. The sales commission is 8.5%. What is the net amount received by the owner?
3,450,000 ENTER 8.5% - Answer is $3,156.750.
“A chart or visual representation of data relying on references to two axes, which may be either numerical or categorical in scale” is the definition of
That defines a graph – data on two axes.
How much is (257.32 + 23.75) X (459.2 - 345.86) ÷ 17.1?
1,862.95
“The body of principles and methods concerned with extracting useful information from numerical data” is the definition of
That is the definition of Statistics. Inferential and Descriptive are specific types of Statistics and graphical analysis has to do with analyzing data through graphs.
Which of these are reasons statistics are becoming more important today?
Comparable sales data are becoming readily available through the Internet-Some appraisers perform mass appraisals-Some clients are asking appraisers to participate in AVMs
Your stock went from $125 to $97.25 in three years. What is the average percent change per year?
125 ENTER 97.25 [Delta %] 3 ÷ Answer is -7.40%
“In statistics, items of information used to draw conclusions about, or to describe, a population” is the definition of
data
All the charts and graphs in the course were prepared using
Microsoft Excel
At the end of last month, your bank balance was $3,554.90. During the month you deposited $650.00, $261.25, $1,200, and $25.95. You made withdrawals of $300.00, $17.32, $1,120.45, and $33.00. What is your current balance?
3,554.90 ENTER 650 + 261.25 + 1,200 + 25.95 + 300 – 17.32 – 1,120.45 – 33 - Answer is $4,221.33
At the end of last month, your bank balance was $2,754.40. During the month, you deposited $250.00, $543.25, $1,100, and $47.95. You made withdrawals of $500.00, $17.32, $914.50, and $51.00. What is your current balance?
2,754.4 ENTER 250 + 543.25 + 1,100 + 47.95 + 500 – 17.32 – 914.50 – 51 - Answer is $3,212.78
You bought a house for $256,000 and sold it for $295,000, minus a 5% commission. What percent did you gain?
295,000 Enter 95% Answer is $280,250. 256,000 ENTER 280,250 ?% Answer: 9.5%
You bought a house for $219,000 and sold it for $315,500, minus a 6% commission. What percent did you gain?
315,500 ENTER 94% Answer is 296,570 219,000 ENTER 296,570 ?% Answer is 35%
A large sample is ______ or more.
30
“A branch of statistics concerned only with characterizing, or describing, a set of numbers; the measures used to characterize a set of data, e.g., average, maximum, coefficient of dispersion” is the definition of ____________ statistics.
descriptive
A branch of statistics concerned only with characterizing, or describing, a set of numbers. The measures used to characterize a set of data (e.g., average, maximum, coefficient of dispersion) or charts and tables depicting the data. defines
Descriptive Statistics
= part of almost every appraisal. How to interpret numbers we have.
The process of drawing conclusions about population characteristics through analysis of sample data. defines
Inferential Statistics
= a more powerful tool to extend the data set we have to make predictions
A chart or visual representation of data relying on references to two axes, which may be either numerical or categorical in scale.
Graph
One of the simplest forms of descriptive statistics is x analysis.
graphic
Quantitative techniques used to identify and measure adjustments to the sale prices of comparable properties; a variant of statistical analysis in which an appraiser interprets graphically displayed data visually or through curve fit analysis. Defines
Graphic Analysis
An item of observation that can assume various values, for example, square feet, sales prices, or sales ratios. Variables are commonly described using measures of central tendency and dispersion. defines
A variable
The variable that may be or is believed to be predicted by or caused by independent variables. defines
A Dependent Variable
= almost always be price or rent
Independent variable examples
size in square feet, number of bedrooms, number of garage spaces
With a x diagram, we plot two variables on a graph
scatter
A series of related changes brought about by a chain of causes and effects. Trends are forecast through economic base analysis, statistical analysis, market analysis, and analysis of economic indicators and surveys. defines
Trend
