Marketing
A bakery surveys customers to find out which cakes they prefer. Which functional area is responsible?
Marketing
A shop records its daily sales and expenses to check out how well it is doing financially. Which functional area is responsible?
Finance/Accounting
What does HR stand for?
Human Resources
A bakery orders flour, sugar, and eggs, then uses them to make cake. Name the two functional areas involved in these activities.
Production and purchasing
What is a stakeholder?
A person or group interested in or affected by a business.
What is marketing?
What is finance/Accounting?
Managing money and recording financial transaction.
A supermarket interviews applicants and chooses someone to work as a cashier. Which functional area is responsible?
Human Resources
What is Production?
The process of making goods or providing services
Who are the people who own a business?
Owners
Name one way businesses can advertise its products.
Social Media
Name one example of money coming into a business
Sales revenue or money received from customers
Why is training important for employees?
It improves workers' skills and helps them preform their jobs properly.
What is purchasing in a business?
Buying the materials, supplies, and equipment a business needs.
State two interests of employees in a business.
Receiving fair wages and having safe working conditions.
State two functions of the marketing department.
Advertising products and researching needs and wants
State two functions of the Finance/Accounting department?
Recording income and expenses ; preparing financial statements
State two functions of Human Resources
Recruiting employees and providing training.
State two functions of the production department.
Producing goods and checking product quality.
Explain the role of suppliers and give one activity they preform.
Suppliers provide goods or materials; for example, delivering raw materials to a factory.
Why is market research important to a business?
It helps a business understand customers and make better decisions about products.
What is financial Statement used for?
To show information about a business's financial performance or position
Name one function of the human resource department.
Hiring workers, training employees, or managing staff.
Give two reasons why a business should choose its suppliers carefully.
To obtain good quality, supplies and get reasonable prices.
A business borrows money from a bank to open another branch. Identify the stakeholder providing the money and explain its role.
A financial institution, such as a bank. It provides financial services and may lend money to businesses.