When We Consider Categorical Variables, If the Categories Have No

question 1

Multiple Choice

When we consider categorical variables, if the categories have no order, we term them _____, whereas if the categories have an order, we term them _____.

• A) ordinal : nominal
• B) nominal : ordinal
• C) random : sequential
• D) sequential : random

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, leading to net profit or loss.

Balance Sheet

A financial statement that provides a snapshot of a company’s financial position, listing assets, liabilities, and owner’s equity at a specific point in time.

Job Order Cost

The cost calculated for a specific manufacturing job, tracking direct labor, direct materials, and overhead.