Introduction to Retailing, Wholesaling, and Manufacturing

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Questions and Answers

What is a primary function of the Bureau of Internal Revenue (BIR)?

Assessment of corporate governance

Issuance of business permits

Monitoring the Philippine Stock Exchange

Collection of national internal revenue taxes (correct)

Which of the following is NOT an example of a service provided by the BIR?

Processing and collection of tax returns

Issuance of Tax Identification Numbers (TIN)

Issuance of mayor's permits (correct)

Tax advisory and assistance for taxpayers

What role does the BIR play in the prevention of tax evasion?

Providing extensive tax education seminars

Enforcing tax laws and prosecuting evaders (correct)

Conducting regular business audits

Issuing business licenses

Which of the following is a necessary document for business registration in the Philippines?

Barangay clearance Signup and view all the answers

What is the significance of the BIR in maintaining fiscal stability in the Philippines?

Collecting taxes that fund government operations Signup and view all the answers

What is the primary focus of retailing businesses?

Selling goods or services directly to consumers Signup and view all the answers

Which of the following best characterizes wholesaling?

Purchasing products in bulk to sell in smaller quantities Signup and view all the answers

What is a common activity in the manufacturing sector?

Processing raw materials into finished products Signup and view all the answers

Which statement accurately describes service businesses?

They provide intangible products such as expertise and skills. Signup and view all the answers

What is the role of the Department of Trade and Industry (DTI) in the Philippines?

To promote and regulate trade and industry Signup and view all the answers

What is one of the primary roles of the Department of Trade and Industry (DTI)?

Formulate policies to promote trade and industry Signup and view all the answers

Which of the following companies is an example of a wholesaler?

Costco Wholesale Signup and view all the answers

Retailers primarily operate in which of the following environments?

Physical or online stores Signup and view all the answers

Which service is NOT provided by the Department of Trade and Industry (DTI)?

Monitoring stock market trends Signup and view all the answers

What role does the Securities and Exchange Commission (SEC) play in the capital market?

Protect investors and ensure market integrity Signup and view all the answers

Which of the following is NOT typically a function of manufacturing businesses?

Market research Signup and view all the answers

Which of the following is a key function of the SEC?

Oversight of securities and stock exchanges Signup and view all the answers

Which program is specifically associated with the DTI to support MSMEs?

Go Negosyo Centers Signup and view all the answers

What is one of the enforcement responsibilities of the SEC?

Ensuring compliance with financial reporting requirements Signup and view all the answers

What type of organizations does the SEC regulate?

Corporations and partnerships Signup and view all the answers

Which of the following is a service provided by the DTI?

Product standard certifications like PS Mark Signup and view all the answers

Study Notes

Retailing

Involves selling goods or services to final consumers for personal use.
Retailers buy from manufacturers or wholesalers and operate through physical stores, online platforms, or both.
Focus on consumer preferences, marketing, and customer service.
Examples include Walmart, Amazon, and local entities like Puregold and Watsons.

Wholesaling

Involves selling goods in bulk to retailers or other businesses, not directly to consumers.
Wholesalers serve as intermediaries between manufacturers and retailers, purchasing at lower costs for resale.
Key players include Costco Wholesale and Sysco, along with local markets like Divisoria.

Manufacturing

Produces goods by transforming raw materials into finished products using labor and technology.
Involves design, creation, and assembly of products, characterized by quality control and logistics.
Companies such as Toyota and Nestlé illustrate the sector, along with local makers like San Miguel Corp.

Service

Provides intangible products, focusing on experiences, advice, or professional skills.
Service businesses range widely: personal care, technical assistance, and more.
Notable examples include Netflix, Uber, and telecom companies like PLDT and Globe Telecom.

Department of Trade and Industry (DTI)

Primary government agency in the Philippines promoting trade, industry, and investment.
Ensures global competitiveness and implements policies for consumer welfare and SME development.
Provides services like business name registration and permits for import/export.

Key Functions of DTI

Formulates trade and industry policies.
Supports SMEs with programs like Go Negosyo Centers.
Regulates compliance with consumer protection laws and sets product standards.

Securities and Exchange Commission (SEC)

National agency regulating the securities market and protecting investors in the Philippines.
Responsible for corporate governance and ensuring the capital market's fairness and transparency.
Enforces laws regarding company registration and market conduct.

Key Functions of SEC

Registers and regulates corporations and partnerships.
Oversees the Philippine Stock Exchange and financial markets.
Protects investors through compliance monitoring and enforcement.

Bureau of Internal Revenue (BIR)

Responsible for assessing and collecting national internal revenue taxes in the Philippines.
Plays a vital role in fiscal stability, funding government operations and services.
Enforces tax laws and provides assistance to ensure taxpayer compliance.

Key Functions of BIR

Collects various taxes such as income tax and VAT.
Issues Tax Identification Numbers (TIN) and audits taxpayers for compliance.
Works against tax evasion and improves tax administration procedures.

Business Permits and Registrations

Business name registration is needed from DTI/SEC/CDA.
Requires obtaining Barangay clearance and Mayor’s permit along with BIR registration.
Registration with SSS, PhilHealth, and Pag-IBIG, plus fire safety and sanitary permits, may be required.
Special permits may apply based on specific business activities.

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Description

Explore the core concepts of retailing, wholesaling, and manufacturing in this engaging quiz. Learn how goods are sold and produced, examining key players and processes in each sector. This quiz covers market dynamics, consumer preferences, and the role of intermediaries in the economy.