The Main Purpose of Descriptive Statistics Is To

question 16

Multiple Choice

The main purpose of descriptive statistics is to:

• A) Summarize data in a useful and informative manner.
• B) Make inferences about a population.
• C) Determine if the data adequately represents the population.
• D) Gather or collect data.

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Definitions:

Liability Account

A financial accounting term for amounts owed by a business to creditors or others, usually categorized as current or long-term.

Asset Account

An account that records the value of resources owned by an entity which have economic value and can provide future benefits.

Capital

Financial resources or assets owned by a business or individual used for creating wealth or generating income.

Net Sales

The final sales figure a company reports, after deducting returns, discounts, and compensations for damaged or missing products from its total sales.