Determine Which of the Four Levels of Measurement Is Most

question 10

Multiple Choice

Determine which of the four levels of measurement is most appropriate.
-The income range of attendees at a research conference is gathered as upper, middle, and low levels. What type of data is collected?

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

---

Definitions:

Inventory Control

A system used to oversee and manage the ordering, storage, and use of inventory in a business.

Initial Record

Initial record refers to the first entry of a transaction into the accounting system. This record is crucial for maintaining the accuracy and integrity of financial data.

Perpetual Inventory

An inventory management system that updates item records on a continuous basis as transactions occur, providing real-time inventory levels.

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a dataset, often used in accounting to determine inventory costs.