HR Operations - Business Functions in Organization

Question 1

Accounting

Answer 1

Collects & processes all financial information via. activities and reports.

Question 2

Details of Accounting

Accounts Payable

Answer 2

The amount an org. owes to its creditors/suppliers.

Question 3

Details of Accounting

Accounts Receivable

Answer 3

Amount customers owe to the org. for the services they didn’t pay for.

Question 4

Details of Accounting

Payroll

Answer 4

Process of paying employees - wages and salaries earned by the employees per pay period.

Question 5

Details of Accounting

Reporting

Answer 5

Compilation of financial infomration disclosing the org’s financial status to stakeholders.

Question 6

Details of Accounting

Financial Controls

Answer 6

Policies/procedures that are designed to prevent/detect accounting errors/fraud.

Question 7

Functions of Finance

Answer 7

• Manages acquisition of funds, managing them, and plans for spending them.
• Achieves financial goals of org.

Question 8

Operations Management

Answer 8

Their purpose is to make sure they create the highest level of efficiency.

Question 9

Business Operations Management (OM)

Answer 9

Manages systems and processes that produce goods/services.

• Balance cost and revenue to maximize profits.

Question 10

Marketing

Answer 10

Promotes/distributes a product.

Question 11

Sales

Answer 11

Promotes/selling product or service.

Question 12

Marketing + Sales - Outcome

Answer 12

If they collab well together, they will attract and retain clients while increasing sales.

Question 13

Cash Flow Metrics

Answer 13

Data that examines money coming into and going out of a business.

Question 14

Return on Investment

Answer 14

How much made/lost on an investment/project after accounting for cost.

ROI = Net Return/Cost of Investment

Question 15

Return on Equity

Answer 15

Measure of a company’s financial performance - shows relationship between org profits and investor’s return.

• Basically shows if $ is being used wisely.

ROE = Net Income/Average Total Equity

Question 16

Sales Metrics - Acquisition of Customers

Answer 16

Measures effectiveness of an organization’s promotional campaigns.

Question 17

Sales Metrics - Acquisition of Customers

Lead

Answer 17

Potential customers - those who express interests in goods.

Question 18

Sales Metrics - Acquisition of Customers

Leads Generated

Answer 18

Total $ of leads acquired for a given period of time.

Question 19

Sales Metrics - Acquisition of Customers

Sales Funnel

Answer 19

Representation of a buyer’s journey to becoming a customer.

Question 20

Sales Metrics - Acquisition of Customers

Question 20

Sales Metrics - Acquisition of Customers

Lead Conversion

Answer 20

Converting leads into customers.

Question 21

Sales Metrics - Customer Acquisition Success

Average Transaction Value

Answer 21

Measures the avg. amount of $ spent per transaction from the customer.

Question 22

Sales Metrics - Customer Acquisition Success

Opprotunity Success Rate

Answer 22

Measures success of sales teams and org of converting potential customers into paying customers.