Both Nominal and Ordinal Measures Are Easily Used to Group

question 55

True/False

Both nominal and ordinal measures are easily used to group respondents or objects into groups or categories.

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Definitions:

Inventory

The total amount of goods and materials held by a company intended for sale or used in production.

Service Firms

Businesses that provide intangible products or services to consumers as opposed to tangible goods.

Activity Base

A measure used as a basis for allocating costs in activity-based costing; often related to the volume of activities driving costs.

Costs

Costs represent the monetary value spent on goods, services, and efforts to achieve an objective, such as producing a product or providing a service.