Quality Grades Such as "Good," "Better," and "Best" Represent Which

question 54

Multiple Choice

Quality grades such as "good," "better," and "best" represent which of the following levels of measurement?

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

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Definitions:

Personal Defense

A defense that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC. Personal defenses are also called limited defenses.

HDC

Stands for Holder in Due Course, referring to a party that has acquired a negotiable instrument for value, in good faith, and without notice of any defects.

Primarily Liable

The entity or individual who holds the main responsibility for fulfilling an obligation or compensating for a loss.

Indorses

Acts of signing one's name on the back of a negotiable instrument, thereby transferring rights associated with the instrument to another party.