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Questions and Answers
Explain the functional areas of a business and their interdependence.
Explain the functional areas of a business and their interdependence.
The functional areas of a business include human resources, finance, marketing, and operations management. These areas are interdependent, meaning they must work together to reach the organization’s goals. Human resources manage the personnel of the organization, finance manages the organization’s money, marketing is responsible for identifying and meeting the needs of customers, and operations management is responsible for converting raw materials into finished goods.
What are the 7 P’s of marketing and their significance?
What are the 7 P’s of marketing and their significance?
The 7 P’s of marketing are product, price, place, promotion, people, processes, and physical evidence. These elements are essential for identifying and meeting the needs and wants of customers, and for creating a successful marketing strategy.
What are the main responsibilities of the finance department in a business?
What are the main responsibilities of the finance department in a business?
The finance department is responsible for managing the organization’s money, ensuring accurate recording and reporting of financial documents to comply with legal requirements, such as taxation laws, and to inform stakeholders such as shareholders and potential investors.
How are businesses classified according to the stage of production they are engaged in?
How are businesses classified according to the stage of production they are engaged in?
What are the four sectors of industry and provide an example of each?
What are the four sectors of industry and provide an example of each?
What is the chain of production and how does it add value to an item?
What is the chain of production and how does it add value to an item?
Define entrepreneurship and list three characteristics of entrepreneurs.
Define entrepreneurship and list three characteristics of entrepreneurs.
What are some challenges faced when starting a business?
What are some challenges faced when starting a business?
Explain the opportunities for starting a business using the 'GET CASH' mnemonic.
Explain the opportunities for starting a business using the 'GET CASH' mnemonic.
What is capital growth and how does it benefit entrepreneurs?
What is capital growth and how does it benefit entrepreneurs?
Explain the concept of transference and inheritance in the context of entrepreneurship.
Explain the concept of transference and inheritance in the context of entrepreneurship.
What makes autonomy an attractive aspect for individuals pursuing entrepreneurship?
What makes autonomy an attractive aspect for individuals pursuing entrepreneurship?
How can entrepreneurship offer more job security compared to working for an employer?
How can entrepreneurship offer more job security compared to working for an employer?
What are some sources of revenue for entrepreneurs in business?
What are some sources of revenue for entrepreneurs in business?
Explain the potential relationship between entrepreneurship and hobbies.
Explain the potential relationship between entrepreneurship and hobbies.
What is the primary function of the chain of production in business?
What is the primary function of the chain of production in business?
Define the Quaternary Sector of the economy.
Define the Quaternary Sector of the economy.
What is the Chain of Production and what does it track?
What is the Chain of Production and what does it track?
Explain the concept of value addition in the chain of production with an example.
Explain the concept of value addition in the chain of production with an example.
What are the characteristics of entrepreneurs?
What are the characteristics of entrepreneurs?
What are some challenges for starting a business?
What are some challenges for starting a business?
What are some opportunities for starting a business?
What are some opportunities for starting a business?
Explain the concept of Capital Growth for entrepreneurs.
Explain the concept of Capital Growth for entrepreneurs.
What is the cultural norm related to transference and inheritance for entrepreneurs?
What is the cultural norm related to transference and inheritance for entrepreneurs?
What is the significance of autonomy for self-employed individuals?
What is the significance of autonomy for self-employed individuals?
How can entrepreneurship offer more job security than working for an employer?
How can entrepreneurship offer more job security than working for an employer?
What are some sources of revenue for entrepreneurs?
What are some sources of revenue for entrepreneurs?
What is the role of an individual in Entrepreneurship?
What is the role of an individual in Entrepreneurship?
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