ITEC 4023 PRACTICE EXAMINATION 2026
QUESTIONS WITH ANSWERS GRADED A+
◍ Market segmentation.
Answer: the division of a market into similar groups of customers
◍ Profit.
Answer: occurs when businesses sell products or services for more than they
cost to produce
◍ Business process.
Answer: A standardized set of activities that accomplish a specific task, such
as a specific process
◍ Not for profit (or nonprofit) corporation.
Answer: usually exist to accomplish some charitable, humanitarian, or
educational purpose, and the profits and losses are not shared by the
business owners
◍ ITEC 3200.
Answer: Introduction to Databases
◍ Accounting department.
Answer: provides quantitative information about the finances of the business
including recording, measuring, and describing financial information
◍ Key performance indicators (KPIs).
Answer: The quantifiable metrics a company uses to evaluate progress
toward critical success factorsTurnover rates of employeesNumber of
product returnsNumber of new customersAverage customer spending
◍ Four primary financial statements include:.
Answer: Balance sheetIncome statementStatement of owner's
equityStatement of cash flow
,◍ Value chain analysis.
Answer: Views a firm as a series of business processes that each add value
to the product or service
◍ CRM reporting technology.
Answer: Help organizations identify their customers across other
applications
◍ ITEC 4700.
Answer: Artificial Intellgence
◍ Finance.
Answer: Different financial ratios evaluate a company's performanceInternal
rate of return (IRR)Return on investment (ROI)Cash flow
analysisBreak-even analysisBreak-even point
◍ There is a difference between bookkeeping and accounting.
Answer: Financial accountingManagerial accounting
◍ Metrics.
Answer: Measurements that evaluate results to determine whether a project
is meeting its goals
◍ Competitive intelligence.
Answer: The process of gathering information about the competitive
environment to improve the company's ability to succeed
◍ Sales.
Answer: the function of selling a good or service and focuses on increasing
customer sales, which increases company revenues
◍ Information age.
Answer: The present time, during which infinite quantities of facts are
widely available to anyone who can use a computer
◍ ITEC 4860.
Answer: Software Development Project
, ◍ Finance.
Answer: deals with the strategic financial issues associated with increasing
the value of the business while observing applicable laws and social
responsibilities
◍ ITEC 4750.
Answer: Enterprise Architecture Design
◍ ITEC 1001.
Answer: Introduction to Computing
◍ ITEC 4230.
Answer: Data Science and Analytics Capstone Project
◍ CRM predicting technologies.
Answer: Help organizations make predictions regarding customer behavior
such as which customers are at risk of leaving
◍ Financial decisions.
Answer: How the company should raise and spend its capitalWhere the
company should invest its moneyWhat portion of profits will be paid to
shareholders in the form of dividendsShould the company merge with or
acquire another business
◍ Limited liability corporation (LLC).
Answer: a hybrid entity that has the legal protections of a corporation and
the ability to be taxed (one time) as a partnership
◍ Support value activities.
Answer: Firm infrastructure - Includes the company format or departmental
structures, environment, and systemsHuman resource management -
Provides employee training, hiring, and compensationTechnology
development - Applies MIS to processes to add valueProcurement -
Purchases inputs such as raw materials, resources, equipment, and supplies
◍ Systems thinking.
Answer: A way of monitoring the entire system by viewing multiple inputs
QUESTIONS WITH ANSWERS GRADED A+
◍ Market segmentation.
Answer: the division of a market into similar groups of customers
◍ Profit.
Answer: occurs when businesses sell products or services for more than they
cost to produce
◍ Business process.
Answer: A standardized set of activities that accomplish a specific task, such
as a specific process
◍ Not for profit (or nonprofit) corporation.
Answer: usually exist to accomplish some charitable, humanitarian, or
educational purpose, and the profits and losses are not shared by the
business owners
◍ ITEC 3200.
Answer: Introduction to Databases
◍ Accounting department.
Answer: provides quantitative information about the finances of the business
including recording, measuring, and describing financial information
◍ Key performance indicators (KPIs).
Answer: The quantifiable metrics a company uses to evaluate progress
toward critical success factorsTurnover rates of employeesNumber of
product returnsNumber of new customersAverage customer spending
◍ Four primary financial statements include:.
Answer: Balance sheetIncome statementStatement of owner's
equityStatement of cash flow
,◍ Value chain analysis.
Answer: Views a firm as a series of business processes that each add value
to the product or service
◍ CRM reporting technology.
Answer: Help organizations identify their customers across other
applications
◍ ITEC 4700.
Answer: Artificial Intellgence
◍ Finance.
Answer: Different financial ratios evaluate a company's performanceInternal
rate of return (IRR)Return on investment (ROI)Cash flow
analysisBreak-even analysisBreak-even point
◍ There is a difference between bookkeeping and accounting.
Answer: Financial accountingManagerial accounting
◍ Metrics.
Answer: Measurements that evaluate results to determine whether a project
is meeting its goals
◍ Competitive intelligence.
Answer: The process of gathering information about the competitive
environment to improve the company's ability to succeed
◍ Sales.
Answer: the function of selling a good or service and focuses on increasing
customer sales, which increases company revenues
◍ Information age.
Answer: The present time, during which infinite quantities of facts are
widely available to anyone who can use a computer
◍ ITEC 4860.
Answer: Software Development Project
, ◍ Finance.
Answer: deals with the strategic financial issues associated with increasing
the value of the business while observing applicable laws and social
responsibilities
◍ ITEC 4750.
Answer: Enterprise Architecture Design
◍ ITEC 1001.
Answer: Introduction to Computing
◍ ITEC 4230.
Answer: Data Science and Analytics Capstone Project
◍ CRM predicting technologies.
Answer: Help organizations make predictions regarding customer behavior
such as which customers are at risk of leaving
◍ Financial decisions.
Answer: How the company should raise and spend its capitalWhere the
company should invest its moneyWhat portion of profits will be paid to
shareholders in the form of dividendsShould the company merge with or
acquire another business
◍ Limited liability corporation (LLC).
Answer: a hybrid entity that has the legal protections of a corporation and
the ability to be taxed (one time) as a partnership
◍ Support value activities.
Answer: Firm infrastructure - Includes the company format or departmental
structures, environment, and systemsHuman resource management -
Provides employee training, hiring, and compensationTechnology
development - Applies MIS to processes to add valueProcurement -
Purchases inputs such as raw materials, resources, equipment, and supplies
◍ Systems thinking.
Answer: A way of monitoring the entire system by viewing multiple inputs
