Podcast
Questions and Answers
Which of the following best describes the role of the financial function within a business?
Which of the following best describes the role of the financial function within a business?
- Managing employee relations and resolving workplace conflicts.
- Ensuring all tech infrastructure is well maintained.
- Developing marketing strategies and promoting products or services.
- Overseeing day-to-day administrative tasks and office organization.
- Determining capital needs, securing funding, and allocating investments. (correct)
Unprocessed data found in tables and graphs can be directly used by managers to make informed decisions.
Unprocessed data found in tables and graphs can be directly used by managers to make informed decisions.
False (B)
Why is it important for businesses to back up information stored on electronic devices?
Why is it important for businesses to back up information stored on electronic devices?
To prevent data loss in case of damage
A business might use its fixed assets as ______ when applying for a bank loan.
A business might use its fixed assets as ______ when applying for a bank loan.
Match the following business function with its description:
Match the following business function with its description:
Flashcards
ICT
ICT
Information and Communication Technology used for communication and information handling.
Data vs Information
Data vs Information
Data is raw facts; Information is processed data providing knowledge for decisions.
Financial Function
Financial Function
Determines needed capital, sources, investment allocation, and ensures income covers costs.
Bank Loans
Bank Loans
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Importance of Financial Statements
Importance of Financial Statements
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Study Notes
Business Functions
- Technology is used for communication and information handling, referred to as ICT.
- Office practice includes staff duties, dress code, filing, and etiquette.
Data vs. Information
- Data: Raw, unprocessed facts (statistics, graphs, tables). Collected from other business functions. Needs processing to become information. Can be processed manually or with technology like computers.
- Information: Processed data, providing knowledge for decisions. Stored in files, boxes, computers, etc. Backups are crucial for electronic storage. Most businesses use electronic storage methods like memory sticks and CDs.
Financial Function
- Importance/Purpose: Determines capital needs, identifies capital sources, allocates capital, and ensures income covers raising capital costs. Financial statements are prepared to show financial health to banks and investors.
Sources of Financing
- Bank Loans: Money borrowed from a bank, repaid over time with interest. The borrower often uses a fixed asset as surety for the loan. Bank loans are commonly used for long-term financing.
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