Complete the outline with the correct term. The Six Functions of Business i. Human Resources ii. Strategy iii. Information Management iv. _______________ v. Marketing vi. Finance/Accounting
ITB Unit 1 Review (Lesson 1)

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Business
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10th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
Operations
Answer explanation
The missing function of business is “Operations.” Customer Service one of the Marketing functions. Mission is a company's purpose; its reason for being; the problem it is solving. Vision is an aspirational view of the future, that if the company is successful in accomplishing its mission, the company and/or world might look a certain way.
2.
FLASHCARD QUESTION
Front
What is the definition of business?
Back
The activity of making, buying, or selling goods or providing services in exchange for money.
Answer explanation
Business is defined as a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. Strategy is a route or plan of action designed to achieve certain organizational goals and objectives. Product/service management is a function of marketing and is all about improving existing products and developing new products in order to meet customer demands. Information Management is a business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions.
3.
FLASHCARD QUESTION
Front
Collecting, organizing, storing, and securing relevant data and information.
Back
Information Management
4.
FLASHCARD QUESTION
Front
Business is about ____________ managing business functions.
Back
people
Answer explanation
Business is about people managing business functions. Information is very important to help manage a business, and Information Management is one of the six business functions. Technology tools are very important to help manage business. Markets affect business decisions and the competitive landscape, and target markets are related to the business function of marketing.
5.
FLASHCARD QUESTION
Front
What is the meaning of professional?
Back
Customized services provided for a fee.
Answer explanation
Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. In this definition, industrial means anything that is manufactured, from cars to software. Commercial means the pursuit of a profit margin. Professional refers to customized, knowledge-based services provided for a fee. Information Management is a business function that involves people, processes, and systems that collect, organize, store and secure relevant data and information, and makes it accessible and useful for making informed decisions.
6.
FLASHCARD QUESTION
Front
Which business function is responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees?
Back
Human Resources
Answer explanation
Human Resources refers to the people assets who work for an organization, and the business function responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees. Accounting is the process of recording, maintaining, and reporting an organization’s financial transactions and records. Finance focuses on the management of the assets, liabilities, equity, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth. Strategy is a route or plan of action designed to achieve certain goals and objectives. Marketing 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.
7.
FLASHCARD QUESTION
Front
A company's purpose, reason for being, and problem it is solving is its:
Back
mission
Answer explanation
Mission is the term used to describe a company's purpose; its reason for being; the problem it is solving. A company’s mission informs its strategy. Reaching a target market is related to the business function of marketing. A profit margin is necessary to sustain a business’s operations, but usually is only achieved if a company knows what its purpose is and its strategy to provide solution/s to problem/s.
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