Characteristics of Business and Business Functions Quiz

3. Matching: Match the business function with its description.
   A) Marketing
   B) Human Resources
   C) Finance
   D) Operations
   E) Information Technology
   F) Customer Service

   1. Manages employee relations and benefits (_)

   2. Handles the production and distribution of goods (_)

   3. Promotes and sells products (_)

   4. Manages financial resources (_)

   5. Provides support to customers (_)

   6. Manages technology and data (_)

• A, B, C, D, E F

• B, D, A, C, F, E

• B, F, A,C, E, D

• B, C, D, A, E,F

Answer explanation

The correct choice is B, D, A, C, F, E because Human Resources manages employee relations and benefits, Operations handles the production and distribution of goods, Marketing promotes and sells products, Finance manages financial resources, Customer Service provides support to customers, and Information Technology manages technology and data.

A business _____ describes how a company creates, delivers, and captures value.

Select all the types of business ownership that involve more than one owner.

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

Answer explanation

Partnership, Corporation, and Cooperative are the types of business ownership that involve more than one owner.

What is the primary goal of a business?

• To maximize profits

• To provide free products

• To have fun

• To lose money

Answer explanation

The primary goal of a business is to maximize profits, making it the correct choice.

Which type of business ownership offers limited liability to its owners?

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

Answer explanation

Corporation offers limited liability to its owners, making it the correct choice.

Which business function is responsible for managing the money and financial resources of a company?

• Marketing

• Operations

• Finance

• Human Resources

Answer explanation

The correct business function responsible for managing the money and financial resources of a company is Finance.

Which of the following is a popular business model used by many tech companies that offer services for free but charge for premium features?

• Subscription Model

• Freemium Model

• Pay-per-Use Model

• Franchise Model

Answer explanation

The correct choice is the Freemium Model, which is a popular business model used by many tech companies that offer services for free but charge for premium features.

Which of the following is NOT a type of business entity?

• Corporation

• Partnership

• Government

• Sole Proprietorship

Answer explanation

The correct choice is 'Government' because it is not a type of business entity, whereas Corporation, Partnership, and Sole Proprietorship are all types of business entities.

What is the primary purpose of market research in a business?

• To understand customer needs and preferences

• To increase the company's stock value

• To reduce the number of employees

• To expand the business internationally

Answer explanation

The primary purpose of market research in a business is to understand customer needs and preferences, which helps in making informed business decisions and developing products or services that meet customer demands.

Which of the following best describes the role of operations management?

• Managing the company's advertising campaigns

• Overseeing the production and delivery of products and services

• Handling the recruitment and training of new employees

• Managing the company's financial investments

Answer explanation

The role of operations management involves overseeing the production and delivery of products and services, making it the best description among the options provided.