Explain What a Numerical Variable Is and Give an Example

question 47

Essay

Explain what a numerical variable is and give an example of a numerical variable.

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Definitions:

Diagnosis-Related Group

A system to classify hospital cases into groups for the purposes of payment and analysis.

Insurance Plan

An insurance plan refers to a contract between an individual and an insurance company, wherein the company agrees to compensate the individual for specified losses, damages, illness, or death in return for payment of a premium.

Medicare Payroll Tax

A tax collected from both employees and employers to fund the Medicare program, which provides health insurance to individuals aged 65 and older and to some younger people with disabilities.

Capital Gains Tax

A tax on the profit realized from the sale of a non-inventory asset that was greater than the purchase price, typically stocks, bonds, precious metals, and property.