Choose the Nominal Level Variable Below

question 21

Multiple Choice

Choose the nominal level variable below:

• A) size of family unit
• B) eye color of students in statistics class
• C) speed of travel of a jet
• D) your weight

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Definitions:

Lower-Of-Cost-Or-Market Basis

An accounting principle that values inventory at the lower of its historical cost or its current market price.

Current Replacement Cost

The amount of money required to replace an asset at its current market value.

Market

A place or mechanism through which goods, services, or financial instruments are traded between buyers and sellers.

Specific Identification Method

An inventory valuation method in which costs are assigned to individual items, used in situations where each item is distinguishable or significantly different from others.