Entrepreneurial Mindset and Business Principles

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What is the primary characteristic of a sole proprietorship?

It is owned and controlled by one person (correct)

It has limited liability for the owner

It is a type of corporation

It requires a minimum of two owners

What is the main advantage of being a one person corporation?

Limited liability for the owner (correct)

More control over the business

Easier to register with the DTI

More tax benefits

What is required to register a sole proprietorship?

Mayors Office registration and partnership registration

DTI registration and business permit (correct)

Home Development Authority registration

BIR registration and cooperative registration

What is a characteristic of a partnership?

It requires a minimum of two owners Signup and view all the answers

What is the primary goal of a cooperative?

To provide benefits to its members Signup and view all the answers

What is required to register a cooperative?

Registration with the Cooperative Development Authority Signup and view all the answers

What is a characteristic of a corporation?

It has limited liability for its owners Signup and view all the answers

What is the main difference between a sole proprietorship and a corporation?

The liability of the owner Signup and view all the answers

What type of service can be non-profit?

Restaurant industry Signup and view all the answers

How many people are required to operate a partnership?

5 people Signup and view all the answers

What is the role of a capitalist partner in a business?

Contributes only money Signup and view all the answers

What principle suggests focusing on building partnerships rather than competing with others?

Crazy Quilt Principle Signup and view all the answers

What is the purpose of BIR registration?

To register for taxes Signup and view all the answers

What type of partnership is formed when one person contributes only money?

Silent partnership Signup and view all the answers

What principle suggests accepting business risks and being prepared for losses?

Affordable loss principle Signup and view all the answers

What is the primary role of a wholesaler in a business?

To buy and sell finished goods Signup and view all the answers

What is the primary purpose of the Bird in Hand principle in entrepreneurship?

To reflect on one's strengths and weaknesses to take action Signup and view all the answers

What is the main advantage of a corporation in terms of succession?

It can continue to exist even if one member dies Signup and view all the answers

What is the primary goal of an entrepreneur in solving a problem?

To create a solution with the resources available Signup and view all the answers

What is the main role of the Board of Directors in a corporation?

To make decisions on behalf of the shareholders Signup and view all the answers

What is the main difference between a partnership and a corporation?

A corporation has limited liability, while a partnership has unlimited liability Signup and view all the answers

What is the primary focus of the Effectual Principle in entrepreneurship?

To take action with the resources available Signup and view all the answers

What is the main purpose of registering a business with the local government?

To obtain a permit to operate the business Signup and view all the answers

What is the main characteristic of a common stock in a corporation?

It represents ownership of the actual business Signup and view all the answers

What is the main goal of an entrepreneur when turning unelected mishaps into profitable and new directions?

To turn unelected mishaps into profitable and new directions Signup and view all the answers

What is the main role of the mayor's office in the registration process of a business?

To issue a permit to operate the business Signup and view all the answers