Determine Which of the Following Describes Nominal Data

question 26

Multiple Choice

Determine which of the following describes nominal data.
i. My favorite days of the week are Friday, Saturday, and Tuesday.
ii. My favorite day of the week is Friday, my second-favorite is Saturday, andthird-favorite is Tuesday.

• A)i only
• B)ii only
• C)neither i nor ii
• D)both i and ii

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Definitions:

Compounded Semi-Annually

The calculation of interest on a principal sum twice a year, effectively increasing the amount on which future semi-annual interest payments are calculated.

Annuity

An investment vehicle that delivers a steady flow of payments to a recipient, predominantly designed to be a revenue stream for retired persons.

Compounded Semi-Annually

The process of calculating interest on both the initial principal and the accumulated interest from previous periods on a semi-annual basis.

Annuity

A financial instrument that provides a consistent series of payments to a person, mainly serving as a source of income for individuals who have retired.