______ Scales Involve the Assignment of a Label or Name

question 31

Multiple Choice

______ scales involve the assignment of a label or name to a category, but do not necessarily have equal intervals between categories.

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

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Definitions:

Merchandise

Goods or products that are bought and sold in any business activity.

LIFO

Last In, First Out, an inventory valuation method where the last items added to inventory are assumed to be the first sold.

Inventory Costing Methods

Techniques used to calculate the cost of inventory, including First-In, First-Out (FIFO), Last-In, First-Out (LIFO), and Average Cost methods.

Subsidiary Inventory Ledger

The subsidiary ledger containing individual accounts for items of inventory.