BUS-001-Functions of Business
What is the process of recording, maintaining, and reporting an organization's financial transactions and records?
Accounting
A company's purpose, reason for being, and problem it is solving is its:
mission
Complete the statement with the best term. Business is about ___________ managing business functions.
people
Accounting
recording and reporting financial activity and transactions
What focuses on the management of the assets, liabilities, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth?
Finance
Which business function is responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees?
Human Resources
Which business function is about collecting, organizing, storing, and securing relevant data and information in order to make informed decisions?
Information Management
Operations
Involves behind the scenes paperwork required to complete all transactions Found in both the service and the manufacturing sector
Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. What is the meaning of industrial?
Items that are manufactured.
Management
Makes sure that the entire organization meets its goals and obligations Effectively works with people in the organization Uses available resources to accomplish the organizations' goals
Human Resources
Manages "people" relations within the company Helps workers develop the skills and knowledge needed to be successful on the job Responsible for hiring and firing of employees Selects employee benefits and enrolls all employees in the benefits (insurance, retirement, etc.) Helps employees pursue educational opportunities
Which business function has its own eight functions including the 4Ps?
Marketing
Which business function is the enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole?
Marketing
Which business function deals with the daily functioning of an organization, managing the inputs and outputs, and includes manufacturing, purchasing, and logistics?
Operations
Which business function helps to ensure quality control during manufacturing and distribution?
Operations
Marketing
Satisfies the needs and wants of consumers through exchange
Which business function is a route or plan of action designed to achieve certain goals and objectives?
Strategy
Which THREE business functions would work together to compile information in order to understand how to better connect to a company's target market?
Strategy, Information Management, Marketing
A specific procedure or action used to support strategy, in order to achieve goals and objectives, is called:
Tactic
Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. What is the meaning of commercial?
The pursuit of a profit margin.
Information Technology
Uses technology to share knowledge, facts, and data to others (co-workers, customers, and suppliers)
What is the definition of business?
Business is defined as a profit-making activity that provides products and services to satisfy human needs. It is a broad term encompassing a range of actions and institutions. It covers management, manufacturing, finance, trade, service, investment and other activities.
Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. What is the meaning of professional?
Customized services provided for a fee.
