CIS 2200 EXAM 1| 320 QUESTIONS AND ANSWERS|GUARANTEED SUCCESS

Fact the confirmation or validation of an event or object. Data raw facts that describe the characteristics of an event or object. EX. order date, amount sold, quantity ordered, customer number,price Information data converted into a meaningful and useful context. data that's processed to yield value. EX. best selling product ,best customer, worst selling,worse customer Variable a data that changes over time ex. price and quantity ordered can vary. Business intelligence -info collected from many sources which yields value for strategic decision making. -information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making. -long term decision that effects a period of time in excess of 1 yr. Human intelligence Can by analytical as reference by IQ or sensibility(emotion) as reference by EQ Knowledge combines info and human intelligence for the benefit of the company Personal loyalty vs institutional loyalty Personal loyalty always trumps institutional loyalty(doing something for own benefit over the company) -As a result, accounting, finance, human resources are busy doing what's best for them as oppose to whats best for the company. This hurts the company. Solution is to focus on the big picture and operate on a system's level. Systems thinking way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part MIS -Management Information System --analyzes the input that the company requires and the output that the company wants. It assigns relative activity for each company along with the necessary resources. -Then assigns responsibilities and measures results. -Efficiencies are identified and sourced. -provides necessary feedbacks for improvement -moves information about people, products, and processes across the company to facilitate decision making and problem solving. -storing of information accessible via computer to all departments. ###Unifies the entire business! Management Info System textbook a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. Sole proprietorship -most popular form of structure business in US -business form in which a single person is the sole owner and is personally responsible for all the profits and losses of the business. -quickest and easiest way to set up a business operation. -No prerequisites or specific costs Advantage of sole proprietorship the IRS taxes income only come once at the individual rate. In corps, there's double taxation(corp, then shareholders ) Disadvantage of sole proprietorship unlimited liability in that no distinction is made between business and your assets. If cant pay debt, assets have to go. Partnership more than one person single proprietorship and behaves in the same way. However, it has an additional disadvantage : each partner is singly liable for 100% of the debt of the partnership regardless of how they occurred (Unlimited liability). All partners are totally responsible for the debts of the business. If one partner messes up and no others are at fault, the others with no fault have the same total responsibility for paying the debt. limited partnership -much like a general partnership except for one important fundamental difference; the law protects the limited partner from being responsible for all of the partnership's losses. -The limited partner's legal liability in the business is limited to the amount of his or her investment. -However, this protection exists only as long as the limited partner does not play an active role in the operation of the business. In short: Only act as a creditor(loan money), you're not a partner but a limited partner who are not responsible for debts of the partnership. Corporation legal entity/person that exists separate and apart from those individuals who created it and carry on its operations. the business entity is separate from the business owners or shareholders. Limited Liability shareholders are not personally liable for the losses incurred by the corporation / not responsible for debts of corp. LLC Limited Liability Corporation Ronald Cappuccio extended corporation protection to small business owners without double taxation. Once they become successful and big enough, they are required to pay double taxation. hybrid entity that has the legal protections of a corporation and the ability to be taxed (one time) as a partnership. Reasons Businesses Choose to Incorporate 1.Limited liability- financial losses against the corporation are limited to the assets owned by the corporation. 2. Unlimited life - can go on indefinitively(doesn't rely on humans lifespan) unlike partnerships or sole-pro.. 3. Transferability of shares- With a corporation, all of the individual owners' rights and privileges are represented by the shares of stock they own. Corporations can quickly transfer ownership by simply having the shareholders endorse the back of each stock certificate to another party. 4. Ability to raise investment capital - It is easy to attract new investors into a corporate entity because of limited liability and the easy transferability of ownership. Re-engineering using computers to fire 95% of your workforce. Replaced accounting/finance specialists, replaced workers performing oral functions. -involved in marketing -performs market segmentation based on geography,demographics, psychographics, and behavior. Information technology hardware+software Hardware consists of the physical devices associated with a computer system. Software the set of instructions the hardware executes to carry out specific tasks / computer programs Software, such as Microsoft Excel, and various hardware devices, such as a keyboard and a monitor, interact to create a spreadsheet or a graph. Firmware instructions written directly onto the computer chip Disadvantage: dedicates that piece of chip, meaning that part cant be used for anything else. Advantage of firmware is nothing is as fast as it