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Land, Infrastructure, and IntangibleReal Assets

What are the categories of Real assets ?

Binomial option pricing model ?

Binomial option pricing model: can be used to value undeveloped land as a call option. The components of the call option are: strike price, time to expiration, underlying asset, option payoff, exercising the option, and option moneyness.

Investable infrastructure has seven key characteristics ?

Investable infrastructure has seven key characteristics: Public use of the asset or service. Monopolistic power to set prices. Government related.

A discounted cash flow approach ?

A discounted cash flow approach is the best way to value an intellectual property (IP) investment.

Return management methods for real assets ?

Return management methods for real assets:

Sequential-pay collateralized mortgage obligation ?

Sequential-pay collateralized mortgage obligation: pays a predetermined share of the interest payments to each tranche. Principal payment receipts are based on tranche seniority. Lower seniority tranches do not receive principal payments until senior tranches are repaid.

Stages of the real estate development process ?

Stages of the real estate development process:

viewed as a real call option.) ?

Real estate development stages (Each step can be

Decision tree ?

Decision tree: Analysis tool for valuing real estate as a string of call options. Involves working backwards from the final decision nodes toward the first decision nodes based on a valuation analysis at each node

Comparable sales approach ?

Comparable sales approach: uses recent transaction values of similar properties, adjusted for subject property differences.

Critical risk factors in real estate investment ?

Critical risk factors in real estate investment: financial risk, business risk, operational risk, liquidity risk, inflation risk, and legal risks.

Real Asset

"physical asset", typically tangible; physically observable or touchable item

Undeveloped Land

RA, not currently used -> generates scare resource = crops or shelter.

Land Banking

Purchase undeveloped land -> to develop land for future

Infrastructure

underlying foundation -> basic services, facilities, institutions.

Intellectual Property (IP)

ownership rights to ideas. Intangible asset = patents, copyrights.

Smoothing

Results = lower price & lower volatility & lower correlation. Asset looks less risky than it might actually be.

Maximum Drawdown

% difference between peak and trough

Volatility Impact of Managed Returns

Some managers have discretion with respect to reporting asset values. Results in managed returns.

Raw Land

does not lose its value over long time.

Greenfield vs Brownfield

Greenfield = project must be constructed

Social Infrastructures

Educational, Health Care, Security/Recreational, Public housing facilities

Energy/utility,communication,transport

Economic Infrastructures

Benefits of Farmland

Generates crop income.

Infrastructure Investments

stocks and listed funds of infrastructure stocks, closed-end funds and unlisted (evergreen) open-end funds.

Farmland Risk

Agency risk: agent hired by an investor does not act in the investor's best interests.

Timberland Investments

exposure -> exchange traded funds (ETFs) and real estate investment trusts (REITs)

MOO

an exchanged traded fund that tracks the DAX Global Agribusiness Index.

Galton

Developed first intelligence theory

Binet

Developed first modern intelligence test and coined term IQ

Terman

Revised Binet's IQ test into the Stanford-Binet

Intelligence Quotient

Mental age divided by chronological age x 100

Power Test

Test that has no time limit and includes difficult items that few test takers can answer

Speed Test

Test with a time limit; usually have easy items but too many to answer in time limit

Standardized Test

Test that allows an individual's score to be compared to a norm group

Mental Measurements Yearbook

A source of information about commercially available assessments; provides reviews of tests; has companion called Tests in Print

Army Alpha and Beta

Developed by Robert Yerkes to screen cognitive ability of military recruits; group intelligence test

Validity

Term that refers to whether test measures what it's supposed to measure; depends on test purpose and target population

Content Validity

The extent to which a test adequately samples the domain of information, knowledge, or skill that it purports to measure. Determined primarily by "expert judgement." Most important for achievement and job sample tests.

Criterion Validity

The type of validity that involves determining the relationship (correlation) between the predictor and the criterion. Criterion-related validty can either be concurrent or predictive.

Concurrent Validity

Type of criterion-related validty that involves administering the predictor and criterion at about the same time. It is the appropriate type of validity when a predictor will be used to estimate current status on the predictor.

Predictive Validity

Validity that looks at relationship between test results now and a measure collected in the future; ex. compare depression inventory with hospital admissions 2 years after the assessment

Construct Validity

How well does an instrument measure a theoretical idea or concept (hypothetical trait)? example is a personality inventory

Factor Analysis

Statistical technique to analyze relationship between an instrument's items; ex. are subscales on depression inventory related to each other and concept of depression?

Convergent Validity

A method for establishing a test's construct validity. A test has convergent validity when it correlates highly with measures designed to assess the same or a related construct. A test of verbal reasoning, for exam…

Discriminant Validity

Ex. depression inventory scores are not related to scores from an achievement test

Face Validity

Does an instrument look credible? not a true measure of validity

Validity Coefficient

Correlation between a test score and a criterion measure

Standard Error of Estimate

Expected margin of error in a predicted criterion score due to imperfect validity of test

Sensitivity

Instrument's ability to accurately identify the presence of a phenomenon; ex. depression inventory results show a depressed client has depression symptoms

Specificity

Instrument's ability to accurately identify the absence of a phenomenon; ex. depression inventory results show a non-depressed client does not have depression symptoms

False Positive Error

Instrument inaccurately identifies the presence of a phenomenon; ex. depression inventory results show a non-depressed client has depression symptoms

False Negative Error

Instrument inaccurately identifies absence of a phenomenon; ex. depression inventory results show a depressed client does not have depression symptoms

Incremental Validity

Extent to which an instrument enhances the accuracy of prediction of a specific criterion such as GPA or job performance

Reliability

Consistency of scores by the same person over multiple administrations of the same test

Test-Retest Reliability

Reliability that looks at scores on two different administrations of same test; affected by memory and practice; most accurate for stable characteristics like intelligence

Alternate Form Reliability

Reliability that compares scores from two equivalent forms of the same test; also called parallel form reliability

Internal Consistency

Measures consistency of responses from one test item to the next during one administration

Split-half Reliability

Internal consistency that correlates one half of a test against the other; it's hard to divide most tests into comparable halves and also shorter tests tend to have lower reliability

Spearman-Brown Formula

Used to estimate the impact that shortening or lengthening a test will have on its reliability

Interitem Consistency

Measure of internal consistency that compares item responses with each other and the total test score

Kuder-Richardson Formula

Used to calculate internal consistency when items are dichotomous (yes/no, true/false)

Cronbach's Coefficient Alpha

Used to calculate interitem consistency when items have multipoint responses (multiple choice)

Inter-Scorer Reliability

Degree to which two people give consistent ratings when viewing the same behavior

Reliability Coefficient

Correlation that expresses a test's reliability; the closer to 1.0 the better; also called Pearson r; range is -1 to +1

Standard Error of Measurement

Standard deviation of a persons' repeated test scores; inversely related to reliability (ex. reliability = 1.0, SEM = 0); helps you figure out what will probably happen if the subject takes the same test again

Yes

Can test scores be reliable but not valid?

No

Can test scores be valid but not reliable?

Item Analysis

Statistically examining people's item responses to assess the quality of the test

Item Difficulty

% of test takers who answer an item correctly; it's a p value between 0 and 1 with a high value meaning an easier item; .5 is ideal

Item Discrimination

Degree to which a test item differentiates test-takers; ex. does item on depression inventory get a different answer from depressed people versus non-depressed people?

Classical Test Theory

Theory that says score = true score + error

Item Response Theory

Theory that uses mathematical models to detect item bias or equate scores from two different tests

Nominal

Scale that classifies or label, has no zero point, and doesn't indicate order; ex. gender

Ordinal

Scale that shows rank order but intervals between numbers aren't equal; ex. places in a horse race

Interval

Scale that has numbers at equal distances but no absolute zero; ex. Fahrenheit

Ratio

An interval scale with a true zero point; ex. height, weight

Semantic Differential

Scale that asks test takers to place a mark between two dichotomous adjectives; also called self-anchored scale

Thurstone Scale

Scale that measure multiple dimensions of an attitude by asking test takers to agree/disagree with a series of statements

Guttman Scale

Scale that measures the intensity of a variable in progressive order; ex. would you permit gay students to live on campus? would you have a gay roommate?

Derived Score

Converted raw score that gives meaning by comparing to a norm group

Asymptotic

Characteristic of normal curve where tail approaches horizontal axis without ever touching it

Criterion Referenced Assessment

Assessment that compares a person's score to a pre-determined standard; ex. NCE, drivers license test

Percentage Score

Raw score (number correct) divided by total number of items; not same as percentile; ex. you got half the questions correct

Standardized Score

Score that allows comparison between an individual and a norm group; examples are z-scores and T scores

Z Score

Standard score that represents the number of standard deviations above or below the mean at which a given score falls; subtract sample mean from raw score and divide by sample SD

T Score

Standard score with an adjusted mean of 50 and a SD of 10; T = 10(z) + 50

Deviation IQ Score

Standard score that is often simply called a standard score and is used in IQ testing; have a mean of 100 and a SD of 15; SS = 15(z) + 100

Stanine

Standard score used on achievement tests that divides the normal curve into 9 intervals; each score represents a range of z-scores and percentiles; stanine = 2(z) + 5; only expressed in whole numbers

Normal Curve Equivalent

Standard score used by schools to measure student achievement; mean of 50 and SD of 21.06; range from 1 to 99; NCE = 21.06(z) + 50

Age Equivalent Scores

Developmental score that compares an individual's score with the average score of those of the same age; reported in years and months

Grade Equivalent Scores

Developmental score that compares an individual's score with the average score of those in the same grade; reported as a decimal

Achievement Test

Test that measures what you've already learned

Aptitude Test

Test that measures what you're capable of learning

Response Bias

Test taker uses a response set (ex. all yes answers) to answer test questions

Test Adaptation

Changing a test for a different population; more than just translating the language

Nomothetic

Test that assesses variables people share

Idiographic

Test that assesses unique variables (ex. card sort)

Long

Which test is more reliable - long or short?

(Raw score - sample mean)/sample SD

What is the formula for a z score?

10(z) + 50

What is the formula for a T score?

15(z) + 100

What is the formula for a deviation IQ score?

2(z) + 5

What is the formula for a stanine?

21.06(z) + 50

What is the formula for a normal curve equivalent (NCE)?

Horizontal

Would a test battery be considered a horizontal or vertical test?

Coefficient of Determination

Correlation between two administrations of a test (test-retest) is .7 - the true variance is 49% - what principle does this illustrate?

Guilford

Who came up with the idea of convergent and divergent thinking?

WPPSI

Which intelligence test is for kids ages 2 to 7?

WAIS

Which intelligence test is for adults ages 16+

WISC

Which intelligence test is for kids ages 6 to 16?

Cattell

The 16 PF personality test is based on the work of which person who came up the idea of fluid vs. crystallized intelligence?

1

If all 50 people who took a test got question #1 correct, what would its item difficulty be?

68

On an IQ test, what percent of scores fall between 85 and 115?

3

For a normal distribution, almost all scores fall within how many standard deviations of the mean?

95

In a normal distribution, what percent of scores fall within two standard deviations of the mean?

Aptitude

The GRE, OLSAT, and WAIS are all examples of what kind of test?

L Score

Which score on the MMPI indicates the truth of the test taker's answers?

K Score

Which score on the MMPI indicates the test taker's attitudes (faking good vs. faking bad)?

High Stakes Testing

Testing where there is a clear line between those who pass and fail, results have a direct consequence, and a single assessment is the determine factor for decision making

Barnum Effect

People's tendency to agree with results of their personality test results; also called Forer Effect

Positive

What is the ideal item discrimination? Positive, negative, or zero?

Bayley Scales

Assesses infant development for kids 1 to 42 months old

Bender Gestalt

Assesses visual perception; test taker has to copy different geometric figures

California Psychological Inventory

Personality test for non-pathological people

CTONI

Language-free test of intelligence that consists of abstract symbols

Draw A Person

Projective test where person is asked to draw a human figure - nonverbal measure of intelligence or projective personality test

MMPI

Minnesota Multiphasic Personality Inventory -Objective personality test that can be used to identify DSM psychopathology

16PF

Personality test for non-pathological people based on work of Cattell

TAT

Thematic Apperception Test -Projective personality test where person is shown a vague picture and asked to create a story about it

Peabody

Test used to screen for learning disabilities

Wide Range Achievement Test

Measures basic reading, spelling, and math skills

Vineland

Test that measures sufficiency skills and adaptive behavior

Standardized tests

have uniform procedures for scoring and administration. In addition, these instruments have validity and reliability and norm data which has been investigated and analyzed.

Mental measurements yearbook and Tests in print

from the Buros institute - provide counselors with information on thousands of tests. Online versions are now available. Approximately 2500 of the tests have been critically analyzed by Buros.

Raw

A score is called this if it unaltered. These scores can be converted to standard scores (e.g., t scores, z scores, percentile rank, standard deviation or stanine) so that the scores relate to the normal bell curve.

Range

is the highest score minus the lowest score (some exams will add 1 to the answer). e.g., 24, 46, 3, 26, 47. 47 - 24 = 23 + 1 = 24

Percentile rank

tells the counselor the percent of scores equal to or below the score you are investigating. Hence, a client who is at the 75th percentile scored equal to or better than 75%of the people…

arithmetic average

Mean (measure of central tendency)

Mode (measure of central tendency)

the most frequently occurring score or category

Median (measure of central tendency)

middle score when the data are ranked from highest to lowest

Normal curve

In a _______, the mode, median, and mean all have the same point in the center of the bell shape

Skewed

when a curve leans

Negatively skewed

if the tail points to the left the curve is _______

Positively skewed

If the tail points to the right, the curve is _______

Standard deviation (SD)

the measurement of variability or dispersion of scores. essentially the mean of all the deviations

true

A SD of 1 is a z-score or standard score of one

70, 20

T scores have a mean of 50 and the standard deviation is 10. What is a T score when the standard deviation is 2? What is a T score for a standard deviation of -3?

empirical 68-95-99.7 normal curve rule

68% of the scores will fall between …

valid

A reliable test is not always valid, but a _______ test is always reliable

Interrater reliability

A measure of the degree of consistency of scores for two or more raters. Inter-rater reliability is of interest for subjectively scored tests. Can be measured by either a correlation coefficient or by percent agreement.

Normed

A test that is only _______ on the majority culture is not appropriate for cultural minorities since it is misleading and could cause discrimination

Tests

can give a false positive or a false negative

Aptitude tests

predict potential. For example, a high score on an _______ for music doesn't imply that you are a great musician but that with the correct training and practice you could excel in this area

Intelligence tests or IQ tests (such as the Wechsler or Binet)

attempt to measure mental abilities. These tests are very controversial and have been a source of debate for counselors

Power tests

Time (slow performance) is not a factor like it is in so called speed tests

Regression to the mean

states that if a client scores exceptionally low or exceptionally high on a test, then the client with the low score will go up on the next administration; while the client with the high s…

Variance

the square of the standard deviation, i.e., SD(2)

Normal curve (bell-shaped curve)

distributes the scores (individuals) into 6 equal parts--3 above the mean and three below the mean. Be familiar with the distribution of scores within the normal curve:

Z-score

a measure of how many standard deviations you are away from the norm (average or mean). The mean is 0; the standard deviation is 1.0. The range for the standard deviation is -3.0 to …

Correlation coefficient

Ranges from -1.00 (a perfect negative correlation) to 1.00 (a perfect positive correlation). This is a statistical index which shows the relationship between two sets of numbers. When a very strong correlation exists, if…

Bivariate

A correlation between two variables

cause, effect

The correlation coefficient tells you nothing about _______ and _______, only the degree of relationship

Standard Error of Measurement (SEM)

An index of measurement error. Used to construct a confidence interval around an examinee's obtainted test score. It's magnitude depends on two factors: the test's standard deviation and reliability coefficient.

Norm referenced

assessment comparing individuals to others who have taken the test before. May be national, state, or local. How you compare with others is more important than what you know.

Criterion reference

assessment comparing an individual's performance to some predetermined criterion which has been established as important; sometimes called domain referenced. The NCE cut-off score is an example.

Ipsatively interpreted

assessment comparing the results on the test within the individual. For example, looking at an individual's highs and lows on an aptitude battery which measures several aptitudes. There is no comparison with others.

Sociometry

can be used to identify isolates, rejectees or stars (popular individuals). You can measure the structure and organization of social groups which could be a classroom of fourth graders who have been together f…

Sociogram

a figure or map showing the structure of the group.

Buros mental Measurements Yearbook

contains critical reviews of tests and it lists published references of tests. The 16th edition was published in 2005

Tests in Print VIII

2006 - has information on more than 4,000 tests

A Counselor's Guide to Career Assessment Instruments (4th ed.)

Kapes, Whitfield, (2002), was published by the National Career Development Association

Association for Assessment in Counseling and Education

one of the 18 divisions of the American Counseling Association.

psychological test

a systematic procedure for obtaining samples of behavior, relevant to cognitive or affective functioning, and for scoring and evaluating those samples according to standards.

standardization

"Often described as standardized for 2 reasons

a. uniformity of procedures in all important aspects of administering, scoring, and interpretation

...

What is the difference between ability and personality tests

Ability tests : tests that sample knowledge, skills, or cognitive functions. All others are personality tests

psychometrics

field of psychological measurement

scale

a group of items that pertain to a single variable and are arranged in order of difficulty or intensity.

scaling

The process of arriving at the sequencing of the items

Battery

group of several tests, or subtests, that are administered at one time to one person.

eugenics

Francis Galton originated theory that aimed at improving the human race through selective breeding of its ablest specimens.

decision making tests

making decisions about people either as individuals or as groups

psychological research tests

research on psychological phenomena and idividual differences

Psychological assessment

a flexible, not standardized, process, aimed at reaching a defesible determination concerning one or more psychological issues or questions, through the collection, evauluation, and analysis of dataa appropriate to the purpose at hand

Published tests

commecially available throu test publishers

unpublished tests

obtained from the individual investigator who develpoed them, from special directories of unpublished measures or from the periodical lierature

Standards for Educational and Psychological Testing

The single most important source of criteria for evaluating tests, testing practices, and the effects of test use can be found in the:

China, B.C.E.

The earliest antecedents of modern testing for personnel selection date back to:

Alfred Binet

Credit for devising the first successful psychological test in the modern era is usually given to

The true ratio IQ or intelligent quotient was derived by

dividing the MA by the CA and multiplying the result by 100

decision making

The primary purpose for which psychological tests are currently used is

PsycINFO

Which is the best source of information on a test that is not commercially available

Measurement

the use of certain devices or rules for assigning numbers to objects or events

Francis Galton

English biologist - initiated testing in Europe - pioneered the application of the rating-scale and questionnaire methods and free association techniques

James Cattell

first to use the term mental test in an article in 1890

Ebbinghaus

Administered tests of arithmetic computation, memory span, and sentence completion

Binet-Simon scales

Binet and the rise of intelligence tests

1905 binet simon scale

30 problems arranges in ascending level of difficulty

1908 B-S scale

Number of tests were increased, unsatisfactory tests deleted

nominal scales

numbers are used solely as labels to identify an individual or a class ex social security numbers

categorical data

data related to variables such as gender, political affiliations, color, and so forth

identity

all members of a category must be assigned the same number and that no two categories may share the same number

ordinal scales

in addition to identity there is the property of rank order

rank order

elements in a set can be lined up in a series from - lowest to highest or vice versa-arranged on the basis of a single variable, such as birth order or level of academic performance within a graduating class

percentile rank scores (percentiles)

how rank ordered tests scores are reported not to be confused with the percentage scores used in school grading - the main vehicle where test users convey normative information derived from tests

percentile scores

ordinal numbers set on a scale of 100 (70 equals a level of performance that is equal or greater to 70% of the people in question)

Interval scales

identity, rank order, and the difference between any two consecutive numbers reflects an equal empirical or demonstrable difference between the objects or events that the numbers represent.

ratio scales

numbers achieve the property of additivity and the result expressed as a ratio all with meaningful results. They have a true or absolute zero point that stands for "none of" whatever is being measured. eg times distances weights volumes

statistics

branch of mathematics dedicated to organizing, depicting, summarizing, analyzing, and dealing with numerical data.

parameters

measures derived from populations, mathematically exact numbers such as pi

frequency distribution

the organized raw data list of the number of times or frequencies with which each score occurred and the percentage of times that it occurred

what is difference between parrallel and equivalent retests

if we have parallell the standard deviation and the mean will be the same

the basic rationale of testing

the test score should help predict how the client will feel and act outside of the clinic, how students will achieve in school - should be predictive

error variance

anything that alters the test situation (noise, A/C)

What information does an interest inventory not give the test user and the test taker

An interest inventory will show what the test taker has an interest in, however it will not show whether or not the test taker has the ability to perform to such tasks/ interest

examples of when tests are used for decision making

When determining who gets a job or a promotion, admittance into a program, to classify and diagnose people

steps involved in conducting an assessment with a test taker

appropriate selection of an instrument, careful administration of assessment, scoring, interpretation, and judicious use of date collected to make inferences about the question at hand

o Systematic procedures

good tests have 3 defining characteristics

Arthur Otis

had prepared a test to be given in groups and turned it over to the army. Major contribution of his test was the introduction of multiple-choice and other 'objective' item types.

Army Alpha and the Army Beta

group tests were given to help determin acceptance and placement into the military during WWI

Army Beta

Beta was a non language scale used for illiterate or immigrant recruits with limited English skills.

first achievement batteries - first edition of Stanford Achievement test 1923

provided comparable measures of performance in different school subjects evaluated in terms of single normative group

Derived scores are expressed in 2 ways

Developmental level attained such as Mental age, grade equivalents, age equivalents,

how to tabulate a frequency distribution

Group all scores into intervals

histogram - (bar graph) discrete presentation

two types of graphic representations of a frequency distribution

Mean or average

(m for sample, and μ for populations)

square root the variance

to find the standard deviation

1 standard deviation

68% - plus or minus 1

2 standard deviations

95% - plus or minus 1.96

3 standard deviation

99% - plus or minus 2.58

standard normal deviation

when the normal curve has a mean of zero and a standard deviation of 1

properties of the normal curve

it is bell shaped, bilaterally symmetrical, its limits extend to infinity, unimodal, mean median and mode that coincide at the center of distribution.

unimodal

single point of maximum frequency or maximum height

normalizing scores

involves transforming them so that they have the same meaning, in terms of their position, as ifthey came from a normal distribution.

sampling distribution

hypothetical, as opposed to real, distributions of values predicated on the assumption that an infinite number of samples of a given size could be drawn from a population.

kurtosis

the amount of dispersion in a distribution

platykurtic distributions

greatest amount of dipersion, manifested in tails that are more extended

leptokurtic distributions

have the least amount of dispersion

mesokurtic distribution

an intermediate degree of dispersion..which the normal distribution is

skewness

lack of symmetry

correlation coefficients

indexes of the extent that two or more variables are related to each other anywhere from -1.00 to +1.00

no correlation

data points do not align themselves into any definite pattern or trend and we can assume that the two sets of data do not share a common source of variance

correlation

the extent to which variables are related

Pearson product moment correlation coefficient

formula for computing the correlation coefficient of bivariate data from a sample

multiple correlation coefficient

used when a single dependent variable (y) is correlated with two or more combindied predicators ( X1, X2,....)

Ratio scale

Which scale of measurement is the only one that has a meaningful zero point?

False

Tom and Jerry scored at the 60th and 65th percentiles, respectively, on a language skills test. Mary and Martha scored at the 90th and 95th percentiles, respectively on the same test. We can conclude …

The 10 Year old would obtain a higher ratio IQ

On a test of general cognitive ability, a 5 year old child obtains a mental age score of 4 years and a 10 year old child obtains a mental age score of 9 years…

4, 3, 2

In the distribution 2,2,2,2,3,3,3,8,11, the mean, median, and mode are respectively

the square root of the variance

For testing and many other purposes, the quintessential index of the variability in a distribution of scores is the

68%

The area of a normal distribution between +1 and -1 standard deviation encompasses approximately _______ of the curve

Either too easy or too hard.

If the shape of the distribution of scores obtained from a test is significantly skewed, it means that the test is probably_______for the test takers in question.

reduced

If the range of values of either one of two variables that are correlated using the Pearson product-moment coefficient of correlation (pearson r) is restricted, the size of the obtained coefficient will be

raw score

a number (x) that summarizes or captures some aspect of a person's performance in behavior samples that make up psychological tests.

norm-referenced test interpretation

uses standards based on the performance of specific groups of people to provide information for interpreting scores.

norms

the test performance or typical behavior of one or more reference groups

normative/standardization samples

when norms are collected from the test performance of the group or groups in question

criterion-referenced interpretation

makes use of procedures, such as sampling from content domains or work-related behaviors, designed to assess whether and to what extent the desired levels of mastery or performance criteria have been met.

within-group norms

provide a way of evaluating a person's performance in comparison to the performance of one or more appropriate reference groups.

percentile score

indicates the relative position of an individual test taker compared to a reference group - it represents the percentage of persons in the reference group who scored at or below a given raw score

meaningless

If not accompanied by further information a high raw score is

Natural sequences

Of all the following developmental norms, which ones are the most universally applicable?

representative of the group for which they will be used

With regard to the samples used to establish within-group norms, the single most important requirement is that they should be

test difficulty

The concepts of test ceiling and test floor are most closely related to the issue of

85

When transformed into the Wechsler-scale type of deviation IQs a zscore of -1.00 would become a Wechsler IQ of

z scores to T scores

Which of the following score transformation procedures is the only one that qualifies as a linear transformation

higher on the WAIS than on the WAIS-III

If a group of present-day individuals were to take both the original Wechsler Adult Intelligence Scale (WAIS) and its latest revision, the WAIS-III, chances are that their IQ scores would be

items and persons

The essential characteristic of item response theory models is that they place _______ on a common scale

a hypothetical entity

A true score is

Deviations from standardized procedures

Which of the following sources of error in test scores is not assessed by traditional estimates of reliability?

test-retest

_______ reliability coefficients are used to estimate time sampling error in test scores

Delayed alternate form

Which of the following types of reliability coefficients results in a combined estimate of error stemming from two different sources?

More reliable than

All other things being equal, scores obtained from longer tests are _______ those obtained from comparable tests that are shorter

heterogeneity/size

The magnitude of a reliability coefficient is more likely to be affected by the _______ than by the _______ of the sample for which it is computed.

allows for the evaluation of interaction effects

One of the distinct advantages of generalizability theory over traditional approaches to score reliability is that generalizability theory

106 and 114

Suppose that a student obtains a score of 110 on a test with M = 100, SD = 20, and an estimated reliability of .96. Chances are 68 out of 100 that the student's true score falls somewhere between

greater than 8

The standard error of measurement of Test A is 5 and the standard error of measurement of Test B is 8. The standard error of the difference for comparing scores from the two tests will be

Achievement Tests

Tests designed to assess an examinee's current level of skill in or knowledge of a particular content or behavior domain. Usually considered a measurement of previous learning in a specific situation but may also assess innate capacity.

Apptitude Tests

Tests that assess an examinee's potential for learning a specific skill or performing a particular task. Although usually considered measures of innate capacity, may also reflect previous learning.

Alternate Forms Reliability

Method for estimating a test's reliability that entails administering two forms fo the test to the same group of examinees and correlating the two sets of scores. Forms can be administered at about the …

Confidence Interval

The range of values that, with a given probability (e.g.68%, 95%), indicates the "true" value of interest; i.e., the range within which an individual's true score is likely to fall. A confidence interval is calcul…

Deviation IQ

A standard score on an intelligence test that has a mean of 100 and a fixed stnadard deviation (15 for the Stanford Binet and Wechsler Tests). An advantage of the deviation IQ (over the r…

MMPI (Minnesota Multiphasic Personality Inventory

Widely used self report personality test that reports and examinee's performance in terms of ten clinical scales and four validity scales. Although originally intended as a tool for deriving psychiatric diagnoses, it is more comm…

Objective Test

A test that has clear and unambiguous scoring criteria. Multiple choice and true/ false are objective tests.

Subjective Test

A test that is scored according to subjective (nonobjective) standards: i.e. that is dependent to some degree on the scorer's judgment.