Business Functions, Technology, Data Protection & Cyber Security

What is the primary role of the Finance Department in an organization?

• To manage the company's marketing strategies

• To ensure that relevant information is accurate and communicated in good time

• To handle the production of goods and services

• To directly engage in selling products and services

How does the finance function support operations and production?

• By providing legal advice to the company

• By managing the company's sales strategies

• By supporting relationships with suppliers, managing credit accounts, and controlling inventory

• By directly engaging in the production of goods and services

What is one way the finance function contributes to the budgeting process?

• By setting sales volumes and prices

• By compiling information about standard product costs and organisational overheads

• By designing products

• By handling logistics and distribution

What is the difference between operations and marketing and sales operations?

• Operations manage the delivery of services, while marketing and sales generate revenue

• Operations handle legal matters, while marketing and sales focus on production

• Operations focus on budgeting, while marketing and sales handle credit accounts

• Operations are primarily involved with logistics, while marketing and sales deal with inventory

What role does the finance function play in distribution and logistics?

• It directly manages the distribution and logistics operations

• It provides the staff and equipment for logistics

• It contributes by processing paperwork and providing advice

• It sets the performance indicators for logistics

What is the primary role of the Human Resources (HR) function in an organization?

• To manage the organization's hardware and software

• To support all other business functions by managing staff welfare and wellbeing

• To conduct long-term investment appraisals

• To ensure that the organization's IT needs are met

What type of budget does the HR function have?

• A budget that includes expenses for hardware and software

• A budget that includes expenses for recruitment and staff training as well as wages, salaries, expenses and benefits

• A budget solely for expected sales revenue

• A budget for investment in IT

How does the HR function provide information to the finance function?

• By preparing long-term investment appraisals

• By providing authorised timesheets and leave information

• By conducting cost-benefit analyses

• By managing the organization's hardware and software

What is the relationship between IT and the finance function?

• IT is responsible for managing the finance function's staff welfare and wellbeing

• IT contributes to the finance function by supporting performance indicator monitoring and long-term investment appraisals

• IT has no significant role in the finance function

• IT is only involved in data security for the finance function

What is a benefit of cloud accounting?

• It requires physical storage of data on-site

• It can only be accessed from a specific location

• It allows for real-time data access and can be accessed remotely

• It is less secure than traditional accounting methods