Final answer:
The statement is False since magnitude refers to the non-negative value of a quantity, making the magnitude of a loss of 7 points equal to 7.
Step-by-step explanation:
The statement 'The Magnitude of a loss of 7 points is -7' is False. The magnitude of a quantity in mathematics refers to the size or absolute value of that quantity, regardless of its direction. In other words, magnitude indicates how much of something is present without considering its positive or negative association. Therefore, the magnitude of a loss of 7 points is simply 7, as magnitudes are always non-negative values.