29 Questions
What is the primary goal of the module in relation to the business plan?
To implement the business plan
What is the focus of the organization plan in the business plan?
Important areas of the organization
What is required for the exploitation of a government work for profit?
Permission from the government agency or office
What is the role of the regional director in the development of the module?
Regional director
What is the outcome of the learner at the end of the module?
Ability to implement the business plan
What is the condition that may be imposed by the government agency or office for the exploitation of a government work for profit?
Payment of royalties
What is the primary purpose of specifying educational requirements and experiences for workers?
To facilitate the evaluation and hiring of qualified personnel and assessment of performance of existing workforce
What is the benefit of preparing a list of positions with respective job specifications early on?
It ensures that only qualified personnel are hired for the positions
What is included in the organizational plan in terms of salary requirements?
The total estimated monthly and annual salary requirements, as well as mandatory benefits
What is the purpose of the production plan in a business?
To describe activities related to the production of goods
What is the result of the industry analysis in the production plan?
The study of supply and demand and consumer behavior
Which of the following is NOT a part of the production plan?
Organizational Plan
During the in transit stage, who has custody of the product?
Neither the buyer nor the seller
What is a common consequence of unclear shipment terms?
Disputes arise between the buyer and seller
Which functional area is responsible for defining the operation plan?
Operation
What is a role of maintenance personnel in support services?
Maintaining equipment
How many functional areas do most businesses typically have?
Three or four
What is the primary purpose of the operation plan in relation to storage and inventory control?
To describe how the business stores and protects its inventory
What is the main benefit of the just-in-time manufacturing system in terms of inventory management?
Elimination of wastage and reduced capital requirements
What is the basis of sales invoices and other shipment documents?
The purchase order received from the customers
What is the consequence of not having a proper operation plan for the shipment of goods?
Loss of millions of pesos
What is the primary purpose of the shipment system and control?
To ensure the proper approval of shipping and sales documents
Who is responsible for the products in transit worth ten million pesos?
The business owner
What is a crucial factor to consider when selecting a business form?
Government intervention
In the event of business dissolution, what is the primary difference between limited and unlimited liability?
The extent of personal property protection
What is the primary purpose of selecting a business form?
To identify the most suitable business form
Which of the following business forms typically has unlimited liability?
Sole Proprietorship
What is a key consideration when evaluating the liability of business owners?
The extent of financial obligations
What is the primary implication of unlimited liability for business owners?
Personal property risk
Study Notes
Organization Plan
- The selection of the most appropriate business form is crucial, and it is influenced by factors such as:
- Capital requirement
- Liability of the owner or owners
- Management and supervisory skills
- Tax implications
- Government intervention
- Nature of the business
- External financing requirement
- The liability of the owner or owners can be limited or unlimited, affecting the extent of financial obligations with creditors.
- In a sole proprietorship and a partnership, the liability of the owners is usually unlimited.
- A clear set of selection criteria for every position in the organization facilitates the hiring process and ensures that only qualified personnel are hired.
Production Plan
- The production plan presents activities related to the production of goods, resulting from industry analysis, particularly the study of supply and demand and consumer behavior.
- The production plan includes:
- Production schedule
- Production process
- Processing plant and equipment
- Sources of material
- Production cost
Operational Plan
- The operational plan describes how the business stores and protects its inventory, and includes:
- Storage and inventory control system
- Owning or renting a warehouse
- Management of the warehouse
- Procedures in the transfer of goods
- Control of inventory in the warehouse
- The just-in-time (JIT) manufacturing system eliminates storage and warehousing, producing goods only at the exact required time.
- The shipment system and control involves:
- Approval of shipping and sales documents
- Terms of shipment
- Manner of shipping the product
- Other terms and conditions like sales contract
- The operation plan defines and describes the functions of other support services, including:
- Maintenance personnel
- Security officers and staff
- Finance
- Marketing
- Operation
- Human resources
Test your understanding of Entrepreneurship Module 3, covering Organization Plan, Production Plan, and Operational Plan. This quiz is designed for Grade 11 students and is based on the Republic Act 8293. Evaluate your knowledge of entrepreneurship concepts and principles!
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