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Business 205

Review Questions

1.Describe the information explosion.

The current information explosion means that information is doubling every three years. As individuals and employees, we deal with increasing amounts of information from all information channels. Increased volumes of information is difficult to manage and even more difficult to retrieve when needed. Records and information management is even more important now in the Information Age.

Business 205

Review Questions

2. What is the role of records and information

management in an organization? Records and information management plays an important role in an organization: it provides up-to-date information in the right form, at the right time, in the right place to make business decisions. Management functions of planning, organizing leading, and controlling are important facets of records and information management. Records Management is the systematic control of records from their creation or receipt through their processing, distribution, organization, storage, and retrieval, to their ultimate disposition.

Business 205

Review Questions

3. What is the purpose of ISO 15489?

ISO (the International Organization of Standardization)

15489 is a standard for records management policies and

procedures. The purpose of ISO 15489 is to ensure that records are protected and the evidence and information they contain can be retrieved by following standard practices and procedures.

Business 205

Review Questions

4. What are the main classification for records?

What types of records are commonly found

in each classification? Three main classifications of records and common records in each class are as follows: (a) by use (transaction documents used for day-to-day business operations and reference documents used for broader , long-term business functions); (b) by location of use such as external and internal records; and (c) by value of the record to the firm.

Business 205

Review Questions

4. What are the main classification for records? What types of

records are commonly found in each classification? (continued) Transaction documents include business forms; common reference documents include planning reports, catalogs, price lists, and engineering specifications. Each of the records classified by use can also be reclassified in terms of their place of use. For example, business letters are usually sent to persons (customers or suppliers) outside the firm. Business forms such as purchase orders are similarly sent to suppliers, although copies are retained within the firm as internal records.

Business 205

Review Questions

4. What are the main classification for records? What types of

records are commonly found in each classification? (continued) Price lists from suppliers are created outside the firm but received and used within the firm. Records may be classified by the value of the record to the form as mentioned previously. Vital records, such as legal papers and articles of incorporation, must be protected through their retention period, which may be indefinite. Important records, as accounts receivable and sales records, are retained for continuing operations of the firm.

Business 205

Review Questions

4. What are the main classification for records? What types of

records are commonly found in each classification? (continued) They may also require protection. Useful records such as routine correspondence and bank statements are easily replaced or will have minimal impact if destroyed.

Business 205

Review Questions

1.Describe the information explosion.

The current information explosion means that information is doubling every three years. As individuals and employees, we deal with increasing amounts of information from all information channels. Increased volumes of information is difficult to manage and even more difficult to retrieve when needed. Records and information management is even more important now in the Information Age.

Business 205

Review Questions

2. What is the role of records and information

management in an organization? Records and information management plays an important role in an organization: it provides up-to-date information in the right form, at the right time, in the right place to make business decisions. Management functions of planning, organizing leading, and controlling are important facets of records and information management. Records Management is the systematic control of records from their creation or receipt through their processing, distribution, organization, storage, and retrieval, to their ultimate disposition.

Business 205

Review Questions

3. What is the purpose of ISO 15489?

ISO (the International Organization of Standardization)

15489 is a standard for records management policies and

procedures. The purpose of ISO 15489 is to ensure that records are protected and the evidence and information they contain can be retrieved by following standard practices and procedures.

Business 205

Review Questions

4. What are the main classification for records?

What types of records are commonly found

in each classification? Three main classifications of records and common records in each class are as follows: (a) by use (transaction documents used for day-to-day business operations and reference documents used for broader , long-term business functions); (b) by location of use such as external and internal records; and (c) by value of the record to the firm.

Business 205

Review Questions

4. What are the main classification for records? What types of

records are commonly found in each classification? (continued) Transaction documents include business forms; common reference documents include planning reports, catalogs, price lists, and engineering specifications. Each of the records classified by use can also be reclassified in terms of their place of use. For example, business letters are usually sent to persons (customers or suppliers) outside the firm. Business forms such as purchase orders are similarly sent to suppliers, although copies are retained within the firm as internal records.

Business 205

Review Questions

4. What are the main classification for records? What types of

records are commonly found in each classification? (continued) Price lists from suppliers are created outside the firm but received and used within the firm. Records may be classified by the value of the record to the form as mentioned previously. Vital records, such as legal papers and articles of incorporation, must be protected through their retention period, which may be indefinite. Important records, as accounts receivable and sales records, are retained for continuing operations of the firm.

Business 205

Review Questions

4. What are the main classification for records? What types of

records are commonly found in each classification? (continued) They may also require protection. Useful records such as routine correspondence and bank statements are easily replaced or will have minimal impact if destroyed.