Fundamentals of Business - Business Operations

What is the definition of business?

• A for-profit or non-profit organization involved in commercial, industrial, or professional commerce.
• A route or plan of action designed to achieve certain organizational goals and objectives.
• Improving existing products and developing new products in order to meet customer demands.
• Collecting, organizing, storing, and securing relevant data and information.

Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. What is the meaning of commercial?

• The pursuit of a profit margin.
• Services provided for a fee.
• The improvement of services.
• Items that are manufactured.

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

• human resources
• finance/accounting
• strategy
• marketing

A company’s purpose, reason for being, and problem it is solving is its:

• mission
• profit margin
• target market
• strategy

Which business function is about collecting, organizing, storing, and securing relevant data and information in order to make informed decisions?

• information management
• human resources
• operations
• strategy

Which business function deals with the daily functioning of an organization, managing the inputs and outputs, and includes manufacturing, purchasing, and logistics?

• operations
• information management
• finance/accounting
• marketing

Which business function is the enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and for the benefit of society as a whole?

• marketing
• operations
• human resources
• information management

What is the process of recording, maintaining, and reporting an organization’s financial transactions and records?

• accounting
• finance
• marketing
• strategy

What focuses on the management of the assets, liabilities, and cash flow of an organization, financial analysis like ROI and ROE, and financial planning of future growth?

• finance
• accounting
• information management
• human resources

Which business function has its own eight functions including the 4Ps?

• marketing
• human resources
• strategy
• information management