Functional Areas of a Business

Functional Areas of a Business

Multiple Choice

The human resources function of a large organisation is most likely to support the finance function by:

• purchasing a new accounts package

• recruiting an additional employee

• updating its supplier database

• using social media to encourage more sales

Multiple Choice

Which functional area is most likely to purchase stationery supplies in a public sector organisation?

• Business support services

• Finance

• Procurement

• Sales

Multiple Choice

One of the reasons for separating business operations into functional areas is to allow each to operate within its area of expertise, thus building efficiency and effectiveness across the business as a whole.

• True

• False

Multiple Choice

What is the main function of the human resource department?

• In charge of everyday duties 
• Deals with money in the business
• In charge of making decisions about what customers want
• Deals with people working in a business

Multiple Choice

What is the main function of the finance department?

• Deals with people working in a business
• Deals with all aspects of making a product
• Deals with all aspects of money in a business
• Deals with what customers want

The barter system

What do you remember???

Multiple Choice

John made Total sales revenue is $55,000 and his Total cost is $50,000. John has made ____

• A loss of $5,000

• A profit of $5,000

• A loss of $55,000

• A profit of $55,000

Multiple Choice

Barter is BEST described as the

• Purchase of goods and services using cheques

• Exchange of goods and services using notes and coins

• Process of exchange involving the use of money

• exchange of goods and services without the use of money

Multiple Choice

Money or other items generally accepted as payment for goods and services.

• Measure of value

• Medium of exchange

• Scarcity

• Store of Value

Multiple Choice

Easily transferred from one person to another, to make the exchange of money for goods/services easier

• Durability

• Divisibility

• Portability

• Scarcity

Multiple Choice

Money has what if it can be broken down into smaller units so it can be used as needed?

• Divisibility

• Portability

• Scarcity

• Durability

Multiple Select

Which of the following is an essential feature of the barter system?

• Double coincidence of wants

• existence of money

• exchange of goods for money

• Availability of product

Multiple Select

The exchange of goods and services is made more efficient by:

• Barters

• Money

• Governments

• Some combination of government transfer and barter

Economic Systems

What do you remember???

Multiple Choice

Who or what answers the basic economic questions in a free market economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Multiple Choice

A _________ economy is a market-based system in which the government is involved to some extent.

• Traditional

• Planned/command

• Mixed

• Free Market

Multiple Choice

In this type of economy, the individual decides who to sell their products to.  

• Traditional 
• Mixed 
• Market
• Command

Multiple Choice

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

Multiple Choice

What type of economy do most countries in the world have?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

Multiple Choice

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?
• What to produce? How to produce? When to produce?

Multiple Choice

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Multiple Choice

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

Multiple Choice

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?

• Market
• Mixed
• Command
• Traditional

Forms of Businesses

Multiple Choice

Which of the following best describes the term limited liability? If the business fails:

• Personal possessions of the owner can be taken to pay any debts

• The owner is personally liable for all the debts of the business

• There is no limit on the amount the owner has to pay to settle debts

• The owner only loses the amount invested in the business

Multiple Select

Advantages of a partnership are:

• The partners split the profit

• Unlimited liability

• Raise more capital than a sole trader

• Share the workload

Multiple Select

The two forms of business ownership with unlimited liability are:

• Sole trader

• Public company

• Partnership

• Private company

Multiple Choice

The owners of a corporation are called

• Directors

• Partners

• Shareholders

• Founders

Multiple Choice

How is a general partnership organized?

• Every partner shares equally in both responsibility and liability

• The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership

• No partner is responsible for the debts of the partnership beyond his or her investment

• Only one partner is responsible for the debts of the partnership

Multiple Choice

Tony and Alex own a saloon together. They share equal responsibility and each receive 50% of the profits. What form of business organization is this?

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

Multiple Choice

Which is not limitation of sole proprietorship form of business?

• Limited Resources

• Limited Managerial Skill

• Limited liability

• Lack of continuity