ACCT. 3130 Exam 1 Questions and Answers Solved Correctly Latest Update 2025-2026
data analytics - Answers What is the process of evaluating data with the purpose of drawing conclusions
to address business questions?
data analytics - Answers What often involves the technologies, systems, practices, methodologies,
databases, statistics, and applications used to analyze diverse business data to give organizations the
information they need to make sound and timely business decisions?
value - Answers The process of data analytics aims to transform raw data into knowledge to create
_________?
big data - Answers What refers to datasets that are too large and complex for businesses' existing
systems to handle utilizing their traditional capabilities to capture, store, manage, and analyze these
datasets?
volume, velocity, variety - Answers What are the 3 Vs used to describe big data?
CLUE:
- The sheer size of the data set
- The speed of data processing
- The number of types of data
IMPACT cycle - Answers When we start to describe our Data Analytics process, we use an established
Data Analytics model called the ...?
identify the question - Answers When we start to describe our Data Analytics process by using the
IMPACT cycle, what is the first step and is represented by the letter I?
master the data - Answers When we start to describe our Data Analytics process by using the IMPACT
cycle, what is the second step and is represented by the letter M?
perform test plan - Answers When we start to describe our Data Analytics process by using the IMPACT
cycle, what is the third step and is represented by the letter P?
address and refine results - Answers When we start to describe our Data Analytics process by using the
IMPACT cycle, what is the fourth step and is represented by the letter A?
communicate insights - Answers When we start to describe our Data Analytics process by using the
IMPACT cycle, what is the fifth step and is represented by the letter C?
track outcomes - Answers When we start to describe our Data Analytics process by using the IMPACT
cycle, what is the sixth and final step and is represented by the letter T?
, classification - Answers Of the eight different approaches to data analytics which would be defined as,
an attempt to assign each unit (or individual) in a population into a few categories?
EX)
Which transactions would a credit card company flag as being potentially fraudulent and deny payment?
regression - Answers Of the eight different approaches to data analytics which would be defined as, an
approach used to predict a specific dependent variable value based on independent variable inputs
using a statistical model?
EX)
Given a balance of total accounts receivable held by a firm, what is the appropriate level of allowance
for doubtful accounts for bad debts?
similarity matching - Answers Of the eight different approaches to data analytics which would be
defined as, an attempt to identify similar individuals based on data known about them?
EX)
The company, ALIBABA, attempting to identify seller and customer fraud based on various
characteristics known about them to see if they were similar to known fraud cases
clustering - Answers Of the eight different approaches to data analytics which would be defined as, an
attempt to divide individuals (like customers) into groups (or clusters) in a useful or meaningful way. In
other words, identifying groups of similar data elements and the underlying drivers of those groups.
EX)
Might be used to segment a customer into a small number of groups for additional analysis and
marketing activities
co-occurrence grouping - Answers Of the eight different approaches to data analytics which would be
defined as, an attempt to discover associations between individuals based on transactions involving
them.
EX)
Amazon might use this to sell another item to you by knowing what items are "frequently bought
together" or "Customers who bought this item also bought"
profiling - Answers Of the eight different approaches to data analytics which would be defined as, an
attempt to characterize the "typical" behavior of an individual, group, or population by generating
summary statistics about the data (including mean, standard deviations, etc.) By understanding the
typical behavior, we'll be able to more easily identify abnormal behavior (An anomaly)
data analytics - Answers What is the process of evaluating data with the purpose of drawing conclusions
to address business questions?
data analytics - Answers What often involves the technologies, systems, practices, methodologies,
databases, statistics, and applications used to analyze diverse business data to give organizations the
information they need to make sound and timely business decisions?
value - Answers The process of data analytics aims to transform raw data into knowledge to create
_________?
big data - Answers What refers to datasets that are too large and complex for businesses' existing
systems to handle utilizing their traditional capabilities to capture, store, manage, and analyze these
datasets?
volume, velocity, variety - Answers What are the 3 Vs used to describe big data?
CLUE:
- The sheer size of the data set
- The speed of data processing
- The number of types of data
IMPACT cycle - Answers When we start to describe our Data Analytics process, we use an established
Data Analytics model called the ...?
identify the question - Answers When we start to describe our Data Analytics process by using the
IMPACT cycle, what is the first step and is represented by the letter I?
master the data - Answers When we start to describe our Data Analytics process by using the IMPACT
cycle, what is the second step and is represented by the letter M?
perform test plan - Answers When we start to describe our Data Analytics process by using the IMPACT
cycle, what is the third step and is represented by the letter P?
address and refine results - Answers When we start to describe our Data Analytics process by using the
IMPACT cycle, what is the fourth step and is represented by the letter A?
communicate insights - Answers When we start to describe our Data Analytics process by using the
IMPACT cycle, what is the fifth step and is represented by the letter C?
track outcomes - Answers When we start to describe our Data Analytics process by using the IMPACT
cycle, what is the sixth and final step and is represented by the letter T?
, classification - Answers Of the eight different approaches to data analytics which would be defined as,
an attempt to assign each unit (or individual) in a population into a few categories?
EX)
Which transactions would a credit card company flag as being potentially fraudulent and deny payment?
regression - Answers Of the eight different approaches to data analytics which would be defined as, an
approach used to predict a specific dependent variable value based on independent variable inputs
using a statistical model?
EX)
Given a balance of total accounts receivable held by a firm, what is the appropriate level of allowance
for doubtful accounts for bad debts?
similarity matching - Answers Of the eight different approaches to data analytics which would be
defined as, an attempt to identify similar individuals based on data known about them?
EX)
The company, ALIBABA, attempting to identify seller and customer fraud based on various
characteristics known about them to see if they were similar to known fraud cases
clustering - Answers Of the eight different approaches to data analytics which would be defined as, an
attempt to divide individuals (like customers) into groups (or clusters) in a useful or meaningful way. In
other words, identifying groups of similar data elements and the underlying drivers of those groups.
EX)
Might be used to segment a customer into a small number of groups for additional analysis and
marketing activities
co-occurrence grouping - Answers Of the eight different approaches to data analytics which would be
defined as, an attempt to discover associations between individuals based on transactions involving
them.
EX)
Amazon might use this to sell another item to you by knowing what items are "frequently bought
together" or "Customers who bought this item also bought"
profiling - Answers Of the eight different approaches to data analytics which would be defined as, an
attempt to characterize the "typical" behavior of an individual, group, or population by generating
summary statistics about the data (including mean, standard deviations, etc.) By understanding the
typical behavior, we'll be able to more easily identify abnormal behavior (An anomaly)
