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Entrepreneurship in the Philippines

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Questions and Answers

Which type of workers can be excluded from the minimum wage?

Foreign workers
Agricultural and domestic labor, the self-employed, and family enterprise workers (correct)
Skilled laborers
Part-time workers

What is the purpose of the minimum wage?

To encourage entrepreneurship among low-income individuals
To reduce the number of working hours per day
To set a maximum rate for employee salaries
To set a universal floor for the lowest rate an employer can legally pay an employee (correct)

What is the main purpose of taxes in the Philippines?

To regulate economic activity (correct)
To reduce the national deficit
To provide social services to the public
To impose a penalty on businesses

How many main types of national internal revenue taxes are there in the Philippines?

Four (D) Signup and view all the answers

Which government agency is responsible for administering taxes in the Philippines?

Bureau of Internal Revenue (BIR) (C) Signup and view all the answers

What type of tax do entrepreneurs have to pay?

All of the above (D) Signup and view all the answers

Why do entrepreneurs have to pay taxes?

To comply with the law and contribute to the government's revenue (B) Signup and view all the answers

What is the relationship between taxes and entrepreneurship?

Taxes are necessary for entrepreneurship to thrive (D) Signup and view all the answers

What is the impact of minimum wage on entrepreneurship?

It increases the cost of doing business (B) Signup and view all the answers

What is the relationship between taxes and economic activity?

Taxes regulate economic activity (A) Signup and view all the answers

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