MIS 180 Exam 1 Study Guide
Questions and Answers10
What is the proper format for a calculation if you want to add, subtract, divide, or multiply two
numbers by referencing their cell reference? - ANSWERS -+ - / *
What is the proper format/syntax for the IF function? - ANSWERS -= IF (logical test, value if true,
value if false)
Which function would you use if you wanted to sum a column or row of 50 numbers? If I give
you a range, what is the proper format of this calculation? Be able to do this also for finding the
average, maximum, and minimum. - ANSWERS -= SUM B4:B54
What do these functions do? NPER, RATE, PV, FV? You will not have to provide the calculation,
just know what the functions do. - ANSWERS -= NPER (rate, pmt, pv, [fv], [type]) - # of periods
= RATE (nper, pmt, pv, [fv], [type], [guess]) - interest rate
= PV (rate, nper, pmt, [fv], [type]) - present value
= FV (rate, nper, pmt, [pv], [type]) - how much can I save over time
What is data in the context of a business? Two examples? - ANSWERS -data describes the
characteristics of an event or object. Ex: the sky is blue, this class has 70 registered students
What is information in the context of a business? Two examples? - ANSWERS -data that are
converted into a meaningful & useful context. Ex: negative reviews kill sales when there's more
than two of them, so how do we avoid getting more than 2?
What is business intelligence in the context of a business? Two examples? - ANSWERS -data
analytics - the science of fact-based decision making (data management + statistical analysis).
, predictive analytics - extracts info from data and uses it to predict future trends. behavioral
analytics - uses data about people's behavior to understand intent & predict future actions
What is knowledge in the context of a business? Two examples? - ANSWERS -the quality of
having skill, experience, or information & ability to think & act using knowledge to make
decisions & choices.
What is a fact? What qualities does a fact have? - ANSWERS -a thing that is indisputably the
case. can be proven w/ evidence, verifiability, consistent with objective reality.
What is the difference between a "true/useful fact" and a "false/misleading fact"? - ANSWERS
-"true/useful fact" = actually applies to what your'e doing or looking @ vs. "false/misleading
fact" = states something that is a fact, but is used just to make you think crazy things and make
you lose sight of the point.
Know an example of "triangulation" and "corroboration" when you see it. - ANSWERS -
triangulation: taking a "read" from different sources
corroboration: checking one's sources story against another
When you say you are "information literate", what do you mean? - ANSWERS -ability to locate,
evaluate, and effectively use information
What are the differences between "system" and "process"? - ANSWERS -all processes are
systems, but not all systems are processes. system = can't measure & not always 1 specific end :
process = can measure the performance
What are the 8 parts of any process or system? Know how to recognize examples of any of them
if described. - ANSWERS -1. Inputs
2. Processes (that transform inputs)
3. Outputs
Questions and Answers10
What is the proper format for a calculation if you want to add, subtract, divide, or multiply two
numbers by referencing their cell reference? - ANSWERS -+ - / *
What is the proper format/syntax for the IF function? - ANSWERS -= IF (logical test, value if true,
value if false)
Which function would you use if you wanted to sum a column or row of 50 numbers? If I give
you a range, what is the proper format of this calculation? Be able to do this also for finding the
average, maximum, and minimum. - ANSWERS -= SUM B4:B54
What do these functions do? NPER, RATE, PV, FV? You will not have to provide the calculation,
just know what the functions do. - ANSWERS -= NPER (rate, pmt, pv, [fv], [type]) - # of periods
= RATE (nper, pmt, pv, [fv], [type], [guess]) - interest rate
= PV (rate, nper, pmt, [fv], [type]) - present value
= FV (rate, nper, pmt, [pv], [type]) - how much can I save over time
What is data in the context of a business? Two examples? - ANSWERS -data describes the
characteristics of an event or object. Ex: the sky is blue, this class has 70 registered students
What is information in the context of a business? Two examples? - ANSWERS -data that are
converted into a meaningful & useful context. Ex: negative reviews kill sales when there's more
than two of them, so how do we avoid getting more than 2?
What is business intelligence in the context of a business? Two examples? - ANSWERS -data
analytics - the science of fact-based decision making (data management + statistical analysis).
, predictive analytics - extracts info from data and uses it to predict future trends. behavioral
analytics - uses data about people's behavior to understand intent & predict future actions
What is knowledge in the context of a business? Two examples? - ANSWERS -the quality of
having skill, experience, or information & ability to think & act using knowledge to make
decisions & choices.
What is a fact? What qualities does a fact have? - ANSWERS -a thing that is indisputably the
case. can be proven w/ evidence, verifiability, consistent with objective reality.
What is the difference between a "true/useful fact" and a "false/misleading fact"? - ANSWERS
-"true/useful fact" = actually applies to what your'e doing or looking @ vs. "false/misleading
fact" = states something that is a fact, but is used just to make you think crazy things and make
you lose sight of the point.
Know an example of "triangulation" and "corroboration" when you see it. - ANSWERS -
triangulation: taking a "read" from different sources
corroboration: checking one's sources story against another
When you say you are "information literate", what do you mean? - ANSWERS -ability to locate,
evaluate, and effectively use information
What are the differences between "system" and "process"? - ANSWERS -all processes are
systems, but not all systems are processes. system = can't measure & not always 1 specific end :
process = can measure the performance
What are the 8 parts of any process or system? Know how to recognize examples of any of them
if described. - ANSWERS -1. Inputs
2. Processes (that transform inputs)
3. Outputs
