The Two Types of Quantitative Variables Are

question 11

Multiple Choice

The two types of quantitative variables are

• A) ordinal and ratio.
• B) interval and ordinal.
• C) nominative and ordinal.
• D) interval and ratio.
• E) nominative and interval.

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Definitions:

Spending Variance

The difference between the actual cost incurred and the budgeted or expected cost, often analyzed for cost control purposes.

Cleaning Equipment

Equipment specifically designed for cleaning operations, encompassing a range of items from brooms and mops to sophisticated washing machines.

Cost Formula

A mathematical equation used to calculate the total cost of production based on variable and fixed costs.

Planning Budget

A budget designed at the beginning of a budgeting period, reflecting the expected financial results and operational activities.