Ch. 2 Quiz

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University of Houston, Downtown *

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3304

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Information Systems

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Dec 6, 2023

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docx

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Quiz Ch. 2 Risks and Risk Assessments 1. Organize the three tasks below when performing risk assessment. Identify, prioritize and categorize Identify, categorize and prioritize Categorize, prioritize and identify Prioritize, identify and categorize 2. Which of the following activities results in a transaction an accounting information system? Create estimates for a customer Submit an order to a vendor Receive a customer order Sell goods to a customer 3. Which of the following statements most accurately reflects the relationship between reporting and data analytics? Data analytics uses reports and raw data to transform into useful information. Data analytics and reporting both require specialized software to perform and produce similar results. Reports and data analytics are both created using an information system but are not related. Reports are visual displays of the information produced using data analytics. 4. One of the most important data analytics skills for all new graduates is the ability to manually calculate financial ratios from financial statements. code advanced predictive analytics algorithms. identify what data can be used to answer a business question. identify and categorize accounting reports. 5. Tina, Tammy, and Toni opened a Pizza Hut franchise in the suburbs of a major metropolitan area. Tammy manages the cash drawer, credit card reconciliation, and payroll. Which of the following type of business events is Tammy's to manage? Operating events Investing events Financing events All of these answer choices are correct.

6. Kobe manages a real-estate company. Recently, Kobe modified the process used to assign a list price by agents in the organization. In which management responsibility area was Kobe operating? Planning Implementing Monitoring Changing and Improving 7. Which transaction would NOT be recorded in a transaction-based accounting information system? Purchasing office supplies online Paying employees via direct deposit Selling goods to a customer Ordering raw materials from a vendor 8. Choose from the following list a major external risk category. Reputational risk Physical risk Operational risk Financial risk 9. Complete the following statement: "Identified risks are most useful when they are mapped to both internal and external categories ." external risks." internal risks." one source category." 2 nd Attempt Choose from the following list the best definition of reputational risks. A. When the good name of a company is damaged B. Causes a breakdown in business operations C. Refers to the potential loss of a substantial sum of money D. Refers to the potential gain of a substantial sum of money Choose the best definition of risk appetite from the list below.

A. Risk appetite is an estimation of the loss of goodwill. B. Risk appetite is the estimation of damage that could be caused if the risk occurs. C. Risk appetite is the amount of risk a company is willing to take on at that time. D. Risk appetite uses different colors to represent values of data in a map or diagram format. What kind of information do managers use to make decisions? A. Data analytics insights B. Key performance indicators C. Historical performance information D. All of these answer choices are correct. Which transaction would be recorded in a transaction-based accounting information system? A. Obtaining a loan B. Hiring an employee C. Ordering raw materials D. Receiving goods At Jonex Corporation, each location has been responsible for reporting its key performance indicators (KPIs) via email to the home office. As an intern in the home office, you are tasked with compiling the information in the emails into a report for your manager. After performing the process once, you develop a query for the information system that allows you to pull the information directly from the information system and put it into a format that presents the data in a way that makes the different locations KPIs much easier to compare. What enhancing characteristic of information have you improved for Jonex? A. Verifiability B. Timeliness C. Understandability D. Comparability Which of the following is the most appropriate definition of data analytics? A. Data analytics is performed by accountants when they compare financial statements and ratios. B. Data analytics is the process of using technology to convert raw data into useful information. C. Data analytics is the science of writing code to calculate financial ratios for accounting audits. D. Data analytics is the process of using technology to report data into information summaries. Joy is preparing to begin college with plans to become an accountant. As an accounting student what essential data analytics skills will Joy need to learn during her college career? A. How to perform data visualization and reporting B. How to identify what data can be used to answer a business question C. How to collect, clean, and prepare data for analysis D. All of these answer choices are correct. Which of the following is NOT a data analytics skill? A. Identify data B. Report data

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C. Clean data D. Perform data visualization Faithfully represented data includes the characteristics of A. having predictive and confirmatory value. B. having comparability and verifiability. C. being unbiased and accurate. D. being classified and presented clearly. Data analytics uses technology to transform A. data into information. B. business processes into information. C. information into data. D. event processes into data. If a company identifies four risks with a risk score as follows: Risk Risk Score An oven fire may result in the destruction of a store. 5 A cybersecurity attack may result in the theft of customer data. 15 A store employee getting sick may result in them backing out of their shift last minute. 4 An employee stealing from a cash register may result in loss of cash. 6 Which risk is the highest priority? Selected Answer: A cybersecurity attack may result in theft of customer data. Select which statement concerning key performance indicators (KPIs) is NOT true. A. KPIs include qualitative data from multiple sources. A. KPIs for a business are often compared to benchmarks for the industry. A. KPIs include accounting ratios, like net profit, market and return on investment. A. KPIs data comes from the accounting information system for a business.

Ch. 2 Quiz

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