1) Defines the organisation’s purpose and what it hopes to achieve a) Mission b) Vision c) Values d) Ethics 2) Are a set of written instructions on how to perform a function or activity a) VSOP b) SOP c) EFTPOS d) POS 3) Are a widely used method or model to minimise waste and deal with the complexity of inventory management a) Just-in-time (JIT) b) Just Do It! c) Just Jeans d) Justice 4) Summarises a company’s revenue and expenses for one quarter of a fiscal year or the entire fiscal year a) Income statement (AKA Profit & Loss) b) FASB c) Personal Expenses Report d) Fiscal reporting 5) Is the process of analysing and selecting investments with the highest Return on Investment (ROI) for the company a) Forecasting b) Auditing c) Financial Ratio Analysis d) Capital budgeting 6) When handling a company’s assets, the work of managers and employees needs to be subject to approval or authorisation. This financial control is known as a) IT Policy b) Oversight c) Segregation of duties d) Job rotation 7) More than one person should be familiar with each transaction cycle in the business wherever possible. This is made possible through a) Segregation of duties b) Job rotation c) Oversight d) IT Policy 8) Inbound logistics refers to receiving inventory a) True b) False 9) Outbound logistics refers to shipping inventory a) True b) False 10) The process of capital budgeting may include comparing alternative investments, for example, evaluating private cloud vs. public cloud computing options a) True b) False 11) Rotation of jobs helps prevent overreliance on a single individual—and is a way to expose fraudulent activities a) True b) False 12) Unannounced periodic walk-throughs of a process or review of how things are really being done can reveal existing or potential problem areas a) True b) False

Functional Business Systems

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