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WorksheetsBusiness Management Semester 2 Revision Quiz
Total questions: 61
Worksheet time: 42mins
a computer based system that collects, stores, and process data to produce information is known as a what?
Information system
Data system
Spreadsheet
Database
An accounting information system is a system of collecting and processing transaction data and communicating (a) information to decision-makers.
What type of manual documents do accountants fill out/possess if they do not have automated computing systems? (2 correct answers)
Spreadsheets
Ledgers
Data logs
Journals
A Business Information System (BIS) combines what kind of data in order for it to be communicated to various departments or for various functions across the organisation?
People, hardware and software
Names, addresses and bank account details of employees
Programs/applications/databases to do a particular job only
True or false: A Management Information System (MIS) is available to everyone, except senior executives?
True
False
Which of the following organisations is not likely to use a Transaction Processing System (TPS)?
Penney's
Lifestyle Sports
IKEA
Pieta House
Select the 4 main uses of a Transaction Processing System (TPS)
monitoring
collection
storage
forecasting
processing
An Enterprise Resource Planning (ERP) system differs from a Business Information System (BIS) how?
it is a suite of integrated applications that are combined into one system e.g. Sage
it uses separate applications that have to be edited in more than one place
it is used only by management
it assesses customer habits
What are the likely pieces of data you will find in a Customer Relationship Management System (CRM)?
Name
Address
Location
PPSN
Gender
Cyber security is defined as the measures taken to protect a computer or computer system against (a) access or attack
What are 3 examples of intentional cyber attacks?
Hacker
Virus
Accidental fires
Spyware
Theft
True or false: You do not need to have access to the internet to access cloud based applications?
True
False
Cloud computing is the practice of using a network of remote servers hosted on the Internet to store, manage & process data, rather than a local server or a personal computer. All computer programs and data is stored on a central server owned by a company (e.g. Google/Amazon) and accessed (a) .
What is AI and Robotic Process Automation?
Using software or technology to process information or complete tasks on its own without human intervention. Examples include smart devices, help-desk or switch board operations and assistants.
Where robots serve humans
AI = Advanced Intelligence
RPA = Really Plausible Advice
What is Blockchain?
A digital chain that locks your phone
A kind of snack made of blocks
A type of social media for builders
A shared digital record, alike to a digital notebook, where transactions are stored securely in blocks
A virus typically has a (a) effect, such as corrupting the system or destroying data
A risk assessment and contingency plan is a type of what? (2 correct)
Cyber attack
Security control
Mitigating factor
Security breach
Locked doors, CCTV, blinds or a security guard are all types of what two types of control?
(a)
One of the best ways to mitigate security breaches is to (a) controls (including access, physical, procedural and software)
Providing databases and computer applications over the network is a cloud based service known as
Infrastructure as a Service (IaaS)
Software as a Service (SaaS)
Platform as a Service (PaaS)
Providing storage capacity is a type of cloud based service known as
Infrastructure as a Service (IaaS)
Software as a Service (Saas)
Platform as a Service (PaaS)
What is the main goal of corporate governance?
To increase employee salaries
To allow CEOs to make decisions without oversight
To entertain shareholders
To ensure organisations are run fairly, transparently, with control and in the interests of all stakeholders
Which of the following is a key principle of corporate governance?
Salary increases for directors
Secret decision-making
Nepotism
Transparency
The primary responsibility for ensuring good corporate governance in a company lies with the
(a)
What can poor corporate governance lead to?
Higher productivity
Financial scandals and loss of trust
Stronger brand and customer loyalty
investor confidence
What is the key difference between the shareholder and stakeholder models of corporate governance?
Shareholder model ignores profits
Stakeholder model focuses only on investors
Shareholder model prioritizes owners; stakeholder model considers a wider group
There is no difference
In the shareholder model, the primary objective of the company is to maximise (a) wealth
Which of the following is most aligned with the stakeholder model of corporate governance?
Cutting employee benefits to raise share prices
Prioritizing quarterly earnings over employee safety
Ignoring environmental impact to increase profits
Engaging with local communities in decision-making
Which of the following is NOT one of the main G20/OECD Principles of Corporate Governance?
Focusing exclusively on short-term profits for shareholders
Providing equitable treatment for all stakeholders
Ensuring the rights of shareholders and key ownership functions
Enhancing the role of boards in company decision-making
All companies have to follow the G20 Principles of Good Governance?
True
False
The 4 benchmark principles of the G20 Principles are
The rights and equitable treatment of shareholders and key ownership functions
The role of stakeholders
Disclosure and transparency
The responsibilities of the board
Saving money
What is the purpose of the Irish Corporate Governance Annex?
To determine the tax rates for companies operating in Ireland
To control employee salaries in Irish organisations
To regulate the amount of profit companies can make
To provide a framework for companies to manage their governance practices effectively
According to the Irish Corporate Governance Code, what must listed companies in Ireland do regarding governance practices?
Ignore the code unless there is a government mandate
Fully comply with the code or explain deviations from it
Follow the code for one year and then it is no longer mandatory
Which of the following is included in the Annexes to the Irish Corporate Governance Code?
Guidelines for corporate social responsibility (CSR) practices
Detailed provisions on the composition and role of the board of directors
Companies listed on the Irish Stock Exchange must review their compliance with the Irish Corporate Governance Code every
(a)
The Board of Directors can be made of what type of directors?
Executive and Non-Executive (NEDs)
Executive and appointed only
Shadow directors only
Employee representatives and CEO
Directors are considered (a) of the company and its owners, hence they must act within the best interests of the beneficiaries
Who is at the top of the governance chain in a company?
The Chief Executive Officer (CEO)
Board of Directors
Shareholders/investors/beneficiaries
Employees
What is the primary responsibility of the Board of Directors in the governance chain?
To set the salaries of employees
To manage the day-to-day operations of the company
To ensure the company complies with all laws
To oversee the management and ensure the company is run in the best interests of shareholders and stakeholders
What role do shareholders play in the governance chain?
They directly manage the daily operations of the company
They elect the Board of Directors and have voting rights on key company decisions
They set executive salaries and approve all business strategies
What is the role of audit committees in the governance chain?
Review financial reporting and ensure the integrity of financial statements
Implement business strategy
Evaluate the performance of the CEO
BOD (Board of Directors) can be split into 2 main formats, depending on company structure, location and company discretion. These include:
Unitary (one board)
Three tier (three boards)
Two tier (two boards)
Good governance practices include
NEDs (Non-executive directors) sit on the board
Regular board meetings, AGM and EGM structure in place
Audit committee established, internal and external
A database of policies and procedures is readily available
Directors are paid a high remuneration that increases in line with their duties and how many hours they work
What is the main purpose of Corporate Social Responsibility (CSR)?
To maximize profits at all costs
To contribute to the welfare of society while balancing the interests of stakeholders
To focus solely on shareholders’ returns
Which of the following is an example of ethical behavior in business?
Engaging in fraudulent financial reporting
Ignoring safety standards to reduce production costs
Paying employees below the minimum wage to increase profits
Implementing environmentally sustainable practices in production
How can companies ensure they are practicing ethical business practices?
By creating a code of ethics establishing a clear code of ethics, training employees, and promoting integrity and transparency throughout the organisation
By following laws and regulations alone
Philanthropy is?
(a)
What is the main purpose of the Non-Financial Reporting Directive (NFRD)?
To require companies to disclose only financial performance
To increase transparency on environmental, social, and governance issues
To track daily operational activities of companies
Which companies are required to comply with the Non-Financial Reporting Directive (NFRD) (as of 2024 syllabus)
All companies in the EU, regardless of size
Only government-owned companies
Only large listed companies, banks, and insurance firms
According to the NFRD, which areas must be covered in the non-financial report?
Environmental and social factors only
Financial performance and market share
Governance factors only
Environmental, social, and governance factors, along with human rights, anti-corruption and diversity
How should companies present their non-financial information under the NFRD?
Only upon request by shareholders
In a separate report from their annual financial statements
Within the company’s social media accounts
What is a key benefit of the Non-Financial Reporting Directive (NFRD) for stakeholders?
It eliminates the need for annual financial reports
It only helps in evaluating a company’s profits
It allows stakeholders to assess a company’s impact on society and the environment
True or false: The NFRD was set up to make sure companies in non-EU countries comply with environment procedures?
True
False
What is the EU Corporate Sustainability Reporting Directive (CSRD) in relation to the NFRD?
It applies only to non-EU companies
It is a new directive that expands and strengthens the NFRD’s requirements
It only affects financial reporting, not non-financial reporting
According to Kohlberg’s theory, which of the following is the first level of moral development?
Post-conventional level
Conventional level
Pre-conventional level
At the pre-conventional level, moral decisions are primarily based on:
Adhering to universal ethical principles
Understanding the social contract and mutual benefits
Following laws and maintaining social order
Avoiding punishment and seeking rewards
Which of the following is a characteristic of the conventional level of moral development?
Morality is based on self-interest and avoiding punishment
People begin to focus on social roles, expectations, and the importance of societal rules
Moral decisions are based on personal autonomy and the pursuit of individual happiness
In Kohlberg’s theory, what is the post-conventional level primarily focused on?
Avoiding punishment and gaining rewards
Adhering to universal ethical principles and rights
Following rules without question
Which of the following is an example of an unethical practice in accounting?
Falsifying financial statements to make a company appear more profitable
Ensuring that all transactions are recorded accurately
Conducting audits to confirm the integrity of financial reporting
What should an accountant do if they are asked by their employer to overlook a significant financial discrepancy?
Ignore the discrepancy and follow the employer's instructions
Cover up the issue to avoid consequences
Report the issue to a higher authority or regulatory body, following ethical guidelines
Only report the discrepancy if it is requested by the client
If an accountant is aware that a company has failed to disclose a material liability in its financial statements, which ethical obligation is the accountant facing?
The obligation to ignore the issue, as it is not their responsibility
The obligation to report the issue and ensure the company’s financial statements are accurate and complete
The obligation to protect the company’s image and avoid reporting the issue
The obligation to report only if the company is public
