ACCT 308 Chapter 13
A management accountant wants to display the percentage that each product has contributed to the organization's total sales for the last five years. Which data visualization option would be the best option for this?
A bar chart
Which of the following is an example of hard data?
A dataset about employment trends from the Department of Labor
Which of the following is an example of unstructured data?
A digital photograph of the client's customer database
Which of the following is the most likely reason a company would choose to use predictive analytics?
A law firm wants to know how giving a year-end bonus will impact their profit
A management accountant wants to demonstrate the relationship between monthly units produced and monthly utilities costs. Which data visualization option would be the best option for this?
A scatterplot
Which of the following is an example of structured data?
A spreadsheet file containing customer information for recent orders
Which of the following is an example of soft data?
Click ad survey results from the young professionals' section of the company's website
As new aspects of technology work their way into normal business practices, professionals in various fields must adjust. One of the largest adjustments requires learning new terminology in both large and small regards. Which of the following represents the difference between data analytics and big data?
Data analytics is the study of analyzing data and discovering patterns while big data refers to the kind of data generated from a variety of sources
As new aspects of technology work their way into normal business practices, professionals in various fields must adjust. One of the largest adjustments requires learning new terminology in both large and small regards. Which of the following represents an example of big data?
Data generated from a variety of sources in volumes too large for traditional technology
Walmart analyzes point-of-sale data to determines sales trends, develop marketing campaigns, and predict customer loyalty. Walmart is engaged in ______ using _______.
Data mining; big data
As consumers have increased their use of and reliance on the internet, data usage has grown exponentially. As consumers use more data, organizations develop ways to gather and retain that information. This big data is divided into structured and unstructured data. Which of the following is an example of a characteristic of unstructured data?
Data that exists without definition, like an image
Which of the following correctly identifies the four categories of data analytics?
Descriptive, diagnostic, predictive, prescriptive
A manager of an insurance company says to a data analyst, "Figure out why our collision losses on newer cars were so high in New Jersey in 2017. They've never been this high before." In response to this question, the data analyst should conduct:
Diagnostic analytics
If a company wants to address the change in raw materials costs over the past five years, then what type of data analysis would be most appropriate for that, and why?
Diagnostic: they need to know what caused price changes over the past five years
Which of the following types of information would be found in the customers module of a data storage system?
Discounts redeemed, name, address, and transaction dates
Which statement best describes data visualization?
Displaying data in charts
What is an appropriate question to answer using predictive analytics?
How would the addition of a 5% bonus impact the net income for the current year?
What data visualization technique would be most effective for presenting how components of a whole group relate to one another?
Pie chart
One of the areas where data analytics helps organizations with is strategy formation. Companies will typically spend significant time, energy, and resources in this area as they lay out plans for the future. What type of data analytics is best suited to help in this area, and why?
Prescriptive analytics since that is the type of analytics that provides information about what a company should do to achieve a desired outcome
Which of the following is a benefit of using scatterplots to visualize data?
Scatterplots show the relationship between two variables
Decision-making involving data analytics includes a five-step process. Which of the following best represents the correct order for these steps?
Source, store, retrieve and manipulate, gain insight, make decisions
What is the greatest limitation of data analytics visualization, which can undermine the value of analysis work?
Visualizations can overly simplify analysis results and lead to reliance on the visual, as opposed to the true meaning of the output
Which of the following is an example of a question answered by descriptive analytics?
What are the selling price trends of a single product across the US?
Which of the following would be a question answered by using diagnostic data analysis?
Why did it happen?
Which of the following is an example of a question answered by diagnostic data analytics?
Why did the Western region have a decrease in profits when the East did not?
