CFA Practice Question

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CFA Practice Question

Identify whether the following data sets are populations or samples.

I. the age of randomly selected participants in a marathon
II. the annual salary of each full-time professor at Florida State University
III. a survey of new Colorado homeowners

A. sample; sample; sample
B. sample; population; population
C. sample; population; sample
Correct Answer: C

User Contributed Comments 17

User Comment
bobbi a survey means sample.
b each means populatiom
Guerra I didn´t get it. If III is a sample, what is the population?
snider III is a survey. Sure it is a sample.
Carter The question is whether or not we are counting all of the items in the "universe" or not. If we sample the "new Colorado homeowners," then we only get input from selected new CO homeowners. If it were the population, then every new CO homeowner would be included.

Statistically speaking, measuring an entire population (besides being impossible most of the time) is typically inefficient. We can learn similar information from a sample that represents the real population.
SABINEYJ New Colorado homesowners is the population of the survey.
Cooltallgal Hi Sabineyj, All Colorado homeowners will be population, New Colorado homeowners is a sample only.
surob Wow. III one is tricky. Be careful. Thx
childpsych1 I also thought initially new Colorado homeowners were a population but no they are the sample of the population of all Colorado homeowners.
zuke III is a load and everyone knows it. Without background info it is impossible to tell. I can easily turn this statement into the population. For example new homeowners would be the population if we asked what % of new home owners in Colorado are satisfied with their builder. In this case the statement is the popultion. Without context it is impossible to know.
mordja Have to aree with Zuke. You could easily make new homeowners a population with the same being every 2nd new homeowner.

However I did get the point of the exercise which is all that is important.
peteSP a tricky guess..
peteSP it becomes more clear later if you don't feel at ease with the answer, keep going.
2014 A survey means "sample" "of population" means "new colorado home owners.

survey is a sample data, of new colarado home owners. so its just representative of sample when words are "new colarado home owners.
2014 so answer is sample
johntan1979 Keyword is "survey". A survey of x = sample

It definitely can't be a population.
Shaan23 You guys are making this way too complicated. A SURVEY of something means it has to be a sample.

Likewise with number i. a RANDOMLY SELECTED runner has to be a sample as well

ii. EACH professors salary taken --- Population
wenhu tricky
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