Define data, information, and how the value of information is determined
What will be an ideal response?
Answer: Data: facts that are collected, entered, recorded, stored, and processed by an AIS. Information: data that has been organized and processed and is meaningful to its users. Such information is accessible, relevant, timely, reliable, verifiable, complete, and understandable. Information is of value when the benefits received from using or acting upon it outweigh the cost to produce the information.
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Food Corp. owned a restaurant called The Ambers. The corporation's president, T.J. Jones, hired a contractor to make repairs at the restaurant, signing the contract, "T.J. Jones for The Ambers." Two invoices for restaurant repairs were paid by Food Corp. with corporate checks. Upon presenting the final invoice, the contractor was told that it would not be paid. The contractor sued Food Corp. Which of the following statements is correct regarding the liability of Food Corp.?
A. It is not liable because Jones is liable. B. It is not liable because the corporation was an undisclosed principal. C. It is liable because Jones is not liable. D. It is liable because Jones had authority to make the contract.
The price of a product or service should ideally be higher than the demand for that product or service
Indicate whether the statement is true or false