Entrepreneurship and Business Planning
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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?

    <p>Set up an accounting system or hire an accountant</p> Signup and view all the answers

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

    <p>To register as an employer and remit employee contributions</p> Signup and view all the answers

    What is the primary purpose of having objectives in business?

    <p>To define the purpose of the enterprise</p> Signup and view all the answers

    What is crucial for an entrepreneur to accomplish tasks effectively?

    <p>Creating a timetable for tasks</p> Signup and view all the answers

    Why is it essential to keep accurate business records?

    <p>To value the importance of business transactions</p> Signup and view all the answers

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

    <p>Monitoring progress regularly</p> Signup and view all the answers

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

    <p>Setting clear objectives</p> Signup and view all the answers

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