Close Corporation Formation and Ownership Quiz

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What are the components of a computer based information system (CBIS)?

Hardware, software, magnetic ink characters, computer equipment, output devices

Hardware, software, databases, telecommunications, people, procedures (correct)

Software, hardware, databases, telecommunications, output devices

Hardware, software, printers, automatic scanning devices, people

Which is NOT an example of a CBIS system according to the text?

Company’s payroll system

Orders entry system

Computer screens (correct)

Inventory control system

What is the purpose of computer hardware in a company's stores as mentioned in the text?

To increase customer satisfaction (correct)

To decrease revenues

To limit customer options

To decrease efficiency

What is the function of software in a computer based information system?

Govern the operation of computers Signup and view all the answers

Which of the following is part of a businesses technology infrastructure?

Databases Signup and view all the answers

What do input devices in computer hardware include as per the text?

Keyboards, automatic scanning devices, magnetic ink characters reading equipment Signup and view all the answers

What is the main function of system software?

Controlling basic computer operations Signup and view all the answers

Which type of software allows tasks like word processing or tabulating numbers?

Application software Signup and view all the answers

What is the main function of a database in a computer-based information system?

Organizing facts and information Signup and view all the answers

How do telecommunications and networks help people communicate?

Through effective electronic mail and voice mail Signup and view all the answers

What do most managers and executives consider the most valuable part of a computer-based information system?

Databases Signup and view all the answers

What does telecommunications enable organizations to do?

Carry out processes and tasks through effective computer networks Signup and view all the answers

What is required for each person who becomes a member of a corporation on registration?

To provide initial contribution of money, property, or services Signup and view all the answers

How can an individual become a member of an existing close corporation?

By acquiring the interest of an existing member with the agreement of all members Signup and view all the answers

What is included in the close corporation's founding statement?

Proposed name of the corporation, nature of business, personal details of members Signup and view all the answers

What must a close corporation appoint, unlike a company?

An accountant Signup and view all the answers

Which form of business was developed to meet the need for more capital than could be obtained through a sole proprietorship or partnership?

The Company Signup and view all the answers

What does the legal personality of a company imply?

Assets and liabilities are separate from those of the members or shareholders Signup and view all the answers

What is the primary function of information systems?

Processing and manipulating information Signup and view all the answers

In the context of an information system, what can be considered as an input?

Employee time cards Signup and view all the answers

Which of the following is an example of automated input process in an information system?

Reading bar codes at a grocery store Signup and view all the answers

What characterizes accurate input in an information system?

Desired output achieved Signup and view all the answers

In relation to an information system, what does the term 'output' refer to?

Providing results or information Signup and view all the answers

Why is accurate input critical in an information system?

To ensure desired output is achieved Signup and view all the answers

Which types of information systems are commonly used in business organizations?

Transaction processing systems and decision support systems Signup and view all the answers

What do procedures in a CBIS typically include?

Guidelines on how and when to run programs Signup and view all the answers

Who are some of the users of a CBIS?

Financial executives and manufacturing operators Signup and view all the answers