Chap 1-Part 2

Question 1

Why is technology in businesses so important

Answer 1

Technology has become a critical factor for obtaining and managing information and knowledge

Question 2

How is business conducted in Canada

Answer 2

Canada has a mixed-economy system. Based upon the private entreprise system (capitalism or market economy). Governement intervenes to protect the interest of society

Question 3

What are functionnal areas

Answer 3

Functional areas are seperated departements where business activities are grouped by skills and tasks

Question 4

How many functional areas of business are there

Answer 4

There are 7 different functional areas

Question 5

What are the names of the seven functionnal areas

Answer 5

• Accounting and finance function area
• Human resource function area
• Information technology function area
• Sales and marketing function area
• Customer services function area
• Research and developpement function area
• Operations function area

Question 6

What does Accounting and finance consist of

Answer 6

An important function of accounting and finance is the production of financial reports that senior managers use to make critical decisions about the direction the business should take.

Question 7

What does the Operations function consist of

Answer 7

Responsible for managing the resources used to produce and deliver the company’s products and services.

Question 8

What does the R&D function consist of

Answer 8

Research and development is a long-term investment that supports the company’s future growth by improving existing products and developing new products that the company can produce and sell to customers.

Question 9

What does the IT function consist of

Answer 9

Experts working in IT advise on opportunities to use new technologies that can benefit the business, and work to protect the integrity and safety of valuable data required by the organization.

Question 10

What does Sales and marketing function consist of

Answer 10

Researching to identify opportunities to develop and sell products that will satisfy the needs of customers. The marketing function is closely linked with sales.

Question 11

What does the Customer service function mean

Answer 11

For a business to remain successful in the long term, it must work to ensure that customers are satisfied with the goods and services purchased from the company.

Question 12

What does HR function consist of

Answer 12

Responsible for ensuring that the organizations hires, develops, and retains talent needed so the organization can achieve its objectives.