Which type of classification is used when data is grouped according to time periods such as years, months, or quarters? MCQ with Answer and Explanation

Which type of classification is used when data is grouped according to time periods such as years, months, or quarters?

A. Quantitative classification

B. Chronological classification

C. Qualitative classification

D. Spatial classification

Answer: Option B

Solution (By JKExamLibrary)

Chronological classification organizes data based on time sequences, enabling analysis of trends, patterns, and changes over specific periods like years or months.

This question belongs to: Accountancy and Statistics Statistics

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Practice More Statistics Questions

Question #1 Report Error

If Net Reproduction Rate (NRR) is less than 1, the population will eventually:

A. Remain constant

B. Become zero

C. Increase

D. Decrease

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Correct Answer: Option D

Explanation:
NRR < 1 indicates each generation is not replacing itself, leading to decline.

This question belongs to: Accountancy and Statistics Statistics

Question #2 Report Error

The sum of absolute deviations from the median is:

A. Minimum

B. Equal to variance

C. Maximum

D. Zero

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Correct Answer: Option A

Explanation:
Median minimizes the sum of absolute deviations.

This question belongs to: Accountancy and Statistics Statistics

Question #3 Report Error

The combined mean of two groups is 55, with n₁=40, mean₁=50. If n₂=60, mean₂ is:

A. 59

B. 58.33

C. 57.5

D. 60

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Correct Answer: Option B

Explanation:
55 = (40×50 + 60×x) / 100 → 2000 + 60x = 5500 → 60x = 3500 → x = 58.33.

This question belongs to: Accountancy and Statistics Statistics

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