Close Corporation Formation and Ownership Quiz
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Questions and Answers

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?

    <p>Govern the operation of computers</p> Signup and view all the answers

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

    <p>Databases</p> Signup and view all the answers

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

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

    What is the main function of system software?

    <p>Controlling basic computer operations</p> Signup and view all the answers

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

    <p>Application software</p> Signup and view all the answers

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

    <p>Organizing facts and information</p> Signup and view all the answers

    How do telecommunications and networks help people communicate?

    <p>Through effective electronic mail and voice mail</p> Signup and view all the answers

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

    <p>Databases</p> Signup and view all the answers

    What does telecommunications enable organizations to do?

    <p>Carry out processes and tasks through effective computer networks</p> Signup and view all the answers

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

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

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

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

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

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

    What must a close corporation appoint, unlike a company?

    <p>An accountant</p> 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?

    <p>The Company</p> Signup and view all the answers

    What does the legal personality of a company imply?

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

    What is the primary function of information systems?

    <p>Processing and manipulating information</p> Signup and view all the answers

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

    <p>Employee time cards</p> Signup and view all the answers

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

    <p>Reading bar codes at a grocery store</p> Signup and view all the answers

    What characterizes accurate input in an information system?

    <p>Desired output achieved</p> Signup and view all the answers

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

    <p>Providing results or information</p> Signup and view all the answers

    Why is accurate input critical in an information system?

    <p>To ensure desired output is achieved</p> Signup and view all the answers

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

    <p>Transaction processing systems and decision support systems</p> Signup and view all the answers

    What do procedures in a CBIS typically include?

    <p>Guidelines on how and when to run programs</p> Signup and view all the answers

    Who are some of the users of a CBIS?

    <p>Financial executives and manufacturing operators</p> Signup and view all the answers

    What kind of systems are used to provide alternatives for large-scale projects in organizations?

    <p>Decision support systems</p> Signup and view all the answers

    Which types of personnel are also sometimes computer users?

    <p>IS personnel</p> Signup and view all the answers

    What do some procedures in a CBIS describe regarding database access?

    <p>Who has access to fact in the database</p> Signup and view all the answers

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