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ICAEW BTF - Memory Recap Exam Questions And Correct Answers
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ICAEW BTF - Memory Recap Exam Questions AndCorrect Answers
Porter's 5 forces model, what is the purpose and what are the elements? - Answer
Analyses the competitive aspect of the task environment:
- Bargaining power of suppliers
- Threat of substitute products or services
- Bargaining power of customers
- Threat of new entrants
- Rivalry among existing firms
In relation to the management process what does leading encompass? - Answer
Concerned with generating effort and commitment towards meeting objectives
What are the different types of power and what do they mean? - Answer Coercive -
physical force or power of punishment
Reward - e.g. power to pay you
Legitimate - associated with a particular position
Expert - from knowing lots
Referent - through charisma/charm
Negative - power to disrupt operations
What are the different types of manager? - Answer Line manager - traditional boss
Staff manager - no actual power, has power through giving advice (e.g. HR)
Functional manager-best example is IT, hybrid of line and staff manager-already has
real power in certain circumstances. PM-project manager has power concerning a
,particular project/things that happen in certain context.
Would a driver mislaying a tablet containing sensitive information constitute a cyber
risk? - Answer Possibly yes, cyber risk also involves operational IT risks because of
poor integrity of systems so if data would be accessible then this would be a cyber risk
What is it, and what does it do for Mintzberg's 5 basic components of an organisation? -
Answer Technostructure: designs systems and standardises work
Strategic apex: those at the top (board, etc.)
Middle line: middle management
Operating core: front line workers
Support staff: cleaning, catering, etc.
What are the CATIVA criteria for good information processing?
What are the ACIANA criteria for good information security systems? Answer
Completeness, accuracy, timeliness, inalterability, verifiability and assessability
Availability, confidentiality, integrity, authenticity, non-repudiation, authorisation
Difference between data and information? - Answer Data is just different bits of
information, can come in many forms. Information is the output of whatever system is
used to process data - e.g. a computer system. It has structure to it.
What is the definition of risk and uncertainty? - Answer Risk is the variation in an
outcome while uncertainty denotes a lack of information
What is the manager's responsibility in regard to the internal controls? What about the
board of directors? - Answer Managers are to implement the controls and monitor. The
board of directors has the responsibility of making the policy, reviewing the
effectiveness and reporting to the shareholders.
What types of finance activities does a company have and what are their
responsibilities? - Answer Finance function (overarching)
,Management accounting: budgeting, decision making, performance measurement,
capital budgeting, pricing --> internal
Treasury management: cash budgets, long-term finance decisions, managing financial
risk, management of working capital
Financial reporting: financial statements, tax, provision of information to external
regulators --> external
What are the key features of an organisation? - Answer Social arrangement that pursues
collective goals, controls its own performance, and has a boundary separating it from
its environment
What are Mintzberg's 5 Ps of strategy? - Answer Plan - for example a budget
Ploy - like a manoeuvre in a competitive game
Pattern - something you tend to do
Position - matching internal and external factors
Perspective - what is your attitude to the environment?
What are the stages of the rational planning model? - Answer SWOT analysis (internal
and external)
Corporate appraisal
Mission, goals and objectives
GAP (difference between the appraisal and the mission)
Strategic choice
Implementation --> review and control (feedback loop)
What is cost leadership, differentiation, and focuses? - Answer Cost leadership simply
about producing at the lowest cost in the industry as a whole (note that not necessarily
, charging the lowest prices
Differentiation about providing a product or service that the industry believes to be
unique.
Focus/niche: contraction of activities to one section of the market - can have both a cost
focus niche and differentiation niche
When would we use a SWOT analysis? - Answer At the corporate appraisal stage
What is risk exposure? - Answer Simply a measure of the way a business is faced by
risks, whether financial/business/etc.
What is the fundamental and enhancing qualitative characteristic of financial reporting?
- Answer Fundamental: relevance and faithfulness of representation
Enhancing: understandability, comparability, verifiability and timeliness
What is tactical information? What about operational, strategic, and planning? - Answer
Helps deal with short-term issues and opportunities. Operational is to do with the
day-to-day, strategic information has longer term concerns, and planning information is
explicitly to do with plans.
When would we like to use a management information system? - Answer To help us
make STRUCTURED decisions. These can be reduced to a series of rules which, if
followed, will lead to the correct decision being made.
What are the factors for a balanced scorecard model? What are some example metrics?
- Answer Customer: satisfaction, returns rates, etc.
Internal business processes: product quality, failure rates, etc.
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