business functions Flashcards
definitions:
operations, marketing , finance, human resources
operations - activities to make a product/service
marketing - activities to make consumers want to buy product (4 Ps)
Human resources - activities to do with people side, (hiring, staff wellbeing)
ethical business behaviour
focus on economic (financial goals), environmental (recycling, reducing greenhouse gases) and social (community events/charities) performance
3 quality managements
quality control - using inspections at different during the production process
quality assurance - using a system to achieve certain standards
quality improvement - continually causing on improvements in all business functions
Fiancé statements.
cash flow statement
income statement (profit and loss statement, or revune statement )
balance sheet
Cash flow statement purpose
purpose to indicate the movement of cash receipts and cash payments resulting from transactions over a period of time
balance sheet purpose
helps monitor levels of debt and equity . shows the overall financial stability of the business
Total Assests = Total Liabilites
Income statements purpose
summary of the income earned and expenses incurred over a period of time
shows revenue, and how much profit or loss achieved