Chapter 1 Quiz

Which data approach attempts to predict connections between two data items? a. Regression b. Profiling c. Classification d. Link prediction

d. Link prediction

Big Data is often described by the four Vs, or: a. volume, velocity, veracity, and variety. b. volume, volatility, veracity, and variability. c. volume, velocity, veracity, and variability. d. variability, velocity, veracity, and variety.

a. volume, velocity, veracity, and variety.

In which areas were skills not emphasized for analytic-minded accountants? a. Data quality b. Data visualization and data reporting c. Data and systems analysis and design d. Descriptive data analysis

c. Data and systems analysis and design

True or False: Data analytics is the process of evaluating data with the purpose of drawing conclusions to address business questions.

True

True or False: Auditors can use social media to hear what customers are saying about a company and compare this to inventory obsolescence and other estimates.

True

True or False: By developing an analytics mindset, accountants will be able to recognize when and how data analytics can address business questions.

True

True or False: The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new questions are identified.

True

Which data approach attempts to assign each unit in a population into a small set of classes (or groups) where the unit best fits? a. Similarity matching b. Classification c Regression d. Co-occurrence grouping

b. Classification

Which data approach attempts to identify similar individuals based on data known about them? a. Data reduction b. Classification c. Similarity matching d. Regression

c. Similarity matching

Which of these terms is defined as being a central repository of descriptions for all of the data attributes of the dataset? a. Data warehouse b. Data Analytics c. Big Data d. Data dictionary

d. Data dictionary

Which of the following best describes the goal of data scrubbing and data preparation: a. recognize what is meant by data quality, be it completeness, reliability or validity b. perform basic analysis to understand the quality of the underlying data and its ability to address the business question c. demonstrate ability to sort, rearrange, merge and reconfigure data in a manner that allows enhanced analysis d. comprehend the process needed to clean and prepare the data before analysis

d. comprehend the process needed to clean and prepare the data before analysis

The IMPACT cycle specifically includes all except the following steps: a. perform test plan. b. communicate insights. c. address and refine results. d. data preparation.

d. data preparation.

The IMPACT cycle includes all except the following steps: a. track outcomes. b. perform test plan. c. master the data. d. visualize the data.

d. visualize the data.