3. Identifying Data For Budgeting Flashcards
1
Q
What is data?
A
Simple raw facts, e.g. number or transactions
2
Q
What is information?
A
Data which has been processed in such a way that is it meaningful to the person looking at it.
3
Q
What is primary data?
A
Data you have gathered for a specific purpose
4
Q
What is secondary data?
A
Data gathered by someone else that you are now using for your own purpose
5
Q
What is internal data?
A
Data collected from within the organisation
6
Q
What is external data
A
Data that is collected from sources outside of the organisation
7
Q
What can you use to help forecast sales?
A
- sales experts
- market research
- time series analysis
- linear regression
8
Q
What can you use to help forecast expenditure?
A
- production and purchasing managers
- market research
- time series analysis
- price indices
