The following information regarding a sample of seven students is provided. 
a.How many elements are in the above data set?
b.How many variables are in this data set?
c.How many observations are in this data set?
d.Which variables are categorical and which are quantitative variables?
e.What measurement scale is used for each variable?
Definitions:
Unit Cost
The cost incurred by a company to produce, store, and sell one unit of a particular product or service.
Discount Period
The time frame within which a payment can be made at a reduced rate before the full invoice amount becomes due.
Payment Terms
The conditions under which a seller will complete a sale, often specifying the period allowed to a buyer to pay off the amount due.
Amount Owing
The total sum of money that is currently due or outstanding.
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