30+ Reality-Bit Interview Questions and Answers

Window dressing of balance sheet refers to manipulating financial statements to make a company appear more financially stable than it actually is.

• It involves using accounting tricks to improve the appearance of financial ratios and metrics.

• Examples include inflating revenue, deferring expenses, and understating liabilities.

• Window dressing is often used to impress investors or lenders, but it can be misleading and unethical.

• It can also be a red flag for potential financial pro...read more

The 95th percentile is a statistical measure that represents the value below which a certain percentage of observations fall.

• The 95th percentile is the value below which 95% of the data falls.

• It is commonly used in finance, healthcare, and other fields to analyze data distribution.

• For example, if a test score is at the 95th percentile, it means that 95% of test takers scored below that score.

Triangles can be used in actuarial analysis to calculate reserves by grouping data into different time periods.

• Triangles help in analyzing the development of claims over time

• They are typically used for calculating reserves in insurance companies

• The data is grouped into different triangles based on the time period, such as accident year and development year

Privacy issues encountered include data breaches, unauthorized access, and lack of transparency.

• Data breaches resulting in exposure of personal information

• Unauthorized access to sensitive data by employees or hackers

• Lack of transparency in data collection and usage

• Difficulty in obtaining consent for data sharing

• Challenges in ensuring data accuracy and security

• Potential for discrimination based on collected data

• Issues with data retention and disposal

• Concerns with third-party d...read more

If expenses exceed accrued amount, adjust the accounts by debiting expenses and crediting accrued expenses.

• Debit the expenses account to reflect the actual amount paid

• Credit the accrued expenses account to reduce the amount accrued

• The difference between the payment and the accrued amount will be recorded as an expense in the income statement

• Adjust the accounts to ensure accurate financial reporting

Journal entry of drawings from own proprietary business

• Create a journal entry with the date of the transaction

• Debit the drawings account and credit the owner's equity account

• Include the amount of the drawings in the entry

• Example: On 1/1/2021, $500 was withdrawn from the business for personal use. Debit Drawings for $500 and credit Owner's Equity for $500

Economies of scale refer to the cost advantages that a business can achieve due to an increase in production or scale of operation.

• Economies of scale occur when the average cost per unit decreases as the volume of production increases.

• This can be achieved through factors such as bulk purchasing, specialization of labor, and increased efficiency in production processes.

• Examples include a factory being able to produce more units at a lower cost per unit as it increases its prod...read more

Acceptance criteria and Definition of Done are two different things that are used to measure the success of a project.

• Acceptance criteria are the conditions that a product or service must meet to be accepted by the customer or stakeholder.

• Definition of Done is a checklist of all the tasks that must be completed before a project can be considered complete.

• Acceptance criteria are used to determine whether a product or service meets the customer's needs and expectations.

• Definiti...read more

Mortality tables are used by actuaries to predict the likelihood of death at different ages.

• Mortality tables provide data on the probability of death at different ages, which is crucial for calculating life insurance premiums and pension plans.

• Actuaries use mortality tables to estimate life expectancies and determine appropriate reserves for insurance companies.

• These tables are also used to analyze trends in mortality rates over time and make projections for future mortality ...read more

Economies of scale refer to the cost advantages that a business can achieve due to an increase in production or scale of operation.

• Economies of scale result in lower average costs as production increases.

• Examples include bulk purchasing discounts, specialization of labor, and increased efficiency in production processes.

• Businesses can benefit from economies of scale by spreading fixed costs over a larger quantity of goods or services produced.

A random variable is a variable whose possible values are outcomes of a random phenomenon.

• Random variables can be discrete or continuous.

• Discrete random variables have a finite or countably infinite number of possible values.

• Continuous random variables can take any value within a range.

• Examples include the number of heads in multiple coin flips (discrete) and the height of a person (continuous).

Joins are used to combine rows from two or more tables based on a related column between them.

• Types of joins include INNER JOIN, LEFT JOIN, RIGHT JOIN, and FULL JOIN

• INNER JOIN returns rows when there is at least one match in both tables

• LEFT JOIN returns all rows from the left table and the matched rows from the right table

• RIGHT JOIN returns all rows from the right table and the matched rows from the left table

• FULL JOIN returns rows when there is a match in one of the tables

To add a date table in Power BI, you can create a new table with a list of dates and relationships with other tables.

• Create a new table in Power BI with a list of dates

• Add columns for day, month, year, etc. for additional analysis

• Establish relationships between the date table and other tables in the data model

I prioritize tasks, communicate with stakeholders, and adjust timelines as needed.

• Prioritize tasks based on importance and impact on project goals

• Communicate with stakeholders about the situation and potential impact on deadlines

• Adjust timelines by reevaluating priorities and resources available

• Seek input from team members to identify potential solutions or adjustments

• Example: If a feature takes longer to develop than initially estimated, I may reprioritize other tasks or all...read more

Acid test ratio is a financial metric used to measure a company's ability to pay off its short-term liabilities with its current assets.

• Also known as quick ratio

• Formula: (Current Assets - Inventory) / Current Liabilities

• A ratio of 1 or higher is considered good

• Helps assess a company's liquidity and financial health

Trueing up expenses involves reconciling actual expenses with recorded expenses in the books.

• Review all expenses recorded in the books

• Compare them with actual expenses incurred

• Make adjustments for any discrepancies found

• Ensure all expenses are accurately reflected in the books

• Document the true-up process for future reference

Scrum is an agile framework for managing and completing complex projects.

• Scrum helps teams to work collaboratively and deliver high-quality products in a timely manner.

• It emphasizes on iterative and incremental development, continuous improvement, and customer feedback.

• Scrum consists of three roles: Product Owner, Scrum Master, and Development Team.

• It also includes four ceremonies: Sprint Planning, Daily Scrum, Sprint Review, and Sprint Retrospective.

• Scrum uses artifacts such...read more

Sum adds all values in a range, while Sumif adds values based on a condition.

• Sum: =SUM(A1:A5) adds all values in range A1 to A5

• Sumif: =SUMIF(A1:A5,">3") adds values in range A1 to A5 where value is greater than 3

Implemented AGILE methodology in developing a mobile application

• Used Scrum framework to divide work into sprints

• Held daily stand-up meetings to discuss progress and roadblocks

• Prioritized backlog items based on customer feedback

• Conducted sprint reviews and retrospectives to continuously improve

• Delivered a functional and user-friendly mobile app on time and within budget

Options are choices or alternatives that are available to a person or organization.

• Options provide flexibility and allow for decision-making.

• Examples of options include different insurance policies, investment opportunities, or career paths.

• Options can also refer to financial instruments such as stock options or futures contracts.

I manage parallel test execution by using test automation frameworks and tools to run multiple tests simultaneously.

• Utilize test automation frameworks like Selenium Grid or TestNG to run tests in parallel

• Leverage cloud-based testing platforms like Sauce Labs or BrowserStack for parallel test execution

• Implement parallel test execution in CI/CD pipelines using tools like Jenkins or Travis CI

• Use containerization technologies like Docker to spin up multiple test environments for ...read more

WTW is a global company providing risk management and insurance brokerage services.

• WTW stands for Willis Towers Watson.

• It is a leading global advisory, broking, and solutions company.

• They help clients turn risk into a path for growth.

• WTW operates in over 140 countries.

• Services include insurance brokerage, reinsurance, and consulting.

Central Limit Theorem states that the sampling distribution of the sample mean approaches a normal distribution as the sample size increases.

• Central Limit Theorem is a fundamental concept in statistics that states that the sampling distribution of the sample mean will be approximately normally distributed, regardless of the shape of the population distribution.

• It is important because it allows us to make inferences about a population mean based on a sample mean.

• The theorem ho...read more

Cash flow statement shows the inflow and outflow of cash, budgeting is planning for future expenses, forecasting is predicting financial outcomes.

• Cash flow statement shows the sources and uses of cash in a business

• Budgeting involves setting financial goals and creating a plan to achieve them

• Forecasting involves predicting future financial outcomes based on historical data

• Examples of cash flow statements include operating activities, investing activities, and financing activit...read more

Expected CTC and shift timing are negotiable based on job requirements and responsibilities.

• Expected CTC is based on industry standards, company budget, and candidate's experience.

• Shift timing flexibility depends on project deadlines, team collaboration, and stakeholder availability.

• Open to discussing CTC and shift timing during the negotiation phase.

This question seems unrelated to the Claims Analyst position and may require clarification.

• Ask for clarification on the question's relevance to the job

• Ask for more information on what '11' and '3 stick' refer to

• Attempt to solve the puzzle if it is indeed a riddle

I am using a hybrid automation framework which combines data-driven and keyword-driven approaches.

• Combines data-driven and keyword-driven testing

• Uses reusable functions and libraries

• Supports both web and mobile testing

• Allows for easy maintenance and scalability

Discrete variables can only take on specific values, while continuous variables can take on any value within a range.

• Discrete variables have distinct and separate values, such as number of children in a family.

• Continuous variables can take on any value within a range, such as height or weight.

• Discrete variables are usually counted, while continuous variables are measured.

• Discrete variables often involve integers, while continuous variables involve real numbers.