MGMT 373 Exam 1 Questions and Answers Already Passed Latest Update

MGMT 373 Exam 1 Questions and Answers Already Passed Latest Update Data is useless to a business until it is transformed into this - Answers information a quantifiable metric used to measure and evaluate is known as - Answers key performance indicator the difference between data analysis and data analytics - Answers the use of technology to transform data to information name two of the fundamental characteristics of useful information - Answers relevance and faithful representation name one enhancing characteristic of useful information - Answers verifiability timeliness understandability comparability the likelihood of an unfavorable event occurring - Answers risk a bad yelp review is an example of this type of risk - Answers reputational risk plot risk along these two axes - Answers impact and likelihood yum, i'm hungry. this is another term for how much risk i will assume - Answers risk appetite (amount of risk a company is willing to take on at a particular time) risk remaining after internal controls have been implemented - Answers residual risk name COBIT's two categories - Answers governance and management COSO's three objectives - Answers reliable financial reporting efficient and effective operations compliance with laws and regulations a reconciliation is an example of this type of internal control - Answers detect control internal controls are established then should be evaluated annually. true or false - Answers false; internal controls should be continuously monitored de-provisioning refers to this - Answers formal process of changing a user's access OLTP stands for this - Answers online transaction processing system primary users of management information systems (MIS) - Answers middle management separation of custody, authorization and recording - Answers separation of duties in terms of system configurations, this type of system is particularly vulnerable to business disruptions - Answers centralized systems an ERP system with some add-ins and features - Answers configurable ERP system biggest problem with data - Answers it's messy brightspace gradebook is a good example of this type of data - Answers structured structured data is organized in _____ databases - Answers relational a data lake is designed specifically for reporting and data analytics. true or false - Answers false; it's a data warehouse data that is concise and workable - Answers small data five v's of big data - Answers Volume Variety Velocity Veracity Value Which of these statements about information systems is correct? A.) They capture only financial data. B.) They report information in standard format only. C.) They collect, process, store, and analyze data and report information. D.) They are difficult to analyze using traditional software tools. - Answers C.) They collect, process, store, and analyze data and report information. Accounting information systems differ from larger business information systems in that they A.) consist of a subset of the data stored in the entire information system. B.) focus on data from business events involving exchanges of economic resources. C.) collect, process, store, and analyze data and report information. D.) All of these are correct. - Answers c How does data differ from information? A.) Data is input; information is output. B.) Information is input; data is output. C.) Data is ready to be used; information must be processed. D.) Information is generated by business events; data is used for decision making. - Answers A Which of the following is not a business event? A.) Hire a new employee. B.) Order raw materials. C.) Deliver goods to customer. D.) Accounts receivable. - Answers a (b affects increasing assets; c decreases assets; d increases assets) In which of the three types of business processes in the basic business model does a business deliver products to its customers? A.) Sales and collections B.) Acquisitions and payments C.) Conversion D.) Delivery contracts - Answers c In which of the three types of business processes in the basic business model does a business interact with vendors? A.) Sales and collections B.) Acquisitions and payments C.) Conversion D.) Accounts receivable - Answers b In which of the three types of business processes in the basic business model does a business transform resources into a product or service that customers want? A.) Sales and collections B.) Acquisitions and payments C.) Conversion D.) Accounts receivable - Answers b Which of these business events does not result in an accounting transaction? A.) Declare a dividend B.) Pay a dividend C.) Order supplies from vendor D.) Deliver product to customer - Answers c Which of these business events results in an accounting transaction? A.) Monitor production defects B.) Receive damaged goods back from customer C.) Evaluate employee performance D.) Measure carbon footprint - Answers b McDonald's could have avoided massive financial losses from changing its conversion processes if it had A.) used data to analyze market trends and customer desires. B.) used robots to create the made-to-order meals. C.) spent more money on marketing. D.) changed them sooner. - Answers a Which of the following is not a characteristic that makes information useful?