BM: Topic 1 - Characteristics and Functions of Business

What is the definition of business?

• An organization involved in professional commerce

• A for-profit organization involved in commercial activities

• An organization involved in industrial activities

• A non-profit organization involved in industrial commerce

Which business function is responsible for recruiting, hiring, and training employees?

• Strategy

• Information Management

• Human Resources

• Marketing

What is the purpose of a company's mission?

• To control daily functioning

• To compile information

• To solve a problem

• To achieve financial success

Which business function involves collecting, organizing, and analyzing data for informed decision-making?

• Operations

• Marketing

• Finance/Accounting

• Information Management

What does the Operations function of a business manage?

• Assets and liabilities

• Daily functioning and logistics

• Financial transactions and records

• Profitable products and services

What is the main goal of the Marketing function in a business?

• To manage financial assets

• To control daily functioning

• To connect with the target market

• To calculate sales transactions

Which business function focuses on recording and reporting financial transactions?

• Information Management

• Operations

• Finance/Accounting

• Strategy

What is the main responsibility of the Finance function in a business?

• To calculate sales transactions

• To manage assets and liabilities

• To manage the daily functioning

• To record and report financial transactions

How do all six business functions work together in a company?

• They have no relation to each other

• They operate independently

• They only focus on individual functions

• They work together to achieve the company's goals

What is the main purpose of the 6Cs of business?

• To describe the six functions of business

• To manage commercial activities

• To provide nursing care

• To focus on general education