Your Phone Number Is an Example of Which Kind of Data

question 18

Multiple Choice

Your phone number is an example of which kind of data?

• A) Nominal
• B) Ordinal
• C) Interval
• D) Ratio

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Definitions:

Inventory Accounting

The process of valuing a company's inventory, including raw materials, work-in-progress, and finished goods.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or acquired items are sold or used first.

Profits

The financial gain that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

LIFO Liquidation

The process of liquidating older inventory that has been valued under the Last-In, First-Out (LIFO) accounting method, which can have tax and profit implications.