Dallas County Community College ECONOMICS 302 Assignment 1; Quiz 1 Answered 96%.

knowledge derived from data 96% QUIZ 1 1. Madison, the project manager of a sports apparel company, estimates that the demand for jogging shoes is likely to decline in the coming months. He advises the procurement department to order raw material accordingly to ensure minimum wastage. This intercommunication that facilitates smooth operations is called . outbound logistics market research interoperation strategizing 2. According to Bell's Law, will evolve so quickly they will enable new platforms every 10 years. systems thinking human interactions technology companies 3. Which of the following is a common description of information? collection of unprocessed data an array of related variables unbiased, unrelated data list of recorded facts or figures 4. The Information Age is a period in history where the production, distribution, and control of information is the primary driver of the economy. False 5. Each quiz in this course is worth 5% of the total grade weighting. True 6. Which of the following ratios has fallen as a result of Moore's Law? debt/equity price/earnings supply/demand profit/loss 7. Which of the following best describes data? digital devices True False price/performance LinkagesQUIZ 1 bargaining power recorded facts or figures cost systems thinking processed information information presented in a meaningful context knowledge derived from facts or figures the ability to use knowledge 8. The basic unit of a worksheet into which you enter data in Excel is called a . column box table 9. According to Porter's five forces model, an oil producer will have increased if the supply of oil drops sharply. risk of rivalry threat of substitutes threat of new entrants industry coalescence 10. Because of Moore's Law, the of data processing is approaching zero. speed applications power use 11. In Excel, the cell address F25, "25" is identified as a . Question 11 options: range cell tab column 12. Which of the following is categorized as a nonroutine cognitive skill? marketing knowledge tax accounting row cellQUIZ 1 False Workbook Cognitive symbolic thinking data entry 13. The collective technical capability of an organization determines its competitive strategy. Question 13 options: True 14. states that the value of a network is equal to the square of the number of users connected to it. Bell's Law Moore's Law Nielsen's Law 15. An Excel file is called a / an : Worksheet Spreadsheet Sheet 16. skills determine the ability to conceive information from data. Symbolic thinking Experimentation Abstract reasoning 17. The difference between the value that an activity generates and the cost of the activity is called the . profit revenue turnover margin quick ratio 18. As a business professional, what is one of the reasons you should be involved in information systems (IS) development? You have to know what to do in case the system fails. Information technology professionals know exactly what the business needs. Because you are in upper management and must decide all of the information technology requirements. Metcalf's LawQUIZ 1 a firm that sells the only drug for a disease Organizations should create new business processes instead of improving existing systems. make and manipulate models 19. Which of the following is a critical characteristic of good information? inexpensive ease of creation abundance of details 20. Locking in customers by making it difficult or expensive for customers to move to another product is called establishing high . brand value product standards technological dependency entry barriers 21. The component in the five-component model of information systems is considered a bridge that connects the computer side and the human side. hardware software procedure 22. According to Porter's five forces model, which of the following firms would be least affected by the threat of substitutes? a corner latte shop in Atlanta a convenience store that sells retail products a used car dealer in New York 23. Which of the following statements is consistent with the central idea of business process design? Technology should be used to supplement the existing value chain. Experimental technology can drive innovative business processes. Technology should be used to modify and improve standard business processes Business processes should focus on improving individual functional systems. 24. Abstract reasoning is the ability to . To understand the business requirements. switching costs data accuracyQUIZ 1 Range act quickly on a problem develop ideas and plans with others when performing tasks provide and receive critical feedback 25. In Excel, which term refers to a group of selected cells that may be formatted, moved, copied or deleted as a group? Set Cell Cluster Segment