Rick Irizarry of Irizarry Insurance Company Is Conducting a Survey

question 73

Multiple Choice

Rick Irizarry of Irizarry Insurance Company is conducting a survey of potential customers.One of his questions asks how much customers would be willing to pay in annual premium for a $100,000 life insurance policy.Respondents are asked to:
Check appropriate category:
___ $1 to $10 month
___ $11 to $20 month
___ $21 to $30 month
___ $31 to $40 month
___ $41 to $50 month
Rick should consider the type of measurement scale to be:

• A)nominal.
• B)ordinal.
• C)interval.
• D)ratio.
• E)none of the above

---

Definitions:

Tax Bracket

Categories at varying tax rates applied to ranges of income; the higher the income, the higher the percentage of tax levied.

Progressive

Pertains to political and social movements that aim for reforms and advancements by advocating for changes in economic, social, and political structures.

Taxable Income

The portion of an individual's or a company's income used to determine how much tax they owe to the government in a given tax year.

Average Tax Rate

The portion of total income that is paid as tax, calculated by dividing the total amount of taxes paid by the taxpayer's total income.