Question

g Suppose the following information is collected on an application for a loan. a. Annual personal income​: ​$55,626 b. Number of times married​: 2 c. State currently living in​: Georgia d. Employer​: Self Classify each of the responses by type of data. a. Annual personal income of ​$55,626 is what type of​ variable? ​Numerical, discrete ​Numerical, continuous Categorical b. The number of times married is what type of​ variable? Categorical ​Numerical, discrete ​Numerical, continuous c. State currently living in is what type of​ variable? ​Numerical, discrete Categorical ​Numerical, continuous d. The employer is what type of​ variable?

Answer 1

Annual personal income is a numerical, continuous variable. The number of times married is a numerical, discrete variable. Both the state currently living in and employment status are categorical variables.

Step-by-step explanation:

When classifying data collected from a loan application, we consider the type of data each response represents. Here are the classifications:

• Annual personal income of $55,626 is a Numerical, continuous variable because it can take on any value within an interval and is measured.
• The number of times married is a Numerical, discrete variable because it represents a countable number of occurrences.
• The state currently living in, Georgia in this case, is a Categorical variable as it represents a name or label, not a numerical value.
• The employment status (in this case, 'Self') is also a Categorical variable as it describes a category or non-numeric attribute of the individual.

These classifications help in understanding how to process and analyze the data for the purpose of making decisions such as loan approvals.

Answer 2

Continuous ; discrete numerical ; Categorical ; Categorical

Step-by-step explanation:

Given that :

Annual personal income = $55,626

Number of times married = 2

State currently living in​ = Georgia

Employer​: Self

Annual personal income is a numerical variable which is CONTINUOUS as it take a very large to infinite number of different values because the annual income of various individuals will vary over a very large value.

Number of times married is a Discrete numerical variable which can take up a finite Number of values which are countable and a definite range.

State Currently living in is a categorical Variable which do not posses numerical attributes but are used as labels to group or classify data.

Employer is also a Categorical variable which is non-numeric used for classification and grouping of data attributes.