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BUAD 342 | UTK | Exam 1 Questions And Answers | Verified
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BUAD 342 | UTK | Exam 1 Questions And Answers | Verified
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BUAD 342 | UTK | Exam 1 Questions AndAnswers | Verified
For Profit CORRECT ANSWERS Organizations that strive to generate a profit (revenue
in excess of expenses)
Not for Profit CORRECT ANSWERS Strive to provide particular services to constituents
(e.g., governments, educational, or charitable organizations)
Business Process CORRECT ANSWERS A collection of related activities that combine
different resources and inputs to create an output that is of value to the organization, it's
stake holders and/or its customers. These outputs may be products or services
Procure to Pay CORRECT ANSWERS The activities involved in acquiring, paying for,
and maintaining the goods and services needed by an organization (inputs)
Conversion Business Process CORRECT ANSWERS The activities necessary to
convert raw inputs into finished products and services. The bridge between Procure to
Pay and Order to Cash
Order to Cash CORRECT ANSWERS The sequence of activities that collectively serve
to attract and retain customers, help customers select goods and services, deliver the
goods and services requested, and collect payments for the goods and services
Economic in Nature CORRECT ANSWERS Business events that increase or decrease
the quantity of a firm's economic (financial) resources
Decision/Management Events CORRECT ANSWERS Decisions about managing
resources (e.g., human, physical, capital)
Procure to Pay Business Process CORRECT ANSWERS 1. Identify need and
(possibly) internally request the purchase of goods or services by an authorized
purchasing agent
2. Negotiate a purchase order with the vendor
3. Receive and inspect goods or services from a vendor
4. Store or maintain goods
5. Pay a vendor for goods and services
6. Return goods to a vendor
Order to Cash Process CORRECT ANSWERS The Order to Cash process is the heart
of the company's value chain and is typically the only time the customer directly
interacts with the organization.
, Order to Cash Business Process CORRECT ANSWERS 1. Market goods or services to
potential or returning customers (and/or perform support activities that help a customer
choose you as a vendor)
2. Negotiate the terms of an order for goods or services
3. Select and inspect goods to be delivered to the customer
4. Prepare goods or services for delivery to the customer
5. Deliver goods or services to the customer
6. Receive payment for goods or services from the customer
7. Negotiate the terms of, and possibly accept, a customer return of goods
Interdependent Business Process CORRECT ANSWERS The ability to deliver a
product to a customer is dependent on the process of acquiring and converting the
resources used to create that product
Business Process Analysis CORRECT ANSWERS —What happened and why?
—What roles are performed and who/what agents perform the roles in executing each
event?
—What kind of resources were involved and how much was used?
—When did this event occur?
—Where did this event occur?
—What can go wrong by executing this event?
Recording Data CORRECT ANSWERS Collecting data that describes business events,
the who, what, when, where, why, and how much about business activities.
Maintaining Reference Data CORRECT ANSWERS Keeping current and accurate
reference data about resources owned or used, external parties, employees, and
locations where activities/business takes place.
Reporting Data CORRECT ANSWERS Provides information and measurements to
support organization critical activities such as planning, controlling, and evaluating
Source Document Data Flows CORRECT ANSWERS Capture detail data about
business events then move data from one point to another. Serve as supporting
documentation for subsequent information processing
Source Data Automation CORRECT ANSWERS A process of collecting data at its point
of origin in digital form; eliminating duplicated effort, potential for errors, and delays
associated with manually collecting source data then reentering into a computer
EDI (Electronic Data Interchange) CORRECT ANSWERS A method for exchanging
business data between or within organizations in a structured, machine retrievable
format
EDIFACT CORRECT ANSWERS The standard EDI (outside of North America.
Developed by the United Nations Economic Commission
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