IBT | Functions of Business

Introduction to Business & Technology

What is Business & How does technology make it easier?

Open Ended

What is Business in your own words?

What is Business?

A Business is an organization that provides goods and services in an attempt to make a profit

Goods Vs. Services

• Businesses provide Goods and/or Services

• A Good is a tangible product. Something you can Reach out and touch.

• A Service is an act performed for compensation

Multiple Choice

Which of the following is an example of a good?

Open Ended

What are some examples of services a business can offer?

Family Ties

What does it mean to be related to someone?

Open Ended

What are some things we depend on our family for?

Interrelated

Interrelated things are connected. They compliment or depend on each other.

Functions of Business

Businesses have 8 Main functions that are interrelated

Accounting

Keeping track of financial transactions.

Finance

Funds needed for business activities. 

Production or Procurement

• Production is making the Product

• Procurement is obtaining or buying goods and/or services

Marketing

Promoting the Buying or Selling of a Good or Service

Sales

Revenue that a Business brings in from the sale of products and services. 

Revenue vs. Profit

• Revenue is money generated by sales of goods and services

• Profit is the amount of money that remains after expenses are paid

• Expenses are simply the cost of doing business

Management

Coordinating & Organizing the activities associated with running a business. 

Human Resources

Dealing with people & issues related to people

Information Technology

The use of computers to store, retrieve, and send information

How are the functions of Business Interrelated?

Multiple Choice

An organization that provides goods & services

• Business

• Corporate Entity

• Insurance Company

• Stocks & Bonds

Multiple Choice

What does a grocery store provide?

• Goods

• Services

• Both

Multiple Choice

Things that are interrelated are connected. They compliment or depend on each other.

• NoCap (True)

• Cap (False)

Open Ended

Provide an example of something that is interrelated.

Multiple Choice

How many functions of business did we discuss?

• 7

• 8

• 5

• 6

Multiple Choice

Which of the following are not Functions of Business we discussed?

• Marketing & Sales

• Accounting & Finance

• Production & Information Technology

• Asset Management & Risk Management

• Management & Human Resources

Multiple Choice

Alex organizes and runs the day to day business operations & activities for SneakerKing. Which function of Business is Alex associated with?

• Management

• Human Resources

• Sales

• Marketing

Multiple Choice

Janyell is the money person. All purchases or any funds needed for business activities have to be sent to her and approved first. Which Function of Business is Janyell most closely associated with?

• Accounting

• Sales

• Production

• Finance

Multiple Choice

Monte is responsible for getting people to buy shoes at from SneakerKing. His main job is to get people to make purchases and drive revenue. Which Function of Business is Monte most closely associated with?

• Sales

• Production

• Marketing

• Human Resources

Multiple Choice

Danielle uses the SneakerKing Instagram page to notify customers about new exclusive kicks dropping & deals. She also coordinates with local artist to promote the Sneaker King Brand. Which Function of Business is Danielle most closely associated with?

• Sales

• Marketing

• Production

• Finance

Multiple Choice

Jack keeps track of all financial transactions for SneakerKing using a Google Spreadsheet. What Function of Business is Jack most closely associated with?

• Accounting

• Sales

• Marketing

• Human Resources

Multiple Choice

Kisha interviews, hires, and trains new employees. Additionally she handles issues or complaints from employees. Which Function of Business is Kisha most closely associated with?

• Management

• Sales

• Human Resources

• Production

Multiple Choice

Jacob handles the inventory at SneakerKing. He's responsible for purchasing the shoes that SneakerKing has on their site and ensuring that inventory is fully stocked. Which Function of Business is Jacob associated with?

• Sales

• Production/Procurement

• Finance

• Accounting

Multiple Choice

David is responsible for creating and supporting computer systems that support the business activities at SneakerKing and making sure those systems are working correctly and efficiently. Which Function of Business is David associated with?

• Information Technology

• Production/Procurement

• Finance

• Accounting

Multiple Choice

It cost SneakerKing $100 to purchase the Jordan 12's from their supplier. Additionally they pay $10 per pair of shoes on shipping and packaging. The shoes sell for $215. How much does SneakerKing profit?

• $100

• $105

• $215

• $10

• $325