When the Data Are Labels or Names Used to Identify

question 38

Multiple Choice

When the data are labels or names used to identify an attribute of the elements and the rank of the data is meaningful, the variable has which scale of measurement?

• A) nominal
• B) ordinal
• C) interval
• D) ratio

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Definitions:

Weekly Payments

Regular payments made once a week as part of a financial agreement, often seen in loan repayments or salary distributions.

Compounded Monthly

Calculating interest each month by adding it to both the original investment and the interest that has already been accumulated from past periods.

Quarterly Payments

Payments made four times a year at three-month intervals, often related to dividends or loan repayments.

Interest Rate

The expense a borrower bears for the use of funds from a lender, measured as a fraction of the principal.