Every night before closing, the night manager counts the amount of money in the cash register. The amount of money in the cash register is an example of what level of data?
a) interval
b) nominal
c) ratio
d) ordinal
i got it!
To determine the level of data, we need to understand the different levels of measurement in statistics. There are four levels of measurement: nominal, ordinal, interval, and ratio.
Nominal level: This level of measurement represents data that can be categorized and labeled, but there is no inherent order or numerical value. Examples include ethnicity, gender, and eye color.
Ordinal level: This level of measurement adds an additional level of information beyond nominal data by providing some order or ranking to the categories. However, the differences between the values are not meaningful or evenly spaced. Examples include survey responses such as "strongly agree, agree, neutral, disagree, strongly disagree."
Interval level: This level of measurement involves data that has meaningful intervals between values, but there is no true zero point. The zero point in interval level data is arbitrary and does not indicate a complete absence of the characteristic being measured. Examples include temperature measured in Celsius or Fahrenheit.
Ratio level: This level of measurement is the most comprehensive and includes data with meaningful intervals and a true zero point. The true zero indicates a complete absence of the characteristic being measured. Examples include height, weight, and time.
In this case, the amount of money in the cash register is an example of ratio data. It has meaningful intervals between different amounts, and a value of zero would indicate that there is no money in the cash register. Therefore, the correct answer is c) ratio.