Ordinal Data Can Be Treated as If It Were Nominal

question 34

True/False

Ordinal data can be treated as if it were nominal data but not vice versa.

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Definitions:

Sales Revenue

Income earned from the sale of goods or services before any expenses are deducted.

Refund Liability

Refund liability refers to the obligation a company has to return money to its customers for products or services that were returned, canceled, or unsatisfactory.

Freight Costs

Expenses associated with transporting goods from one location to another.

Operating Expense

Relates to the costs associated with the day-to-day activities of running a business, excluding direct production costs.