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Entrepreneurship and Business Planning

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Questions and Answers

What is the primary purpose of registering with the Securities and Exchange Commission (SEC)?

To register a partnership or corporation (correct)
To register a business tradename
To obtain a business permit
To secure insurance for the business

What is the purpose of registering with the Bureau of Internal Revenue (BIR)?

To secure insurance for the business
To get a Tax Identification Number (TIN) and official receipts and invoices (correct)
To obtain a Mayor's Business Permit
To register a business tradename

What is one of the benefits of keeping good business records?

It helps to measure performance and maximize profit (correct)
It helps to reduce profits
It helps to decrease insurance premiums
It helps to reduce employee contributions

What is one of the steps to follow before operating a business?

Set up an accounting system or hire an accountant (A) Signup and view all the answers

What is the purpose of registering with SSS, PhilHealth, and Pag-Ibig Fund?

To register as an employer and remit employee contributions (B) Signup and view all the answers

What is the primary purpose of having objectives in business?

To define the purpose of the enterprise (B) Signup and view all the answers

What is crucial for an entrepreneur to accomplish tasks effectively?

Creating a timetable for tasks (B) Signup and view all the answers

Why is it essential to keep accurate business records?

To value the importance of business transactions (C) Signup and view all the answers

What is necessary for an entrepreneur to assess the success of their business?

Monitoring progress regularly (B) Signup and view all the answers

What is a key aspect of implementing a successful business plan?

Setting clear objectives (C) Signup and view all the answers

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