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Business, Technology and Finance > 4. Financial information > Flashcards

4. Financial information Flashcards

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1
Q

Define big data

A

A term which describes the huge amounts of data available to organisations due to changes in technology

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2
Q

What are the qualities of good information? (ACCURATE)

A 
Accurate
Complete
Cost-beneficial 
User-targeted 
Relevant 
Authoritative
Timely 
Easy to use
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3
Q

What are the four Vs of big data?

A
  1. Volume
  2. Velocity (speed at which transactions happen)
  3. Variety
  4. Veracity (accuracy of data)
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4
Q

Define structured data

Define unstructured data

A

Structured: data is obtained with a particular purpose in mind

Unstructured: data is obtained without a particular purpose

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5
Q

Unstructured data can be sub-categorised as either _____ data or ____ data

A

Captured, user-generated

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6
Q

For information processing to be effective, it should meet the CATIVA criteria. What is this?

A 
Completeness
Accuracy 
Timeliness
Inalterability
Verifiability
Assessability
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7
Q

What is the difference between a business system and an information system?

A

Business system: a collection of people, machines and methods organised to accomplish a set of specific functions

Information system: all systems and procedures involved in the collection, storage, and distribution of information

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8
Q

A system has three component parts: what are they?

A
  1. Inputs
  2. Processes
  3. Outputs
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9
Q

Define management information system (MIS)

A

A system which converts data from mainly internal sources into information

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10
Q

What is an Executive Support System (ESS)?

A

A sophisticated database that pools data from internal and external sources and makes information available to senior managers in an easy to use form

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11
Q

What is an expert system?

A

A system that captures human expertise in a limited domain of knowledge to allow users to benefit from expert knowledge and information

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12
Q

What is a Knowledge Works System (KWS)?

A

A system that facilitates the creation and integration of new knowledge into an organisation

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13
Q

What is distributed ledger technology?

A

Technology that allows people who do not know each other to trust a shared record of events

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14
Q

Define fintech

A

Fintech is a collective term for technology that is specifically used to support financial services, e.g. PayPal

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15
Q

Qualities of a secure information system can be remembered by the acronym ACIANA. What does this stand for?

A 
Availability
Confidentiality 
Integrity 
Authenticity 
Non-repudiation 
Authorisation
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16
Q

Data will maintain its integrity if it is ______ and not _____

A

Complete, corrupted

17
Q

Input controls should ensure the ____, ______ and _____ of input

A

Accuracy, completeness and validity

18
Q

Define data verification

Define data validation

A

Ensuring data entered matches source documents

Ensuring data entered is not incomplete or unreasonable

19
Q

What is a logical access system?

A

One which gives users of the system passwords to prevent access to data and program files

20
Q

What is the purpose of a finance function?

What are its four specific tasks?

A

To maintain source data and convert it into information useful to their users

  1. Record financial transactions
  2. Management accounting
  3. Financial reporting
  4. Treasury management
21
Q

What is business partnering?

A

The finance function works alongside other business functions rather than being a separate function on their own

22
Q

What are the four main methods of data sampling?

A
  1. Simple random sampling
  2. Systematic sampling
  3. Convenience sampling
  4. Stratified sampling
23
Q

Data visualisation is particularly useful when analysing _____ data

Why is this?

A

Big

Due to the large volume and wide variety of data sources under consideration

24
Q

What is the coefficient of variation?

A

The ratio of the standard deviation to the mean value

Business, Technology and Finance (9 decks)

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