What Is Master Data Management

question 162

Multiple Choice

What is master data management?

• A) The time it takes for data to be stored or retrieved
• B) The practice of gathering data and ensuring that it is uniform, accurate, consistent, and complete
• C) The tests and evaluations used to determine compliance with data governance policies to ensure correctness of data
• D) When a company examines its data to determine if it can meet business expectations, while identifying possible data gaps

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Definitions:

Quantity Demanded

The complete volume of a good or service that individuals intend to acquire at a predetermined price within a set period.

Shortage

A situation in which the demand for a good or service exceeds its supply in a market.

Surplus

An excess of income or assets over expenditure or liabilities in a given period, indicating financial health.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, typically used to control costs for essential items like food and rent.