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Enterprise Assets in Business Planning

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Questions and Answers

What is the first clearance that a business is required to obtain before operating in a locality?

Barangay clearance (correct)

Fire safety clearance

Department of Trade and Industry (DTI) certificate

Certificate of occupancy

What does a partnership need to add to its name if it is a limited partnership?

'Restricted'

'Unlimited'

'General'

'Limited' (correct)

In a general partnership, who is liable to all those with claims against the partnership?

General partners only

All partners collectively (correct)

Limited partners only

One designated partner

What serves as the enterprise TIN for a sole proprietorship according to the text?

Tax Identification Number (TIN) of the entrepreneur Signup and view all the answers

How many persons are required to constitute a partnership according to the text?

Minimum of two persons Signup and view all the answers

What are the components of current assets mentioned in the text?

Cash, inventory, accounts receivables Signup and view all the answers

Which type of assets are property, plant, and equipment classified as in the text?

Long-lived or fixed assets Signup and view all the answers

In the context of capital structure, what is the role of owner's equity?

Financing the assets of the enterprise Signup and view all the answers

What distinguishes a sole proprietorship according to the text?

Separation between the owner and the enterprise Signup and view all the answers

Why does a sole proprietor incur all the risks according to the text?

Due to personal accountability and control Signup and view all the answers