ACTG 313 Final exam with correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers
Data - correct answers✔✔facts collected, recorded, and stored
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
in the system
||\\||\\ ||\\||\\
Information - correct answers✔✔Data converted into a ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
meaningful and useful context ||\\||\\ ||\\||\\ ||\\||\\
Example of data - correct answers✔✔2/22/14 ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
ABC Company ||\\||\\
123, 99, 3, 20, 60
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Example of information - correct answers✔✔best-selling ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
product, best customer, worst-selling product, worst customer ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Decision Quality - correct answers✔✔• Information helps us ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
make better decisions. ||\\||\\ ||\\||\\
,• Too much information causing information overload can
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
reduce decision quality. ||\\||\\ ||\\||\\
• Information Technology (IT) is used to help decision-makers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
more effectively filter and condense information.
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
value of information - correct answers✔✔when benefits exceed
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the costs of gathering, maintaining, and storing data
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information technology - correct answers✔✔Useful to help ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
decision-makers more effectively filter and condense ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information.
What makes information useful? 14 characteristics - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔1. access restricted ||\\||\\ ||\\||\\
2. accurate ||\\||\\
3. available ||\\||\\
4. reputable ||\\||\\
5. complete ||\\||\\
6. concise ||\\||\\
7. consistent ||\\||\\
8. current ||\\||\\
,9. objective
||\\||\\
10. relevant ||\\||\\
11. timely ||\\||\\
12. useable ||\\||\\
13. understandable ||\\||\\
14. verifiable ||\\||\\
Access Restricted - correct answers✔✔limit access to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
authorized parties ||\\||\\
accurate - correct answers✔✔correct in all details; exact, free of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
errors
||\\||\\
available - correct answers✔✔ready for use, at hand ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
reputable - correct answers✔✔perceived as true and credible ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
complete - correct answers✔✔does not omit important aspects ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
of the events or activities it measures
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, concise - correct answers✔✔clear, sufficient, brief, but
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
comprehensive
consistent - correct answers✔✔presented in the same format ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
over time
||\\||\\
current - correct answers✔✔up to the present date and time
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
objective - correct answers✔✔unbiased; unprejudiced ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
relevant - correct answers✔✔reduces uncertainty, improves
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
decision making, or confirms or corrects prior expectations
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
timely - correct answers✔✔provided in time for decision
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
makers to make decisions ||\\||\\ ||\\||\\ ||\\||\\
useable - correct answers✔✔easy to use for different task
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
understandable - correct answers✔✔easily comprehended and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
interpreted
answers
Data - correct answers✔✔facts collected, recorded, and stored
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
in the system
||\\||\\ ||\\||\\
Information - correct answers✔✔Data converted into a ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
meaningful and useful context ||\\||\\ ||\\||\\ ||\\||\\
Example of data - correct answers✔✔2/22/14 ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
ABC Company ||\\||\\
123, 99, 3, 20, 60
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Example of information - correct answers✔✔best-selling ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
product, best customer, worst-selling product, worst customer ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Decision Quality - correct answers✔✔• Information helps us ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
make better decisions. ||\\||\\ ||\\||\\
,• Too much information causing information overload can
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
reduce decision quality. ||\\||\\ ||\\||\\
• Information Technology (IT) is used to help decision-makers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
more effectively filter and condense information.
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
value of information - correct answers✔✔when benefits exceed
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the costs of gathering, maintaining, and storing data
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information technology - correct answers✔✔Useful to help ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
decision-makers more effectively filter and condense ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
information.
What makes information useful? 14 characteristics - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers✔✔1. access restricted ||\\||\\ ||\\||\\
2. accurate ||\\||\\
3. available ||\\||\\
4. reputable ||\\||\\
5. complete ||\\||\\
6. concise ||\\||\\
7. consistent ||\\||\\
8. current ||\\||\\
,9. objective
||\\||\\
10. relevant ||\\||\\
11. timely ||\\||\\
12. useable ||\\||\\
13. understandable ||\\||\\
14. verifiable ||\\||\\
Access Restricted - correct answers✔✔limit access to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
authorized parties ||\\||\\
accurate - correct answers✔✔correct in all details; exact, free of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
errors
||\\||\\
available - correct answers✔✔ready for use, at hand ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
reputable - correct answers✔✔perceived as true and credible ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
complete - correct answers✔✔does not omit important aspects ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
of the events or activities it measures
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, concise - correct answers✔✔clear, sufficient, brief, but
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
comprehensive
consistent - correct answers✔✔presented in the same format ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
over time
||\\||\\
current - correct answers✔✔up to the present date and time
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
objective - correct answers✔✔unbiased; unprejudiced ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
relevant - correct answers✔✔reduces uncertainty, improves
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
decision making, or confirms or corrects prior expectations
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
timely - correct answers✔✔provided in time for decision
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
makers to make decisions ||\\||\\ ||\\||\\ ||\\||\\
useable - correct answers✔✔easy to use for different task
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
understandable - correct answers✔✔easily comprehended and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
interpreted
