Deck 5: Data Storage and Analysis

Question 1

Unique careers are available to accounting professionals with an interest in data including

A) financial crime investigators.
B) auditors.
C) tax preparation specialists.
D) All of these answer choices are correct

Answer 1

All of these answer choices are correct

Question 2

Data consists of ________ about a person or object collected for reference or analysis.

A) grade point average
B) facts and statistics
C) height and weight
D) age and profession

Answer 2

facts and statistics

Question 3

For accounting purposes, a system comprises how many data elements?

A) Five
B) Four
C) Six
D) Seven

Answer 3

Six

Question 4

Which is one of the six data elements that comprise an IT system?

A) Server
B) File
C) Computer
D) Entity

Question 5

Databases are composed of

A) tables.
B) files.
C) attributes.
D) bits.

Question 6

Which of the following is TRUE of structured data?

A) Structured data is easily stored in tables.
B) Structured data is stored using more storage space.
C) Structured data doesn't fit into a traditional table.
D) Structured data is difficult to manage.

Question 7

An example of unstructured data is

A) addresses.
B) last names.
C) PDF files.
D) telephone numbers.

Question 8

How are meta tags used to identify unstructured data?

A) Meta tags are used as the primary key.
B) Meta tags are key words that help describe the content.
C) Meta tags are used as foreign keys.
D) Meta tags represent tables in the database.

Question 9

What is an example of Web 2.0?

A) Social media websites
B) Podcasts
C) User created wiki
D) All of these answer choices are correct.

Question 10

Choose an example of unstructured data from the list below.

A) Sales order transaction
B) Social media post
C) Credit card payment
D) Employee record

Question 11

Most business decisions are based on only ________ of the company's available data.

A) 10%
B) 20%
C) 30%
D) 40%

Question 12

Choose examples of Web 2.0 from the list below.

A) SAP S/4 Hana and Oracle Database
B) Oracle Database and Microsoft SQL*Server
C) Facebook and Podcasts
D) Microsoft SQL*Server and Podcasts

Question 13

Choose from the following list the best definition of byte.

A) A binary digit; the individual 1 or 0 that is seen in binary code
B) A group of bits, usually in clusters of eight, that represent alphabetic and numeric characters or symbols
C) A group of related fields that describe an individual instance of an entity
D) A group of records for one specific entity

Question 14

Choose the term that best describes static data?

A) Static data may change after it is recorded.
B) Static data is very difficult to record.
C) Static data does not change once it is created.
D) Static data is like a website.

Question 15

Choose the term that best describes dynamic data.

A) Dynamic data may change after it is recorded.
B) Dynamic data is very difficult to record.
C) Dynamic data does not change once it is created.
D) Dynamic data is like a book.

Question 16

A Field is a group of

A) files.
B) bytes.
C) bits.
D) records.

Question 17

A Record is a group of

A) files.
B) bytes.
C) bits.
D) fields.

Question 18

A File is a group of

A) records.
B) bytes.
C) bits.
D) fields.

Question 19

Choose the best example of unstructured data from the following list.

A) Class Grades
B) Customer Names
C) Photographs
D) Telephone Numbers

Question 20

Choose the best example of structured data from the following list.

A) Emails
B) Customer Names
C) Photographs
D) Videos

Question 21

What led to the increase of unstructured data?

A) The use of static data
B) The birth of Web 2.0
C) The use of dynamic data
D) The use of databases

Question 22

All information and instructions (recall that software is a set of instructions that tells hardware what to do) are executed on a computer in

A) binary code.
B) SQL.
C) HTML.
D) JavaScript.

Question 23

Choose the best description of a database.

A) A database is several interconnected computers, machines, or operations.
B) A database is software that acts as a bridge to applications.
C) A database is a set of logically related files containing an organized collection of data that is accessible for fast searching and retrieval.
D) A database is a program or group of programs designed for end-users.

Question 24

Choose the most common type of database that you are likely to encounter.

A) Hierarchical
B) Relational
C) Cloud
D) Object Oriented

Question 25

Choose the term that best describes a Database Management System (DBMS).

A) A DBMS is a logical diagram of a database's structure and organization.
B) A DBMS is a request for data that is stored within a database.
C) A DBMS is a system that manages a database and retrieves data for a user.
D) A DBMS is the capability of the database to manage increasing demands.

Question 26

Choose the term that best describes queries.

A) Queries are a logical diagram of a database's structure and organization.
B) Queries are requests for data that is stored within a database.
C) Queries are a system that manages a database.
D) Queries are the capability of the database to manage increasing demands.

Question 27

Choose the term that best describes a schema.

A) A schema is a logical diagram of a database's structure and organization.
B) A schema is a request for data that is stored within a database.
C) A schema is a system that manages a database.
D) A schema is the capability of the database to manage increasing demands.

Question 28

Choose the term that best describes database scalability.

A) Database scalability is the capability of the database to handle fewer tables.
B) Database scalability is the capability of the database to produce fewer errors.
C) Database scalability is the capability of the database to manage increasing demands.
D) Database scalability is the capability of the database to log more system messages.

Question 29

How can a database be scaled vertically?

A) A database can be scaled vertically by removing capacity from the existing machine.
B) A database can be scaled vertically by consolidating the database onto a single machine.
C) A database can be scaled vertically by adding more capacity to the existing machine.
D) A database can be scaled vertically by spreading the database across multiple machines that work together to manage the database.

Question 30

How can a database be scaled horizontally?

A) A database can be scaled horizontally by removing capacity from the existing machine.
B) A database can be scaled horizontally by consolidating the database onto a single machine.
C) A database can be scaled horizontally by adding more capacity to the existing machine.
D) A database can be scaled horizontally by spreading the database across multiple machines that all work together to manage the database.

Question 31

Choose the term that best describes a production database.

A) A database used for collecting project data
B) A database that is connected to an information system used for business process transactions
C) A database that collects test transactions for analysis
D) A database that is connected to a census data collection system

Question 32

Choose the two types of data stores that you are most likely to encounter in your career.

A) Databases and data warehouses
B) Databases and data lakes
C) Data lakes and data warehouses
D) Databases and data mines

Question 33

Why don't users running complex queries typically use a production database?

A) A complex query would run too fast in the production database.
B) A complex query run against the production database would likely speed it up.
C) A complex query run against the production database would likely slow it down.
D) A complex query run against the production database would return incomplete results.

Question 34

What is one of the key benefits of a data lake?

A) Easy to implement
B) Structured data
C) Cost-effective
D) Easy to use

Question 35

Data warehouses are designed specifically for

A) speed.
B) all of the data in a company.
C) reporting and data analysis.
D) storage.

Question 36

Users who access data in a data lake need to know what they are looking for and how to transform it into a useable format. For this reason, data lakes require someone with a deep technical knowledge of data like a

A) data scientist.
B) user.
C) programmer.
D) system administrator.

Question 37

Choose the term that best describes how Relational databases organize data.

A) Relational databases organize unstructured data in interrelated tables.
B) Relational databases organize structured data in interrelated tables.
C) Relational databases organize structured data in unrelated tables.
D) Relational databases organize unstructured data in unrelated tables.

Question 38

Data within Relational databases are stored in

A) bytes.
B) fields.
C) files.
D) tables.

Question 39

A Database Management System (DBMS) includes a user interface. Choose the best term to describe a user interface.

A) A user interface is a screen where a user logs in and interacts with the computer system.
B) A user interface is a program that loads data into the databases.
C) A user interface is a screen where a user can monitor database performance.
D) A user interface is a program for optimizing database performance.

Question 40

Choose one of the commonly used database querying languages.

A) SDL
B) SQL
C) DML
D) DDL

Question 41

________ databases are the backbone of a company's operations.

A) Sandbox
B) Test
C) Production
D) Development

Question 42

Data in its raw format, before it is cleaned, aggregated, or filtered, is stored in a

A) data lake.
B) data warehouse.
C) production database.
D) test database.

Question 43

Large companies implement data lakes to store all of their data. Therefore, data lakes use a(n) ________ structure.

A) fixed
B) agile
C) anchored
D) nimble

Question 44

Data lake implementation is an enterprise-wide initiative. Companies often set up dedicated teams for these implementations and the project can take

A) months.
B) weeks.
C) years.
D) days.

Question 45

What is a subset of a data warehouse that is designed for a specific business function?

A) A database
B) A data pond
C) A data lake
D) A data mart

Question 46

Choose the types of data stored in a data lake.

A) Structured and unstructured data from across the company
B) Historical data in a structured format
C) Unstructured data from a customer
D) Structured data from a vendor

Question 47

Which of the following is one of the five characteristics of big data?

A) Vacancy
B) Variety
C) Vastness
D) Vitality

Question 48

Apply your knowledge of the five characteristics of big data and choose the term below that best defines the velocity of data.

A) Velocity is the diversity of data created or collected.
B) Velocity is the accuracy and truthfulness of the data.
C) Velocity is the quantity and scale of data generated.
D) Velocity is the speed at which data is generated.

Question 49

Choose the term that best describes the variety of data.

A) Variety is the diversity of data created or collected.
B) Variety is the accuracy and truthfulness of the data.
C) Variety is the quantity and scale of data generated.
D) Variety is the speed at which data is generated.

Question 50

Choose the term that best describes the veracity of data?

A) Veracity is the diversity of data created or collected.
B) Veracity is the accuracy and truthfulness of the data.
C) Veracity is the quantity and scale of data generated.
D) Veracity is the speed at which data is generated.

Question 51

Apply your knowledge of the five characteristics of big data and choose the term below that best defines the volume of data.

A) Volume is the diversity of data created or collected.
B) Volume is the accuracy and truthfulness of the data.
C) Volume is the quantity and scale of data generated.
D) Volume is the speed at which data is generated.

Question 52

Choose the name that best describes extremely large and complex data sets that can be analyzed using recent technological innovations to reveal patterns and associations.

A) Production databases
B) Test databases
C) Big data
D) Data lakes

Question 53

A typical text message is less than one

A) terabyte.
B) gigabyte.
C) megabyte.
D) kilobyte.

Question 54

Most emails allow up to 25 ________ of attached files.

A) Megabytes
B) Kilobytes
C) Gigabytes
D) Terabytes

Question 55

Choose from the following list the best definition of confirmation bias.

A) Asking advice from a cross sample of people
B) Asking advice only from people who share our world view
C) Asking advice only from people who don't share our world view
D) Asking advice from everyone

Question 56

Choose the term that best defines the value of data.

A) Value is the diversity of the data.
B) Value is the accuracy and truthfulness of the data.
C) Value is the quantity and scale of data generated.
D) Value is the usefulness of the data.

Question 57

Choose from the following list one of the five characteristics of big data.

A) Vastness
B) Vital
C) Vanity
D) Value

Question 58

Choose from the following list one of the five characteristics of big data.

A) Vastness
B) Velocity
C) Vital
D) Vanity

Question 59

Data analytics has transformed the accounting profession. Employers are willing to make the technological investment but struggle to find accounting professionals who have the necessary technical skills. Data analytics can help accounting professionals

A) work faster and better at higher cost.
B) work slower and better at lower cost.
C) work faster and better at lower cost.
D) work slower and better at higher cost.

Question 60

Historically, audit testing relied on population sampling. Due to the manual process of testing, auditors were unable to test entire populations. Auditors instead

A) selected random samples.
B) selected the entire population.
C) selected roughly 100 samples.
D) selected the first 50 samples.

Question 61

Choose the name of Ernest & Young's audit data analytics system from the following list.

A) Radon
B) Helix
C) Square
D) Triangle

Question 62

Choose from the following list the appropriate area in which financial accountants focus.

A) Performance measurement and analysis
B) Collecting and paying sales taxes
C) Ensuring compliance with regulatory requirements
D) Auditing transactions

Question 63

Choose from the following list the appropriate area in which management accountants focus.

A) Preparing and analyzing financial statements
B) Managing financial accounting information systems
C) Performance measurement and analysis
D) Advising business leaders on best practices and regulatory requirements

Question 64

Choose from the following list the appropriate area in which tax accountants focus.

A) Managing financial accounting information systems
B) Cost management and reporting
C) Ensuring compliance with regulatory requirements
D) Collecting and paying sales taxes

Question 65

Choose the term that best defines a tax data hub.

A) A website for getting answers to tax-related questions
B) A specialized database designed to provide a centralized store of tax-related data
C) A portal to provide centralized access to tax-related data
D) A client-server based system for preparing taxes

Question 66

Why should accountants understand the difference between structured and unstructured data?

A) Structured data is difficult to collect and unstructured data is easy of collect.
B) Structured and unstructured data may be used by accountants to support decision making and analysis.
C) Unstructured data is often represented with pictures.
D) Structured data contains all the data of an organization.

Question 67

Choose which of the 5Vs of big data is most important for accounting professionals.

A) Value
B) Veracity
C) Volume
D) Velocity

Question 68

Arrange the hierarchy of data elements in their correct order.

A) Databases, Fields, Files, Bytes, Bits and Records
B) Bytes, Bits, Records, Fields, Files and Databases
C) Records, Files, Databases, Bits, Bytes and Fields
D) Databases, Files, Records, Fields, Bytes and Bits

Question 69

Choose from the following list for the best definition of data analytics.

A) Data Analytics is the process of transforming raw data into useful information.
B) Data Analytics is the process of transforming information into raw data.
C) Data Analytics is the process of transforming decisions into raw data.
D) Data Analytics is the process of transforming decisions into information.

Question 70

Choose from the following list one of the four most widely accepted categories for data analysis.

A) Problematic Analytics
B) Predictive Analytics
C) Historical Analytics
D) Cursory Analytics

Question 71

Choose from the following list of questions what Descriptive Analytics tell us?

A) What is happening?
B) Why did it happen?
C) What is likely to happen?
D) How should we act?

Question 72

Choose from the following list of questions what Diagnostic Analytics tell us?

A) What is happening?
B) Why did it happen?
C) What is likely to happen?
D) How should we act?

Question 73

Choose from the following list of questions what Predictive Analytics tell us?

A) What is happening?
B) Why did it happen?
C) What is likely to happen?
D) How should we act?

Question 74

Choose from the following list of questions what Prescriptive Analytics tells us?

A) What is happening?
B) Why did it happen?
C) What is likely to happen?
D) How should we act?

Question 75

Choose the best definition of a Dashboard.

A) Dashboards are interactive, real time reports.
B) Dashboards are static, batch reports.
C) Dashboards are theoretical, external reports.
D) Dashboards are static, internal questions.

Question 76

Choose the best definition of Visualization.

A) Visualizations are verbal representations of information and data.
B) Visualizations are graphical representations of information and data.
C) Visualizations are graphical representations of questions asked.
D) Visualizations are the verbal representations of questions.

Question 77

Some of the most valued data analytic skillsets, employers look for, in accounting professionals include: Choose all that apply.

A) Knowledge of Word processing and email software tools
B) Creative thinking skills
C) Ability to use legacy tools, including Excel and Access
D) Understanding of historical facts
E) Understanding of basic data elements and structures

Question 78

As accounting professionals, data analytics help us: Choose all that apply.

A) Generate lower profit margins
B) Work faster and better and at lower cost
C) Work faster and better and at higher cost
D) Get quicker access to information for more timely insights or decision-making
E) Get quicker access to data for less timely insights or decision-making

Question 79

Choose from the following list of responsibilities for external auditors, internal auditors, and fraud examiners.

A) Advising business leaders on best practices and regulatory requirements
B) Dismissing risks, patterns and trends in processes and data
C) Performing audit tests to decrease assurance over selected data
D) Learning state-of-the-art practices to advise external clients

Question 80

Choose from the following list of responsibilities for financial accountants.

A) Managing geographic information systems
B) Preparing and analyzing financial statements
C) Ignoring compliance with regulatory requirements
D) Preparing and analyzing game statistics