WorksheetsAnalytics for Finance & Accounting Quiz
Total questions: 41
Worksheet time: 21mins
Which of the following defines 'Big Data' according to the lecture?
Datasets that are simple to analyze with traditional spreadsheets
Datasets too large and complex to be analyzed traditionally
Any data stored in a physical filing cabinet
Data that only contains numerical values
The 'Four Vs' of Big Data are Volume, Velocity, Variety, and:
Validity
Veracity
Variation
Visualization
In the DIKW pyramid, what is the correct order from bottom to top?
Information, Data, Knowledge, Wisdom
Data, Information, Knowledge, Wisdom
Knowledge, Wisdom, Data, Information
Data, Knowledge, Information, Wisdom
What does 'Veracity' refer to in the context of Big Data?
The size of the data
The frequency of data collection
The data quality
The different types of data
Which process is compared to 'oil refinement' in the lecture?
Data storage
Data analytics/refinement
Data deletion
Data purchasing
What percentage of CEOs reportedly put a high value on Data Analytics?
50%
75%
85%
95%
According to Statista, what was the revenue from big data and business analytics worldwide in 2022?
$122 billion
$189.1 billion
$274.3 billion
$350 billion
Which of these is a leading challenge with using data to drive business value?
Too much data variety
Lack of analytical skills among employees
Excessively high data quality
Low internet speeds
How does data analytics benefit auditing?
It eliminates the need for human auditors
It improves the detection of risky areas
It reduces the number of financial statements
It only focuses on non-financial data
Which programming language will be used for practical exercises in this module?
Python
Java
R
SQL
What does the 'I' stand for in the IMPACT cycle?
Integrate data
Identify the questions
Interpret results
Increase value
Which step of the IMPACT cycle involves cleaning the data (ETL)?
Step 1: Identify the Questions
Step 2: Master the Data
Step 3: Perform the Test Plan
Step 5: Communicate Insights
What is the final step (T) of the IMPACT cycle?
Test the model
Transform data
Track outcomes
Transfer data
In Step 2 (Master the Data), what does ETL stand for?
Entry, Testing, Loading
Extraction, Transformation, and Loading
Extraction, Timing, Location
Electronic Transfer Ledger
Which activity is part of Step 5: Communicate Insights?
Data scrubbing
Digital dashboards
Normalizing data
Defining primary keys
Which step of the IMPACT cycle is described as "iterative," involving "slicing and dicing" data?
Master the data
Perform the test plan
Address and refine results
Track outcomes
Regression is an approach used in which IMPACT step?
Identify the questions
Perform the test plan
Communicate insights
Master the data
What is the goal of "Profiling" in data analytics?
To divide individuals into groups
To predict connections between items
To characterize typical behaviors to identify abnormalities
To reduce the amount of information
Which approach is used to assign each data unit into a few categories, such as debtors by income?
Regression
Classification
Data reduction
Data reduction
According to the IMPACT model, how much time is typically spent on data preparation and scrubbing?
10%
25%
50-90%
. 100%
Which type of data is targeted for computers to process?
Unstructured data
Structured data
Textual data
Multimedia data
"Male" and "Female" are examples of which type of categorical data?
Ordinal
Ratio
Nominal
Interval
Which of these is an example of Unstructured/Textual data? A. A SQL table B. An Excel spreadsheet C. Social Media posts (Video/Email/Text) ✅ D. A primary key list
A SQL table
Social Media posts (Video/Email/Text)
An Excel spreadsheet
A primary key list
In a relational database, what is a "Primary Key"?
A key that points to another table
A combination of two columns
A descriptive attribute like a name
A unique identifier for each record
What is the purpose of a "Foreign Key"?
To point to a primary key in another table
To serve as a unique ID for the current table
To store images and videos
To encrypt the database
What does the 'M' represent in the IMPACT cycle?
Model the process
Measure outcomes
Master the Data
Monitor results
Which type of analytics determines "what has happened in the past"?
Descriptive Analytics
Diagnostic Analytics
Predictive Analytics
Prescriptive Analytics
Which step in the IMPACT cycle involves sharing findings with stakeholders?
Step 3: Perform the Test Plan
Step 2: Master the Data
Step 5: Communicate Insights
Step 1: Identify the Questions
Which of the following is an example of 'Velocity' in Big Data?
Storing data in multiple formats
Collecting data from a single source
Ensuring data accuracy
Processing millions of transactions per second
What is the main function of data analytics in business decision-making?
To increase manual reporting
To support evidence-based strategies
To eliminate all data storage
To reduce the use of computers
In Lab 1, what was the Excel formula used to create the "DTI Bucket"?
=SUM(G2:G20)
=VLOOKUP(G2, A1:B10, 2)
=IF(G2>20%,"HIGH", IF(G2<10%, "LOW","MID"))
=COUNTIF(G2, ">20%")
What does the 'A' represent in the IMPACT cycle?
Apply the data
Analyze the results
Assess the risks
Automate the process
Which of the following is an example of 'Variety' in Big Data?
Storing data in a single format
Handling structured, semi-structured, and unstructured data
Processing only numerical data
Collecting data at a slow pace
Which of the following is NOT one of the 'Four Vs' of Big Data?
Velocity
Visualization
Volume
Variety
What is the main purpose of Step 1: Identify the Questions in the IMPACT cycle?
To visualize the results
To clean and transform data
To store data securely
To define the business problem to be solved
Which of the following best describes the 'Veracity' aspect of Big Data?
The number of data sources
The speed of data generation
The trustworthiness and quality of data
The amount of data collected
Which of the following is most closely associated with the 'Velocity' characteristic of Big Data?
Storing historical data in archives
Real-time processing of streaming data
Using handwritten records
Analyzing only static datasets
What is the main function of data visualization in the context of data analytics?
To collect raw data from multiple sources
To delete duplicate records
To present complex data in an understandable format
To encrypt sensitive information
Which step in the IMPACT cycle involves sharing findings with decision makers?
Communicate insights
Track outcomes
Identify the questions
Model the process
What is "Kurtosis" a measure of?
The asymmetry of a distribution
The "tailedness," or peak nature, of a distribution
The difference between max and min
The total sum of observations
In a Box-and-Whiskers plot, what does the "Median" represent?
The smallest value
The simple average
Outliers
50% of the data is larger than/in the middle of the dataset
