Business Environment

Question 1

The 4 major activities of managers

Answer 1

1. planning
2. controlling
3. directing and motivating
4. decision making

Question 2

what does planning entail?

Answer 2

planning involves establishing goals and specifying how to achieve them
ex: making a budget

Question 3

what does directing and motivating entail?

Answer 3

involve mobilizing people to carry out plane and run routine modified as circumstances change

Question 4

what does decision making entail?

Answer 4

involves selecting a course of action from competing alternatives, the what who how

Question 5

What does controlling entail?

Answer 5

involves gathering feedback to ensure that the plan is being properly executed or modified as circumstances change.

Question 6

What is Big Data?

Answer 6

large collections of data that are gathered from inside or outside a company to provide opportunities for ongoing reporting and analysis

Question 7

What is data analytics

Answer 7

process of analyzing data with the aid of specialized systems and software to draw conclusions about the information they contain

Question 7

What are customer value propositions

Answer 7

reasons for customers to repeatedly choose a company over its competition. They are the essense of strategy

Question 8

5 Vs of Big Data

Answer 8

variety, volume, velocity, value, and veracity

Question 9

what are the differences between managerial and financial accounting (7)

Answer 9

1. users
2. time focus (past vs. future)
3. verifiability&objectivity vs. relevance
4. subject
5. rules (GAAP&IFRS)
6. requirement (mandatory or not)

Question 10

what is managerial accounting?

Answer 10

the process of identifying, measuring, interpreting and communicating information to management to assist them in planning, decision making, and risk management.

Question 11

What is enterprise risk management?

Answer 11

an approach used by companies to manage, protect, and improve business processes by proactively identifying and managing risks

Question 12

What is corporate social responsibility

Question 13

What is the nature and importance of ethics for accountants?

Answer 13

Professional accountants must be familiar with their code of ethics because the rules for professional behaviour, competence, confidentiality, integrity, and objectivity are complex in real situations.

Question 14

What is strategic management?

Answer 14

a fundamental element of the planning and control cycle. Companies must have a viable long-run strategy for succeeding in the marketplace.

Question 15

What is a value chain?

Answer 15

a value chain consists of the major business functions that add value to a company’s products and services. The customer’s needs are most effectively met. by coordinating the business process that span these functions.

Question 16

What is a business process?

Answer 16

a series of steps that are followed to carry out some task or activity in a business.

Question 17

What are cognitive biases?

Answer 17

distorted thought processes that can adversely affect planning, controlling, and decision making.