INMT 341 Exam1 Questions and Correct
Answers
Information management - Answer-collection and management of information, gathered from a variety
of sources, and the distribution of that information to one or more stakeholders
Information management requires... - Answer-managing and controlling the structure, processing,
delivery, and security of information
Business Process - Answer-a collection of related activities performed by a group of stakeholders to
achieve a concrete goal. They combine resources and inputs to create an output that is of value to the
organization, its stakeholders and/or its customers
Event - Answer-single step or activity within a business process
Procure to pay steps - Answer-1. identify need (internal request)
2. negotiate a purchase order with a vendor
3. receive and inspect goods/services from a vendor
4. store and/or maintain goods
5. pay a vendor for goods/services
6. (possible returns)
, Valid open purchase order - Answer-source doc: vendor accepts the terms of the order
Procure to pay point of sale - Answer-arrival of the goods/services
Prepaid open purchase order - Answer-source doc: the terms of the order required a prepay
Order to cash steps - Answer-1. market goods/services
2. negotiate terms of sale
3. select and inspect goods to be delivered to customer
4. prepare goods/ services for customer
5. deliver goods/services to customer
6. receive payment for goods/ services from customer
7. (returns)
Valid open sales order - Answer-source doc: seller accepts customer's order
Order to cash point of sale - Answer-delivery of goods to the customer
Conversion process - Answer-most diverse
Procure to pay goal - Answer-provide needed resources at an optimal price, time, and location
Order to cash goal - Answer-make money
Answers
Information management - Answer-collection and management of information, gathered from a variety
of sources, and the distribution of that information to one or more stakeholders
Information management requires... - Answer-managing and controlling the structure, processing,
delivery, and security of information
Business Process - Answer-a collection of related activities performed by a group of stakeholders to
achieve a concrete goal. They combine resources and inputs to create an output that is of value to the
organization, its stakeholders and/or its customers
Event - Answer-single step or activity within a business process
Procure to pay steps - Answer-1. identify need (internal request)
2. negotiate a purchase order with a vendor
3. receive and inspect goods/services from a vendor
4. store and/or maintain goods
5. pay a vendor for goods/services
6. (possible returns)
, Valid open purchase order - Answer-source doc: vendor accepts the terms of the order
Procure to pay point of sale - Answer-arrival of the goods/services
Prepaid open purchase order - Answer-source doc: the terms of the order required a prepay
Order to cash steps - Answer-1. market goods/services
2. negotiate terms of sale
3. select and inspect goods to be delivered to customer
4. prepare goods/ services for customer
5. deliver goods/services to customer
6. receive payment for goods/ services from customer
7. (returns)
Valid open sales order - Answer-source doc: seller accepts customer's order
Order to cash point of sale - Answer-delivery of goods to the customer
Conversion process - Answer-most diverse
Procure to pay goal - Answer-provide needed resources at an optimal price, time, and location
Order to cash goal - Answer-make money
