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Questions and Answers
You go to the office of the Department of Industry (DTI) if you will register your corporation business.
You go to the office of the Department of Industry (DTI) if you will register your corporation business.
True
The office to visit when registering your solely owned business is Securities and Exchange Commission (SEC).
The office to visit when registering your solely owned business is Securities and Exchange Commission (SEC).
False
Employers are the only one to pay contribution at the Social Security System (SSS).
Employers are the only one to pay contribution at the Social Security System (SSS).
False
You go to the Bureau of Internal Revenue when you get Tax Identification Number (TIN).
You go to the Bureau of Internal Revenue when you get Tax Identification Number (TIN).
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You cannot start your business without a consultant.
You cannot start your business without a consultant.
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Record keeping is not necessary in business operation.
Record keeping is not necessary in business operation.
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Record keeping is beneficial to the owner.
Record keeping is beneficial to the owner.
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The objective of the businessman should be clear.
The objective of the businessman should be clear.
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Tasks before starting the business should have a time allotment.
Tasks before starting the business should have a time allotment.
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Records are sources of documents.
Records are sources of documents.
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Professional advices are necessary before starting the business.
Professional advices are necessary before starting the business.
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Professional advice is not needed during the business operation.
Professional advice is not needed during the business operation.
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Bookkeeping is only important to the accountant.
Bookkeeping is only important to the accountant.
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Record keeping can measure the profit and performance of the enterprise.
Record keeping can measure the profit and performance of the enterprise.
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Recordkeeping can be both physical and electronics.
Recordkeeping can be both physical and electronics.
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What are the three (3) oldest existing businesses you can find in your community?
What are the three (3) oldest existing businesses you can find in your community?
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Implementing the Business Plan is not that easy. It needs to be registered to make it legal and record keeping gives a lot of benefits to the enterprise.
Implementing the Business Plan is not that easy. It needs to be registered to make it legal and record keeping gives a lot of benefits to the enterprise.
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What services does the Department of Trade and Industry (DTI) offer to you as an entrepreneur?
What services does the Department of Trade and Industry (DTI) offer to you as an entrepreneur?
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What services does the Securities and Exchange Commission (SEC) offer to you as an entrepreneur?
What services does the Securities and Exchange Commission (SEC) offer to you as an entrepreneur?
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What services does the Bureau of Internal Revenue (BIR) offer to you as an entrepreneur?
What services does the Bureau of Internal Revenue (BIR) offer to you as an entrepreneur?
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What services does the Mayor's Office offer to you as an entrepreneur?
What services does the Mayor's Office offer to you as an entrepreneur?
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What services does the Social Security System (SSS) offer to you as an entrepreneur?
What services does the Social Security System (SSS) offer to you as an entrepreneur?
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What services does PhilHealth offer to you as an entrepreneur?
What services does PhilHealth offer to you as an entrepreneur?
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What services does the Pag-IBIG Fund offer to you as an entrepreneur?
What services does the Pag-IBIG Fund offer to you as an entrepreneur?
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Which of the following is NOT a step to follow before operating a business?
Which of the following is NOT a step to follow before operating a business?
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Which of the following is true?
Which of the following is true?
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Which of the following is NOT a benefit to the enterprise?
Which of the following is NOT a benefit to the enterprise?
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The objectives of the entrepreneur should be
The objectives of the entrepreneur should be
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The tasks before operating the business must be
The tasks before operating the business must be
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The tasks to be accomplished before operating the business should have:
The tasks to be accomplished before operating the business should have:
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Which of the statements is true?
Which of the statements is true?
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To register your Business Trade name is done in the office of?
To register your Business Trade name is done in the office of?
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The sources of documents are called?
The sources of documents are called?
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Which of the following is not a benefit of record keeping?
Which of the following is not a benefit of record keeping?
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Which of the following statements is true?
Which of the following statements is true?
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Study Notes
Entrepreneurship - Quarter 2 - Module 9: Business Implementation
- Government Copyright Disclaimer: No copyright exists in government works, prior approval from the relevant agency is needed for profit exploitation, and royalty may be required.
- Module Content Overview: The module covers implementing a business plan, operating a business, selling products, and the importance of record keeping.
- Learning Competencies: Implementing the business plan, operating the business, selling the product, and identifying reasons for keeping business records.
What I Need to Know
- Business Implementation: This module guides students in the practical implementation of their business plans, crucial for success in business operations.
- Customer Focus: The successful operation requires selling products/services to potential customers.
- Record Keeping: Maintaining business records is vital to monitor progress and operation.
What I Know
- Bureau of Internal Revenue (BIR): The office to visit for Tax Identification Number (TIN)
- Securities and Exchange Commission (SEC): The office for registering a corporation/sole business.
- Department of Trade and Industry (DTI): The office for registering a corporation business.
- Social Security System (SSS) and other regulatory agencies: Employers contribute to the Social Security System and other similar regulatory bodies
What's In
- Profit Calculation: Profit = Sales - Cost of Goods Sold.
- Variable Costs: Costs that change based on production volume (materials, direct labor, packaging, freight, plant supervisor salaries, utilities, depreciation, machinery).
- Fixed Costs: Costs that remain constant (office expenses, salaries, payroll taxes, employee benefits, advertising, insurance, auto expenses, rent).
What's New
- Government Agencies: Identifying the specific services various government agencies offer (DTI, SEC, BIR, Mayor's Office, SSS, Philhealth, and Pag-ibig Fund).
- Importance of Services: Understanding the role and significance of these agency services for entrepreneurs.
What is it?
- Business Requirements: Basic requirements for establishing a business in the Philippines (SEC registration, DTI registration, Mayor's business permit, local business taxes).
- Consultations: Importance of professional advice (accountants, consultants) in business operations.
Guidelines for successful business implementation
- Objectives: Defining the purpose/goal of the business from the entrepreneur's perspective.
- Tasks: Identifying tasks needed to meet objectives and setting a timeframe for completion.
- Time Allocation: A schedule or timetable for tasks to achieve objectives efficiently and within deadlines.
- Monitoring Progress: Tracking the development and completion of tasks to ensure business progress.
Additional Activities
- Journal Entry: Preparing a journal entry for all business transactions.
- Benefits of Record Keeping: Understanding the advantages of detailed record-keeping for a business's overall operation.
Assessment
- Multiple Choice Questions: Covering business registration processes, responsibilities of different groups/parties contributing financially for social security programs, importance of record keeping, procedures in operating a business, and responsibilities in the business aspect, to help students understand which regulatory agency is responsible for which task. Questions about objectives, tasks, and time allocation are included.
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Description
This quiz assesses your understanding of business implementation strategies covered in Entrepreneurship Quarter 2 Module 9. Key topics include executing a business plan, operating effectively, selling products, and the significance of record keeping. Prepare to demonstrate your knowledge in these critical areas for successful business operation.
