ACCT 3130 Final Exam Quiz Questions Review

In a balanced scorecard, what are the actions that an organization can take to move its specified metrics in the direction of their stated target goal? a) measures b) initiatives c) objectives d) targets

b) initiatives

On a balanced scorecard, which is not included as a component? a) financial performance b) employee capacity c) internal process d) customer/stakeholder

b) employee capacity

____ data is a set of data used to assess the degree and strength of a predicted relationship a) training data b) test data c) unstructured data d) structured data

b) test data

What would you consider to be an operational KPI? a) revenue per employee b) CAPEX to sales ratio c) inventory shrinkage rate d) brand equity

c) inventory shrinkage rate

Polar bears, brown bears, black bears, and panda bears would best be described as an example of a) ordinal data b) ratio data c) nominal data d) interval data

c) nominal data

T/F: Qualitative data is categorical data

True

T/F: The IMPACT cycle is iterative, as insights are gained, outcomes are tracked, and new questions are identified

True

T/F: The value of 0 in interval data is simply another number on the scale

True

T/F: by developing an analytics mindset, accountants will be able to recognize when and how data analytics can address business questions

True

T/F: data analytics is the process of evaluating data with the purpose of drawing conclusions to address business questions

True

Auditing financial statements, and its desire to look for errors, anomalies, and possible fraud, is most consistent with which type of analytics? a) diagnostic analytics b) prescriptive analytics c) predictive analytics d) descriptive analytics

a) diagnostic analytics

What is defined as an interactive report showing the most important metrics to help users understand how a company or an organization is performing? a) digital dashboard b) balanced scorecard c) performance metric d) KPI

a) digital dashboard

Data that is represented by whole numbers is called a) discrete data b) continuous data c) ordinal data d) interval data

a) discrete data

Which of the following describes part of the goal of the ETL process? a) identify and obtain the data needed for solving the problem b) identify which approach to data analytics should be used c) load the data into a relational database for storage d) communicate the results and insights found through the analysis

a) identify and obtain the data needed for solving the problem

In a balanced scorecard, what should be achievable goals toward which to move the metric? a) targets b) measures c) initatives d) objectives

a) targets

Comparing the number of records within the data is an example of which of the following? a) validating the data for completeness b) obtaining the data c) cleaning the data d) validating the data for integrity

a) validating the data for completeness

Big data is described by the 4Vs, which are a) volume, velocity, veracity, and variety b) volume velocity, veracity, and variability c) volume volatility, veracity, and variability d) variability, velocity, veracity, and variety

a) volume, velocity, veracity, and variety

Which of the following is not a typical example of nominal data? a) gender b) SAT scores c) hair color d) ethnic group

b) SAT scores

The metadate that describes each attribute in a database is which of the following? a) descriptive attributes b) data dictionary c) flat file d) composite primary key

b) data dictionary

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

b) data preparation

An observation about the frequency of leading digits in many real life sets of numerical data is called a) clustering b) Moore's law c) Benford's law d) leading digits hypothesis

c) Benford's law

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

c) data and systems analysis and design

The four chart types include quantitative, qualitative, exploratory, and a) expository b) descriptive c) declarative d) diagnostic

c) declarative

An analysis of favorable and unfavorable price variances would be an example of ____ analytics a) prescriptive b) predictive c) diagnostic d) descriptive

c) diagnostic

The calculation measuring how a company is performing, particularly when that measure is compared to a baseline, is called a a) balanced scorecard b) KPI c) performance metric d) digital dashboard

c) performance metric

What type of analytics should be used to predict future sales for decision making purposes? a) descriptive b) prescriptive c) predictive d) diagnostic

c) predictive

_____ data would be considered the most sophisticated type of data a) interval b) ordinal c) ratio d) nominal

c) ratio

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

c) visualize the data

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 the 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 Fahrenheit scale of temperature measurement would best be described as an example of... a) discrete data b) nominal data c) continuous data d) interval data

d) interval data

_____ data would be considered the least sophisticated type of data a) interval b) ordinal c) ratio d) nominal

d) nominal

1st place, 2nd place, and 3rd place would be best described as an example of a) nominal data b) interval data c) structured data d) ordinal data

d) ordinal data

Which of the following best exemplifies a way that data will need to be cleaned after extraction and validation? a) compare string limits for text fields b) remove trailing zeroes c) validate date/time fields d) remove headings and subtotals

d) remove headings and subtotals

The most important KPIs should be placed in the _____ corner of the page even if we are not following a strategy map template a) bottom right b) bottom left c) top right d) top left

d) top left