Final answer:
The responsibility of keeping track of money and paying bills within a business falls under the finance department, which requires a well-crafted budget to ensure financial stability.
Step-by-step explanation:
Keeping track of money and paying bills is the responsibility of the finance part of a business. The finance department manages company funds, ensuring that enough revenue is coming in to cover expenses and that bills are paid on time. Effective financial management requires creating and adhering to a budget, which allows businesses to operate efficiently and avoid financial pitfalls.
In the context of maintaining financial stability, businesses must understand the basic functions of money, which are a medium of exchange, a unit of account, and a store of value. Each one is crucial for conducting everyday transactions, measuring the worth of goods and services, and preserving wealth over time, respectively.
Financial institutions like banks and credit unions play a crucial role in the economy by safeguarding deposits, offering checking accounts for daily transactions, providing money orders for payments, and facilitating loans through savings and loans banks (S and L's). These services are essential for both individuals and businesses to handle their finances effectively.