This paper develops threefold meaning. First, we conclude the most possible problems of business, economics, and finance data quality in terms of data reliability. Second, we summarize the common mistakes that fresh business students make in the application of introductory-level econometric methods. Third, we gather typical examples of misinterpretation of econometric outputs of undergraduate and graduate business students. This paper can serve as a cautionary reading to business and other social science major students before they start to employ real world data and set up empirical models.