Functions of Business Quiz

Study Notes

Accounting: Records financial transactions related to a business. Provides information on profit/loss and liabilities. Examples include income tax planning and financial statement audits.
Customer Service: The support provided by a company to its customers. Improving customer relationships is important. Example responses include quick customer feedback and a positive attitude.
Finance: Manages money, including creation, study of money, and investments. Helps in budgeting and organizing business operations. Examples include purchasing assets and raw materials.
Human Resources (HR): Responsible for managing employees. Ensuring employee safety, health, and satisfaction are key aspects. Examples include payroll, employee relations, hiring, and workplace safety.
Information Technology (IT): Supports, maintains, repairs, and protects computer systems and data. IT enables businesses to be efficient and productive. Examples include computer programming, hardware installation, and data protection.

Management: Directs, plans, and upholds a business. Includes organizing and coordinating people. Examples include setting goals and leadership.
Marketing: Promotes and sells products or services. Increases brand awareness, drives profit, and supports business growth. Examples include TV commercials, billboards, and pricing strategies.
Operations: Activities needed to create goods and services. Effective management and supervision are crucial. Examples include planning, organizing, coordinating, and controlling production.
Research and Development (R&D): Gathers knowledge to create new products and improve existing ones. This leads to innovations and economic growth. Examples include product design and testing.
Sales: Activities related to selling goods or services. Helps businesses get qualified leads and customers. Examples include customer relations, conferences, and negotiations.