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Pricing Schools Business

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Business Functions and Financial Basics

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Questions and Answers

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.

False (B)

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.

<p>surety</p> Signup and view all the answers

Match the following business function with its description:

<p>Technology = Encompasses the use of ICT (Information and Communication Technology) for communication and information handling. Office Practice = Deals with the administrative staff duties, including dress code, filing, telephone etiquette, and internet usage. Financial Function = The process of securing capital funds, allocating investments and preparing financial statements.</p> Signup and view all the answers

Flashcards

ICT

Information and Communication Technology used for communication and information handling.

Data vs Information

Data is raw facts; Information is processed data providing knowledge for decisions.

Financial Function

Determines needed capital, sources, investment allocation, and ensures income covers costs.

Bank Loans

Money borrowed from a bank, repaid with interest, used for long-term financing.

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Importance of Financial Statements

Prepared to show financial health to banks/investors and secure funding.

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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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Description

This quiz covers essential business functions such as ICT, office practice, and the difference between data and information. It also explores the financial functions, including the importance of capital allocation and sources of financing. Test your understanding of these key concepts in business management.