Podcast
Questions and Answers
What is one major advantage of securing profit for small businesses?
What is one major advantage of securing profit for small businesses?
Which of the following is an example of extractive industries?
Which of the following is an example of extractive industries?
What does the process of commerce primarily involve?
What does the process of commerce primarily involve?
According to Maslow's Hierarchy of Needs, why do individuals engage in business?
According to Maslow's Hierarchy of Needs, why do individuals engage in business?
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What is the primary concern of service enterprises?
What is the primary concern of service enterprises?
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Which of the following factors is NOT commonly a motivation for business engagement?
Which of the following factors is NOT commonly a motivation for business engagement?
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What is the result of applying labor to raw materials in a business context?
What is the result of applying labor to raw materials in a business context?
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What is the main investment strategy in commerce?
What is the main investment strategy in commerce?
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Which department must a sole proprietorship register with?
Which department must a sole proprietorship register with?
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What is a potential disadvantage of incorporating a business?
What is a potential disadvantage of incorporating a business?
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Which of the following is NOT typically required for obtaining a business permit?
Which of the following is NOT typically required for obtaining a business permit?
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What must be submitted to register a corporation?
What must be submitted to register a corporation?
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Why might dividends be a disadvantage for shareholders in a corporation?
Why might dividends be a disadvantage for shareholders in a corporation?
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Which document is typically part of the requirements for a business registration process?
Which document is typically part of the requirements for a business registration process?
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Which form of business organization requires the most paperwork and regulatory compliance?
Which form of business organization requires the most paperwork and regulatory compliance?
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Which of the following forms of business organization does NOT require registration with the SEC?
Which of the following forms of business organization does NOT require registration with the SEC?
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What are the benefits provided by the SSS to its members?
What are the benefits provided by the SSS to its members?
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Which agency requires mandatory monthly contributions from employees and employers?
Which agency requires mandatory monthly contributions from employees and employers?
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At what age is SSS membership mandatory for employees?
At what age is SSS membership mandatory for employees?
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What is a key factor that affects consumer confidence and discretionary income?
What is a key factor that affects consumer confidence and discretionary income?
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Which force is NOT considered a controllable factor within a company's internal environment?
Which force is NOT considered a controllable factor within a company's internal environment?
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What do sociocultural forces include?
What do sociocultural forces include?
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What does the PESTEL analysis assess?
What does the PESTEL analysis assess?
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Which industry is mentioned as being particularly vulnerable to economic downturns?
Which industry is mentioned as being particularly vulnerable to economic downturns?
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What is a recommended action to strengthen entrepreneurial abilities?
What is a recommended action to strengthen entrepreneurial abilities?
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Which is a key factor to consider when developing a business idea?
Which is a key factor to consider when developing a business idea?
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What can be a potential benefit of joining a small business association?
What can be a potential benefit of joining a small business association?
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Which is NOT an effective method to develop entrepreneurial skills?
Which is NOT an effective method to develop entrepreneurial skills?
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What attitude should entrepreneurs cultivate when facing challenges?
What attitude should entrepreneurs cultivate when facing challenges?
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When planning a new business, what should you consider regarding your product?
When planning a new business, what should you consider regarding your product?
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Setting aside small amounts of money daily or weekly is useful for what purpose?
Setting aside small amounts of money daily or weekly is useful for what purpose?
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What is described as an item that people pay for and use?
What is described as an item that people pay for and use?
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What does benchmarking reveal about companies?
What does benchmarking reveal about companies?
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What rating would Company A, Company B, and Company C receive if their market shares are 25%, 27%, and 28% respectively?
What rating would Company A, Company B, and Company C receive if their market shares are 25%, 27%, and 28% respectively?
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What are necessary elements for becoming a successful entrepreneur?
What are necessary elements for becoming a successful entrepreneur?
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Which factors are assessed to determine if someone has the basic requirements of an entrepreneur?
Which factors are assessed to determine if someone has the basic requirements of an entrepreneur?
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How should an individual approach the assessment for entrepreneurial capabilities?
How should an individual approach the assessment for entrepreneurial capabilities?
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What might indicate a need for improvement in someone's entrepreneurial assessment?
What might indicate a need for improvement in someone's entrepreneurial assessment?
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What does carrying a lot of responsibilities imply for an entrepreneur?
What does carrying a lot of responsibilities imply for an entrepreneur?
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What is the effect of favorable circumstances on entrepreneurship?
What is the effect of favorable circumstances on entrepreneurship?
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Study Notes
Business and Profit
- Securing profit is crucial for small businesses, impacting financing, attracting investors, and fostering growth.
- Aside from profit, motives for starting a business include power, service to the community, prestige, and social approval.
- Abraham Maslow's Hierarchy of Needs identifies five levels of human needs that influence business motivations.
Economic Industries
- Extractive industries include farming, fishing, and mining, providing raw materials for further processing.
- Manufacturing industries transform raw materials into finished goods and new products.
- Commerce entails the buying and selling of goods, moving from production to consumption, intending to resell at a profit.
Business Registration and Permits
- Business registration is essential; sole proprietorships register with the Department of Trade and Industry (DTI), while partnerships and corporations register with the Securities and Exchange Commission (SEC).
- A business must have a local permit, with requirements varying by municipality (e.g., DTI/SEC forms, barangay clearance, zoning clearance).
Corporation Characteristics
- Corporations can raise funds through stock sales but face stricter regulations and higher taxation.
- Incorporation requires more time and resources compared to other business forms.
- Dividends to shareholders are taxed at both corporate and individual levels, leading to double taxation.
Economic Systems
- Capitalism allows private ownership of production means, focusing on profit generation and market mechanisms.
- Government agencies like SSS and PhilHealth provide health and retirement benefits to employees through mandatory contributions.
Business Environment
- Understanding the internal (resources and capabilities) and external (competitive conditions) environments is critical for business strategies.
- PESTEL analysis evaluates political, economic, social, technological, environmental, and legal factors affecting industries.
Entrepreneurial Assessment
- Assessing personal capability is necessary before starting a business; strengths and weaknesses should be evaluated honestly.
- Learning from experienced entrepreneurs and participation in training can enhance entrepreneurial skills.
- Identifying customers' needs and aligning business offerings is vital for success.
Business Development Strategies
- Entrepreneurs should continuously build motivation and commitment through goal-setting.
- Analyzing past failures to improve future decision-making is important for long-term success.
- A good is defined as a pay-for-use item, highlighting the importance of delivering value at a profit-generated price point.
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Description
Explore how finished products and the application of labor on raw materials lead to increased profitability for small businesses. This quiz delves into the categorization of industries and highlights the role of extractive industries like farming, fishing, and mining in this process.
