Role of Financial Management (HSC SSCE Business Studies): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Interdependence in business
Interdependence in business
Mutual reliance between key business functions
Four key business functions
Four key business functions
Operations, Marketing, Finance, Human Resources
Finance as 'lifeblood' of business
Finance as 'lifeblood' of business
Provides essential funding enabling all other functions
How finance supports operations
How finance supports operations
Funds raw materials, equipment, transformation processes
How finance supports marketing
How finance supports marketing
Funds advertising campaigns and market research
How finance supports HR
How finance supports HR
Pays wages/salaries, funds training & development
Reciprocal relationship in business
Reciprocal relationship in business
Finance funds functions; they generate income for finance
Operations' contribution to finance
Operations' contribution to finance
Produces goods/services that customers purchase
Marketing's contribution to finance
Marketing's contribution to finance
Promotes products and generates sales revenue
Why financial managers must collaborate
Why financial managers must collaborate
To allocate resources efficiently & align with objectives