A Few of the Variables for Which Data Were Collected

question 12

Multiple Choice

A few of the variables for which data were collected in the Internet & Life Project study include age, gender, income, and number of hours spent shopping online per month. Which of the variables is categorical?

• A) Age
• B) Gender
• C) Income
• D) Number of hours spent shopping online
• E) None

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Definitions:

Inventory System

A method of tracking the quantity, type, and value of products or materials a company has in stock.

Single-step Income Statement

A simplified income statement format that calculates net income by subtracting total expenses from total revenues in a single step.

Periodic Inventory System

A method of inventory valuation for financial accounting purposes where a physical count is performed at specific intervals to determine the ending inventory balance and the cost of goods sold.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company’s books for the next accounting period.