Which of the Following Types of Data Is Represented by the Ranking

question 24

Multiple Choice

Which of the following types of data is represented by the ranking of your favourite hobbies from most favourite to least favourite?

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

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Definitions:

Effective Rate

A measure of the actual interest rate on a loan or investment, taking into account the compounding of interest over a given period of time.

Compounding Periods

The intervals at which interest is calculated and added to the account's balance in the context of investing or saving.

Variable-Rate Loan

A loan whose interest rate changes over the life of the loan.

Fixed-Rate Loan

A loan whose interest rate remains constant.