If a Categorical Independent Variable Contains 2 Categories,then _____ Dummy

question 202

Multiple Choice

If a categorical independent variable contains 2 categories,then _____ dummy variable(s) will be needed to uniquely represent these categories.

• A)1
• B)2
• C)3
• D)4

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Definitions:

Planning Budget

A Planning Budget is a financial plan constructed for future periods, outlining expected revenues, expenses, and other financial activities, guiding an organization in achieving its financial goals.

Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

Oil Well Service

A category of services aimed at the maintenance, workover, and completion of oil wells to enhance or maintain their production efficiency.

Activity Variance

The difference between actual activity levels and those projected, affecting budgeted and actual costs.