IS-680 Chapter 1 Review

Common reports of financial accounting include income statement, profit and loss, and balance sheet. True False

True

Document management provides tools to manage and store documents securely and to keep track of the multiple versions of these documents. True False

True

Insufficient supply results in a situation called "stock out." True False

True

Losing sight of the big picture is commonly referred to as the silo effect. True False

True

Projects rely on resources located in and work performed in other processes. True False

True

An enterprise system is a set of tasks or activities that produce desired outcomes. True False

False

Excess supply will result in lower inventory costs because the company is eligible for a bulk rate. True False

False

Lead time is the time between placing the order and receiving confirmation that the item has been shipped. True False

False

Which process tracks the financial impact of process steps with the goal of meeting legal reporting requirements? Human Capital Management (HCM) Management Accounting or Controlling (CO) Project Management None of the above Financial Accounting

Financial Accounting

Without the various steps of the business process, a company can't successfully bill customers and ship products. True False

True

Lifecycle Data Management provides a set of tools to manage... manage product design and improvement customer on-boarding and off-boarding after sales service and repairs track equipment over its life optimizing production of products

manage product design and improvement

A company uses the production process to acquire needed .... materials externally trading goods services materials internally

materials internally

Within the production process, the issuing of raw materials takes place in the warehouse. True False

True

What is the final step of the procurement process? Purchase Order Invoice Purchase Requisition Payment None of the above

Payment

Which term represents a set of tasks or activities that produce desired outcomes? None of the others Trigger Business Process Outcome Enterprise Resource Planning

Business Process

Which of the following is an example when Project Management Processes would be used in an organization? Material Planning Goods Movement Construction of an aircraft Lifecycle Data Management Procurement of Raw Material

Construction of an aircraft

Sales is involved in which steps in the customer service process? Perform service Settlement Creating service requests Billing Acquiring parts for service

Creating service requests

Which term refers to business processes that are not executed by a single group or function? Silo Effect Organizational Structure Cross-Functional Enterprise Systems Functional Structure

Cross-Functional

Which process focuses on people within an organization and includes functions such as recruiting, hiring, training, and benefits management? Management Accounting or Controlling (CO) Project Management None of the above Financial Accounting Human Capital Management

Human Capital Management

Which of the following is concerned with the storage and movement of materials? Material Planning Project Management Business Planning Silo Effect Inventory and warehouse management

Inventory and warehouse management

_____________enables an organization to optimize its product development process, from design to market, while ensuring that it complies with industry, quality, and regulatory standards? Project Management Material Planning None of the above Lifecycle Data Management Business Planning

Lifecycle Data Management

Which process involves the actual creation of the products? Fulfillment Process Production Process Procurement Process Lifecycle Data Management Material Planning

Production Process

Which process is used to plan and execute large projects such as the construction of a new factory or the production of complex products such as airplanes? Financial Accounting Project Management Human Capital Management (HCM) Management Accounting or Controlling (CO) None of the above

Project Management

A generic business process in an organization is associated with which of the following ? Confirmation Payment Fork Shipment Trigger

Trigger

Which of the following functional area is associated with the production process ? Sales Lifecycle Data Management Controlling Area Accounting Warehouse Management

Warehouse Management

The Fulfillment process is concerned with? minimize inventory and stock outs efficiently processing customer orders match the supply of materials with demand storage and movement of materials efficiently transporting customer orders

efficiently processing customer orders