Chapter 1 - Management Information Flashcards Preview

AAT Level 4 - Budgeting > Chapter 1 - Management Information > Flashcards

Flashcards in Chapter 1 - Management Information Deck (7)
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1
Q

List the five characteristics of good information

A
Relevant
Understandable
Timely
Consistent
Fit for purpose
2
Q

List some examples of internal sources of information

A
Sales orders
Customer complaints
Purchase invoices
Payroll records
Inventory records
3
Q

List some examples of external sources of information

A
Government statistics
Trade information 
Internet
Financial newspapers
Quotations 
Price lists
4
Q

What is the difference between primary data and secondary data?

A

Primary data is collected for a specific task whereas secondary data is collected by another user.

5
Q

What is the difference between quantitative and qualitative?

A

Quantitative data can be measured. Numerical format.

Qualitative data is not numerical, but it still provides useful information.

6
Q

What are the two main approaches to collecting data?

A

Census approach - data is collected from every item in the population.

Sampling approach - data is collected from a sample of the population.

7
Q

What are the six methods for selecting a sample?

A
Random 
Systematic
Stratified
Multi-stage
Cluster
Quota