Rick Irizarry of Irizarry Insurance Company Is Conducting a Survey

question 24

Multiple Choice

Rick Irizarry of Irizarry Insurance Company is conducting a survey of potential customers.Age is an important issue in determining life insurance premiums.Rick considers asking for age by asking the respondents to:
Check appropriate category:
___ 16 to 19
___ 20 to 25
___ 26 to 35
___ 36 to 50
___ over 50
Rick should consider the type of the measurement scale to be:

• A)nominal.
• B)ordinal.
• C)interval.
• D)ratio.
• E)age-related.

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Definitions:

Gross Profit

It's the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

Gross Profit

The difference between the revenue generated from sales and the cost of goods sold, before deducting overheads, payroll, taxation, and interest payments.

Perpetual Inventory System

It's a method in accounting where inventory sales and purchases are registered immediately using automated point-of-sale systems and enterprise asset management programs.

Credit Memo

A document issued by a seller to a buyer, reducing the amount owed by the buyer to the seller, typically due to a return or rebate.