Entrepreneurship Module 3: Organization, Production, and Operational Plans
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Entrepreneurship Module 3: Organization, Production, and Operational Plans

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Questions and Answers

What is the primary goal of the module in relation to the business plan?

  • To implement the business plan (correct)
  • To develop a financial plan
  • To create a marketing strategy
  • To conduct market research

    • What is the focus of the organization plan in the business plan?

  • Financial projections
  • Important areas of the organization (correct)
  • Production timelines
  • Marketing strategies

    • What is required for the exploitation of a government work for profit?

  • Prior approval from the copyright holder
  • Royalty payment to the government
  • Registration of the work with the copyright office
  • Permission from the government agency or office (correct)

    • What is the role of the regional director in the development of the module?

    <p>Regional director</p> Signup and view all the answers

    What is the outcome of the learner at the end of the module?

    <p>Ability to implement the business plan</p> Signup and view all the answers

    What is the condition that may be imposed by the government agency or office for the exploitation of a government work for profit?

    <p>Payment of royalties</p> Signup and view all the answers

    What is the primary purpose of specifying educational requirements and experiences for workers?

    <p>To facilitate the evaluation and hiring of qualified personnel and assessment of performance of existing workforce</p> Signup and view all the answers

    What is the benefit of preparing a list of positions with respective job specifications early on?

    <p>It ensures that only qualified personnel are hired for the positions</p> Signup and view all the answers

    What is included in the organizational plan in terms of salary requirements?

    <p>The total estimated monthly and annual salary requirements, as well as mandatory benefits</p> Signup and view all the answers

    What is the purpose of the production plan in a business?

    <p>To describe activities related to the production of goods</p> Signup and view all the answers

    What is the result of the industry analysis in the production plan?

    <p>The study of supply and demand and consumer behavior</p> Signup and view all the answers

    Which of the following is NOT a part of the production plan?

    <p>Organizational Plan</p> Signup and view all the answers

    During the in transit stage, who has custody of the product?

    <p>Neither the buyer nor the seller</p> Signup and view all the answers

    What is a common consequence of unclear shipment terms?

    <p>Disputes arise between the buyer and seller</p> Signup and view all the answers

    Which functional area is responsible for defining the operation plan?

    <p>Operation</p> Signup and view all the answers

    What is a role of maintenance personnel in support services?

    <p>Maintaining equipment</p> Signup and view all the answers

    How many functional areas do most businesses typically have?

    <p>Three or four</p> Signup and view all the answers

    What is the primary purpose of the operation plan in relation to storage and inventory control?

    <p>To describe how the business stores and protects its inventory</p> Signup and view all the answers

    What is the main benefit of the just-in-time manufacturing system in terms of inventory management?

    <p>Elimination of wastage and reduced capital requirements</p> Signup and view all the answers

    What is the basis of sales invoices and other shipment documents?

    <p>The purchase order received from the customers</p> Signup and view all the answers

    What is the consequence of not having a proper operation plan for the shipment of goods?

    <p>Loss of millions of pesos</p> Signup and view all the answers

    What is the primary purpose of the shipment system and control?

    <p>To ensure the proper approval of shipping and sales documents</p> Signup and view all the answers

    Who is responsible for the products in transit worth ten million pesos?

    <p>The business owner</p> Signup and view all the answers

    What is a crucial factor to consider when selecting a business form?

    <p>Government intervention</p> Signup and view all the answers

    In the event of business dissolution, what is the primary difference between limited and unlimited liability?

    <p>The extent of personal property protection</p> Signup and view all the answers

    What is the primary purpose of selecting a business form?

    <p>To identify the most suitable business form</p> Signup and view all the answers

    Which of the following business forms typically has unlimited liability?

    <p>Sole Proprietorship</p> Signup and view all the answers

    What is a key consideration when evaluating the liability of business owners?

    <p>The extent of financial obligations</p> Signup and view all the answers

    What is the primary implication of unlimited liability for business owners?

    <p>Personal property risk</p> Signup and view all the answers

    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

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    Description

    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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