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CIMA E1 - Managing Finance in a Digital World > Mock exam mistakes > Flashcards

Mock exam mistakes Flashcards

1
Q

What are 2 areas of interface between HR management and FF?

A
  • Ensuring compliance with rules and regs
  • Performance management and appraisal
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2
Q

How does the IT function assist FF?

A

Cost benefit analysis

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3
Q

Which FIVE of the following are benefits that data can yield from an operational perspective?

A
  • Supply chain management
  • Improved service
  • Forecasting
  • Cost saving
  • Preventative maintenance
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4
Q

Why do companies need ISs?

A
  • Competitive advantage
  • Effective decision making
  • Undertaking daily activities
  • Measuring performance
  • Communication
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5
Q

What are 3 benefit of high quality info/

A
  • Greater customer insights
  • Operational efficiencies
  • New business models and revenue streams
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6
Q

What is an intranet?

A

Employees using networked computer to access info held on a server

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7
Q

What can improve supply chain management?

A
  • Joint problem solving
  • Linked computer systems
  • Price and inventory co-ordination
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8
Q

What is experiential marketing?

A

Technique to emotionally connect a person and a brand

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9
Q

What are the 3 stages of a personal development plan?

A
  • Analyse current position
  • Set goals
  • Plan personal development
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10
Q

What are 2 main functions of a business?

A
  • Operations
  • HR
  • IT
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11
Q

What is not a source of operational data?

A

Digital assets

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12
Q

What may happen when small businesses grow?

A

Owners may lose control if they appoint managers to run the business

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13
Q

What tasks does the treasury management function undertake/

A
  • Sourcing finance
  • Currency management
  • Ensuring accurate asset values
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14
Q

What is an Executive Info System (EIS)?

A
  • Provides senior management with info
  • Presented in a flexible, user-friendly, summarised form
  • Option to ‘drill down’ to a greater level of detail.
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15
Q

What is a Decision Support System (DSS)?

A
  • Helps managers make decisions
  • Predicts consequences of a number of possible scenarios
  • Manager uses judgement to make the final decision.
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16
Q

What is a Transaction Processing System (TPS)?

A

System used by operational managers to make decisions.

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17
Q

Is after sales service part of Porter’s Value Chain?

A

No

18
Q

Which of Mintzberg’s configurations is best suited to innovation?

A

Adhocracy

19
Q

What happens at level 2 of the finance function?

A

Accountants provide insights and expert analysis to the senior leadership to help them make major strategic decisions

20
Q

What are the 7 steps of the HR cycle?

A
  • Training and development
  • Selection
  • Recruitment
  • Performance management
  • Incentives and motivation
  • Rewards
  • Termination
21
Q

What happens in a machine bureaucracy?

A
  • Technostructure dominant
  • Very formalised, unchanging procedures
  • Suits large organisations
22
Q

What are the SASs 5 building blocks for data strategy?

A
  • Identify
  • Store
  • Provision
  • Integrate
  • Govern
23
Q

What does a matrix structure do?

A

Encourages employee flexibility and multiple reporting

24
Q

What does the process of operations management do?

A

Uses resources to create outputs that fulfil market requirements

25
Q

What does management accounting involve?

A
  • Producing budgets
  • Variance analysis
  • Costing of products
26
Q

How can AI assist in strategic decision making?

A
  • Can predict performance and revenues
  • Reduce reliance on quality and accuracy of data
27
Q

How can FF help project appraisal?

A
  • Sourcing funding
  • Devise suitable budget
  • Law compliance
28
Q

What are the benefits of using AI in the finance function?

A
  • Can aid in fraud prevention
  • Undertake mundane tasks
  • Better analysis
  • Smart predictions
29
Q

How can data profiling aid big data analysis?

A
  • Determining accuracy
  • Can improve quality
30
Q

What issues can BPR solve?

A
  • Penalties for non-compliance
  • Human error
  • Meeting targets
31
Q

What are the benefits of IOT?

A
  • Up to date info
  • Real time auditing
32
Q

How can volume of big data be solved?

A

Cloud storage

33
Q

How does the finance function use data modelling?

A

Tool to organise elements within a database

34
Q

What are the 4 Vs of operations?

A
  • Volume
  • Variety
  • Variation in demand
  • Visibility
35
Q

What are the TWO theories relating to person specification stage of recruitment?

A
  • 7 point plan
  • 5 fold grading system
36
Q

Will FF have more or less of an organisational focus under a shared service centre?

A

More

37
Q

What do DSSs use?

A

Statistical models to analyse internal data

38
Q

Does data modelling improve security?

A

Yes

39
Q

Can AI predict interest rates?

A

Yes

40
Q

Does data modelling achieve regulatory compliance?

A

Yes

41
Q

Does DSS provide managers with info?

A

No

CIMA E1 - Managing Finance in a Digital World (18 decks)

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