CBIS 2220 Exam 1 question with complete solution 2023/2024 (rated A+)

Business - correct answer -Trading something of value for something of value -Exchange to gain a monetary gain -Money = a universal payment Corporate Driven Economy - correct answer -Group of people acting as a single entity -Goal: make more money; sell more and reduce costs -Separate legal entity to do business with Automation - correct answer -The use of technology to ease human labor or to extend the mental or physical capabilities of humans. Information and Data - correct answer -The use of computers to store data and process it into useful material -Data is facts and statistics collected for analysis Five-Component Framework - correct answer -Hardware: computers, servers, printers, scanners -Software: programs, website, database -Data: raw taxes and figures -Procedure: how to use networking -People: Information Systems and MIS - correct answer -Data organized in a way that makes it easy to understand -Knowledge derived from data -Spans every aspect of business