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Six Functions of Business

Six Functions of Business. Objective: Understand the six activities/functions that are critical to operating a business. Functions of Business. Accounting—recording and reporting financial activity and transactions Examples: Paying bills Collecting money from customers Paying taxes

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Six Functions of Business

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  1. Six Functions of Business Objective: Understand the six activities/functions that are critical to operating a business.

  2. Functions of Business • Accounting—recording and reporting financial activity and transactions • Examples: • Paying bills • Collecting money from customers • Paying taxes • Preparing employee payroll checks • Reconciling bank statements • Investing cash • Purchasing inventory

  3. Functions of Business • Management • Makes sure that the entire organization meets its goals and obligations • Effectively works with people in the organization • Uses available resources to accomplish the organizations’ goals

  4. Functions of Business • Marketing • Satisfies the needs and wants of consumers through exchange • Based on four “P’s” • Product • Price (establishing the price of the product) • Placement (placing the product in attractive and convenient sales locations) • Promotion (advertising)

  5. Functions of Business • Information Technology • Uses technology to share knowledge, facts, and data with others (co-workers, customers, and suppliers) • Examples: • Maintains e-mail accounts • Maintains software applications • Maintains processing systems • Maintains hardware for all technology used

  6. Functions of Business • Operations • Considered the “back office” • Involves behind the scenes paperwork required to complete all transactions • Found in both the service and the manufacturing sector

  7. Functions of Business • Human Resources • Manages “people” relations within the company • Helps workers develop the skills and knowledge needed to be successful on the job • Responsible for hiring and firing of employees • Selects employee benefits and enrolls all employees in the benefits (insurance, retirement, etc.) • Helps employees pursue educational opportunities

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