Role of Finance

What is the primary responsibility of the finance functional area?

• Managing the company's marketing strategies

• Recruiting and managing staff

• Overseeing the production of goods

• Managing the money coming into and going out of the business

What tasks does the finance department handle?

• Designing marketing campaigns

• Raising finance, paying wages, and allocating budgets

• Product development and innovation

• Managing customer service inquiries

How does the finance department ensure the business has enough money?

• By hiring new employees

• By creating advertising campaigns

• By applying for loans and putting proposals together for investors

• By conducting market research

What is the goal of the finance department when paying wages and suppliers?

• To increase marketing expenses

• To minimize employee satisfaction

• To maximize production costs

• To do so in the most efficient way possible

What does having a good overview of money flow allow the finance department to ensure?

• That the business can pay and be paid on time

• That new employees are recruited efficiently

• That the production line is efficient

• That the marketing strategies are effective

What is the purpose of creating financial statements?

• To report on the company's marketing effectiveness

• To evaluate the HR policies

• To assess the efficiency of production

• To report on the financial health of the business

What role does the finance department play in budget allocation?

• Allocating budgets for production materials only

• Allocating budgets to ensure financial longevity

• Allocating budgets for employee training only

• Allocating budgets for social events

Why is it important for departments to stick to their budgets?

• To guarantee unlimited marketing spend

• To allow for unplanned production increases

• To ensure all employees get a raise

• To ensure progress without overspending

What is the overall importance of the finance department?

• To oversee the company's social media presence

• To ensure the cafeteria menu is updated

• To monitor the overall financial health of the business

• To manage the company's IT infrastructure

What is the result of the finance department's work for the business?

• Increased social media followers

• Improved employee recreational facilities

• More efficient production lines

• Financial stability and the ability to continue trading