Histograms Are Used for Numerical Data While Bar Charts Are

question 158

True/False

Histograms are used for numerical data while bar charts are suitable for categorical data.

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Definitions:

Sales Increase

A rise in the quantity or amount of products or services sold over a specific period.

Opportunity Loss

The loss of potential gain when one alternative is chosen over another.

Gross Profits

The difference between revenue and the cost of goods sold before deducting overhead, payroll, taxes, and interest payments.

Payoff Table

A decision-making tool that summarizes the outcomes of different decisions, given various states of nature, in a tabular format.