Data Analytics Study Guide Questions with
Verified Correct Answers
Data Analytics
the process of evaluating data with the purpose of drawing conclusions to address business
questions. Effective Data Analytics provides a way to search through large structured and
unstructured data to identify unknown patterns or relationships.
Identify Questions
determine the answer or insight you're looking for, make a hypothesis, identify a target value.
Master the Data
understand the available data, extract, transform, load the data
Prepare a Model
identify a model or approach, perform the analysis
Address Results
compare the results with your hypothesis, refine your model
Communicate the Results
draw a conclusion, gain understanding, summarize the results in plain language, use
appropriate visualizations
Track Outcomes
evaluate results, gather feedback, adjust as needed
Financial Statement Analysis
, Investors, analysts, shareholders, partners, and managers identify trends, patterns, or
relationships between numbers reported on the financial statements.
Financial Statement Analysis (examples)
What is the average selling price of an iPhone? Is the company able to service its debt? How
has working capital changed over the past three years?
Budget and Controlling
Managers evaluate performance and operations to determine whether to increase sales or cut
costs and evaluate whether their decisions have the expected impact on financial
performance.
Budget and Controlling (examples)
Which locations are using the most energy? How much training are we providing
employees?How are we performing on balanced scorecard benchmarks? Is our price variance
within an acceptable range?
Auditing
Auditors evaluate financial and non-financial data to evaluate risk, identify effectiveness of
internal controls, test management assertions, and evaluate information systems.
Auditing (examples)
Which transactions represent the highest risk and exposure for the client? Are there
transactions that are potentially fraudulent or erroneous? Are current company policies and
procedures being followed?
Tax
Verified Correct Answers
Data Analytics
the process of evaluating data with the purpose of drawing conclusions to address business
questions. Effective Data Analytics provides a way to search through large structured and
unstructured data to identify unknown patterns or relationships.
Identify Questions
determine the answer or insight you're looking for, make a hypothesis, identify a target value.
Master the Data
understand the available data, extract, transform, load the data
Prepare a Model
identify a model or approach, perform the analysis
Address Results
compare the results with your hypothesis, refine your model
Communicate the Results
draw a conclusion, gain understanding, summarize the results in plain language, use
appropriate visualizations
Track Outcomes
evaluate results, gather feedback, adjust as needed
Financial Statement Analysis
, Investors, analysts, shareholders, partners, and managers identify trends, patterns, or
relationships between numbers reported on the financial statements.
Financial Statement Analysis (examples)
What is the average selling price of an iPhone? Is the company able to service its debt? How
has working capital changed over the past three years?
Budget and Controlling
Managers evaluate performance and operations to determine whether to increase sales or cut
costs and evaluate whether their decisions have the expected impact on financial
performance.
Budget and Controlling (examples)
Which locations are using the most energy? How much training are we providing
employees?How are we performing on balanced scorecard benchmarks? Is our price variance
within an acceptable range?
Auditing
Auditors evaluate financial and non-financial data to evaluate risk, identify effectiveness of
internal controls, test management assertions, and evaluate information systems.
Auditing (examples)
Which transactions represent the highest risk and exposure for the client? Are there
transactions that are potentially fraudulent or erroneous? Are current company policies and
procedures being followed?
Tax
