Functions of a Business

There are __________________________ functions of a business.

• 1

• 2

• 3

• 4

The main reason a business exists in a free-market economy are to provide ________________ and ______________ to consumers and to obtain a profit.

• jobs, opportunities

• products, services

• life skills, training

• a paycheck, helping hand

The _________________ function creates or obtains products or services for sale; in other word it takes goods from its raw material stage and changes them to a finished product.

• Production

• Managerial

• Financial

• Advertising

All businesses in a ________________ economy need to complete marketing activities in order to make their products and services available to consumers.

• financial

• marketing

• industrial

• large

The goal of marketing is to _________________ as many customers as possible, so that the products succeed in the market place

• hail

• talk to

• surprise

• attract

Which of the following is not an example of a marketing technique?

• Books

• Leaflets and flyers

• Word of mouth

• Social media

Which is not an example of a marketing technique?

• Samples

• Celebrations

• Posters

• Media

Setting goals, determining how goals can be met and deciding how to respond to the actions of competitors is the role of _______________________.

• Industry

• Human Resources

• Management

• Finance

One of the first responsibilities of _____________is determining the amount of capital needed for the business and how the capital will be obtained.

• Management

• Production

• Advertising

• Finance

To obtain the capital to start a business the entrepreneur can choose from these options to obtain money. Note: Select all answers that apply.

• Borrowing from a bank

• Winning the lottery

• Borrowing money from a friend

• Using money from personal savings account