HBM - Technology in Finance

HBM - Technology in Finance

​

​

​

Multiple Select

Online Banking:

(Choose all the correct answers)

• Offer 12-hour banking options.

• Transfer of money between accounts is easier.

• Helps to monitor your accounts on a daily basis.

• Businesses rarely use online banking.

• Is highly ineffective compared to going to the bank in person.

Multiple Select

SAGE:

• generate invoices

• helps to manage payroll

• helps to complete tax returns

• used to receive money from customer instantly

Multiple Choice

EFTPOS:

• Electronic

  Funds

  Transfer at

  Point Of

  Sale

• Electronic

  Finance

  Transfer at

  Point Of

  Sale

• Electronic

  Funds

  Transfer at

  Process Of

  Sale

• Electronic

  Finance

  Transfer at

  Process Of

  Sale

Multiple Select

You can use your mobile phone instead of debit/credit cards to make payments through EFTPOS.

• true

• false

Multiple Select

BACS:

(choose all that apply)

• Allow the transfer money

  securely and quickly between

  bank accounts.

• Used by the Operations

  department to pay staff

  wages or to pay suppliers.

• Allows financial information to be circulated quickly through email.

• Can be used to prepare financial statements.

Dropdown

​

Select answer

can be used in the finance department to produce graphs and charts of ​

Select answer

information.

The formulae function can be used to carry out instant calculations accurately. Formulae will also amend calculations automatically when it is updated.

‘What if’ scenarios can be carried out with ​

Select answer

statements and appropriate formulae.

Information held can be easily secured using a ​

Select answer

.

Time can be saved in the ​

Select answer

department by using spreadsheet templates for financial statements and spreadsheets can be easily amended or edited.

Multiple Select

Spreadsheets:

(choose all that apply)

• formula can be replicated

• 'what if' statements can be used

• charts and graphs can be made

• can use animation and colour to engage when presenting

Multiple Choice

Reduces the need for employees to take trips to the bank.

• presentation software

• email

• LANs

• online banking

Multiple Choice

Can be used to circulate financial information quickly.

• presentation software

• email

• LANs

• online banking

Multiple Choice

Can be used to share documents with different employees across different locations.

• presentation software

• email

• LANs

• online banking

Multiple Choice

Animations, graphics and colour can be use to engage audiences.

• presentation software

• email

• LANs

• online banking

Multiple Select

Costs of Technology in the Finance function:

(choose all that apply)

• Increased potential security risks.

• Maintenance costs of IT

• Financial costs of new technology, including training staff.

• More difficult to control and record financial data.

Multiple Select

Benefits of Technology in the Finance function:

(choose all that apply)

• Better control over finance

  and recording of data.

• Better-trained staff in the use of helpful technology

• Better security with up-to-date systems in place.

• Very cheap to buy the ICT equipment required.

Multiple Select

Justify the use of software such as spreadsheets to record financial information...

Choose correct answers.

• You would use SS because formulae can be entered to carry out calculations. 

• You would use SS because it allows a company to transfer money securely and quickly between bank accounts. 

• You would use SS because it can be used to sort large quantities of information on records on suppliers and customers

• You would use SS because IF statements can be used to check whether a condition has been met. 

• You would use SS because is will cost a lot of money to purchase and maintain equipment and software used.

Multiple Choice

Other than spreadsheets, describe how modern technology can be used by the 

finance department. 

• • Using Spreadsheets, formulae can be entered to carry out calculations which minimises human error. 

• Finance can use emails

• Electronic funds transfer point of sale is an electronic method of paying for goods exactly where you purchase them. This can be done through: debit card,

  • credit card, contactless

  • app payments such as Apple Pay and Google Pay.

• Using PowerPoint this can share files across the with all staff members and send letters and invoices to customers.