A Rank of First, Second, and Third from a Competition

question 21

Multiple Choice

A rank of first, second, and third from a competition would be an example of which type of variable?

• A) nominal
• B) ordinal
• C) interval
• D) ratio

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Definitions:

Lessor

The party in a lease agreement who owns the property being leased out to another party, known as the lessee.

Finance Lease

A type of lease arrangement where the lessee assumes both the financial risks and rewards of asset ownership, typically involving long-term and non-cancellable terms.

Consumer Lease

A contract in which a lessee (user) pays to use goods (like a vehicle) for a fixed period without obtaining ownership.

Common Law

A legal system based on court decisions and precedents rather than statutes.