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Entrepreneurship > 4th Quarter > Flashcards

4th Quarter Flashcards

1
Q

a written document which shows the conversion process which takes place in a business – from input to a desirable output.

A

4M’s of Operation

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2
Q

Usually used by businesses under the manufacturing sector

A

Production Plan

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3
Q

Used by servicing businesses

A

Operation Plan

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4
Q

In a full-blown business plan, this chapter includes the manufacturing process, product description, production plant location (vicinity map), production plant layout (floor plan), materials and equipment needed, and labor requirements.

A

4M’s of Operation

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5
Q

Two classifications of resources

A

human and nonhuman resources

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6
Q

The process to be followed in effectively manufacturing or delivering a product or service

A

Method

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7
Q

The right human resource who will handle certain business operations

A

Manpower

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8
Q

The technology used in efficiently operating the business operations

A

Machines

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9
Q

To be used in creating a product or performing a service

A

Materials

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10
Q

set of procedures and instructions which you must follow in order to achieve your goal

A

methods

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11
Q

the process of commencing and conducting business operations

A

methods

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12
Q

must always be systematic and people in the enterprise must be well-informed about this

A

methods

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13
Q

Using a flowchart will help the business visualize the actual method involved.

A

methods

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14
Q

the conversion of raw materials into finished goods that are acceptable to the customer’s standards

A

manufacturing of goods

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15
Q

services are intangible, and the only way the customer can appreciate the service is by remembering how pleasant his or her experience was

A

service delivery process

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16
Q

the process of bringing products or services to customers

A

distribution of goods and services

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17
Q

the entrepreneur must also establish a seamless payment process

A

payment process

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18
Q

has inputs, processes, and outputs as its elements.

A

manufacturing of goods

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19
Q

manufacturing sites

A

Home-based (the cheapest and highly flexible)
Commercial space for rent (if home is viable anymore)
Commercial space purchase (requires the biggest amount of capital expenditure).

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20
Q

step by step guide of the employees and the manufacturing equipment

A

manufacturing process flow

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21
Q

service businesses must be more meticulous when it comes to the service delivery process because services are intangible, and the only way the customer can appreciate the service is by remembering how pleasant his or her experience was

A

service delivery process

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22
Q

a detailed flowchart of the service business

A

service blueprint

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23
Q

the manufacturer will deliver the products to the distributors, wholesalers, retailers, and to customers.

A

supply chain/distribution channel

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24
Q

handles the invention, development and production of the product or service.

A

manufacturer

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25
Q

buy products or services from the manufacturers and sell them at a markup price to either wholesalers or retailers.

A

distributors

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26
Q

negotiate with buyers as to how much or how many are to be sold, so the manufacturer will be able to deliver the goods directly to the buyer.

A

agents

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27
Q

agents get the product in advance to demonstrate them to the customers return the merchandise to the manufacturers if unsold.

A

consignment

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28
Q

Enumerates the duties and responsibilities of the potential employee, including the scope, limitations, and terms and conditions of employment.

A

Job description

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29
Q

Educational background, work experience, specific skill or knowledge, and work attitude.

A

Employee qualifications

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30
Q

Screening of resumes, conduct of interviews, qualifying exams, or psychology tests.

A

Selection of Job Applicants

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31
Q

Job contract offer where the terms and conditions (position, responsibilities, salary and benefits, work schedule, regularization etc.) of employment are discussed

A

Job offer

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32
Q

Training of people

A

Employee Development

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33
Q

own products or services

A

Manufacturing

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34
Q

process of appointing third party manufacturers to do the production process which saves the entrepreneur in buying expensive machineries.

A

outsourcing

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35
Q

own products or services to a present supplier.

A

purchasing

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36
Q

The entrepreneur may consider the following:

A
  • Cost
  • Quality
  • Availability
  • Credibility of suppliers
  • Waste that the raw materials may produce
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37
Q

storing the finished goods manufactured in a facility until they are distributed to end users.

A

warehousing

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38
Q

process of efficiently transferring the products to retailers or consumers.

A

transportation

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39
Q

refers to the products, materials, or supplies stored inside a warehouse before production, shipping, or selling.

A

inventory

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40
Q

basic tools to convert the input into output

A

machinery

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41
Q

order taking, internet marketing, reports, etc.

A

laptop and desktop computers

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42
Q

charging debit/credit card, tracking sales, storing data, and analyzing purchases.

A

POS Machines

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43
Q

accounting business transactions, profitability sales, inventory, etc.

A

accounting & inventory software

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44
Q

order taking, 24/7 marketing, online conversations, collecting customer information, etc.

A

website

45
Q

Act to regulate the use in business transactions of names other than true names, prescribing the duties of the director of the Bureau of Commerce and Industry in its enforcement, providing penalties for violations, thereof, and for other purposes.

A

RA 3883 - Business Name Registration

46
Q

Promotes and regulates business activities by registering and licensing business.

A

DTI (Department of Trade and Industry)

47
Q

Issues barangay clearance, mayor’s business permit, certificate of final electrical inspection, and health and sanitary permit.

A

LGU (Local Government Unit)

48
Q

Enforces tax, laws, assesses and collects all national revenue taxes, fees and charges.

A

BIR (Bureau of Internal Revenue)

49
Q

Enforce social and labor legislation to protect the working class and regulate the relations between workers and employers. Must be secured if you employ 5 workers or more.

A

DOLE (Department of Labor and Employment)

50
Q

Agency in charge of development and monitoring cooperatives in the country; autonomous independent organization

A

CDA (Cooperative Development Authority)

51
Q

Processes applications and issues a certificate or registration for partnerships and corporations

A

Securities and Exchange Commission

52
Q

Aims to protect its members and beneficiaries [14% of an employee’s monthly salary] employer 9.5% [employee: 4.5%]

A

Social Security System

53
Q

National savings program and affordable shelter financing for the Filipino worker fixed monthly contribution of P200 (50/50 – employer: employee).

A

HDMF / PAG-IBIG

54
Q

Aims to provide Filipinos with financial assistance and access to affordable health services. Employer: 50% of contribution Employee: 50% monthly deducted on salary.

A

Philippine Health Insurance Corporation

55
Q

How to Register as Sole Proprietorship

A
  1. Register a business name at the Department of Trade and Industry
  2. Register with LGU
    a. Barangay
    b. Mayor’s Office
  3. Register with the Bureau of Internal Revenue (BIR)
    a. Form 1901 (Application for Registration for Sole Proprietorship)
    b. Form 0605 (Payment/Remittance Form)
    c. Form 2303 (Certificate of Registration)
56
Q

is not only the making of sales, that is, effecting ownership transfers; but also identifying prospective consumers, stimulating demands, and providing information and service to buyers.

A

Selling

57
Q

Using psychological pressure on the customer by appealing to their fear, greed, and pride to sell a given product or service.

A

Aggressive Selling

58
Q

Focuses on one-time sales, with the ultimate goal of making the maximum number of sales from the maximum number of customers.

A

Transactional Selling

59
Q

The seller, acting as a trusted advisor, assists the buyer in identifying needs and offering solutions within their relationship.

A

Consultative Selling

60
Q

Involves developing a partnership between buyer and seller.

A

Collaborative Selling

61
Q

form of electronic commerce which allows sellers to directly sell goods or services to a buyer over the Internet using a web browser.

A

Online Selling

62
Q

“It shall be unlawful to offer any consumer product for retail sale to the public without an appropriate price tag, label, or marking publicly displayed to indicate the price of each article, and said products shall not be sold at a price higher than that stated therein and without discrimination to all buyers.”

A

RA 7394, ARTICLE 81 – PRICE TAG REQUIREMENT

63
Q

Specifically prohibits the manufacture, importation, exportation, sale, offering for sale, distribution, transfer, non-consumer use, promotion, advertising or sponsorship of health products (including medical devices and supplies) without the proper authorization.

A

RA 9711, ARTICLE 81 – FOOD AND DRUG ADMINISTRATION ACT OF 2009

64
Q

Record keeping; accounting part that records transactions and business events in the form of journal entries in the accounting system

A

bookkeeping

65
Q

Value of resources owned by a company and is expected to provide future economic benefit.

A

asset account

66
Q

Costs a company incurs for conducting business and generating revenue.

A

Expense Account

67
Q

Amount a company owes.

A

Liability Account

68
Q

Shareholders’ interests in the company’s assets.

A

Equity Account

69
Q

Reflects the amount of money generated from operating and non-operating activities.

A

Revenue Account

70
Q

Increase in value from activities not related to the core business.

A

Gain Account

71
Q

Opposite of a gain account, reflecting a decrease in value from nonprimary-business events.

A

Loss Account

72
Q

increases assets and expenses, and lowers income, liabilities, and equities.

A

Debit

73
Q

reduces assets and expenses, and increases revenue, liabilities, and equity. Also, it is the money owed to a supplier / vendor by an enterprise.

A

Credit

74
Q

process of predicting the future based on the past and present data and analysis of trends.

A

forecasting

75
Q

expenses or costs incurred by a business to conduct its operations on a certain time frame

A

operating costs

76
Q

expenses that have to be paid even if no production takes place

A

fixed cost

77
Q

expenses that depend on the amount of food that is produced

A

variable cost

78
Q

the expenses incurred during the process of creating a new business; the amount of money that is needed to buy the facilities and equipment, to register and license the business and get the necessary certificates

A

start-up costs

79
Q

include a business plan, research expenses, borrowing costs, and expenses for technology

A

pre-opening startup costs

80
Q

include advertising, promotion, and employee expenses

A

post-opening startup costs

81
Q

Essential tool for managing a business of any size; month-by-month forecast of the level of sales you expect to achieve; selling price per unit multiplied by the number of units sold.

A

Sales

82
Q

Direct cost to producing the goods that your business sells; Cost of Sales if your business is a service provider

A

Cost of Goods Sold

83
Q

The net amount of cash and cash equivalents being transferred into and out of a business; Cash received are inflows, and money spent are outflows.

A

cash flow

84
Q

Describes money flows involved directly with the production and sale of goods from ordinary operations.

A

cash flow from operations

85
Q

Reports how much cash has been generated or spent from various investment-related activities in a specific period.

A

cash flow from investing

86
Q

Shows the net flows of cash that are used to fund the company and its capital.

A

cash flow from financing

87
Q

A “blueprint”; a written document describing in detail how a business is going to achieve its objectives

A

business plan

88
Q

a brief introduction to your business plan; describes your business, the problem that it solves, your target market, and financial highlights; written last but appears first in the business plan

A

Executive Summary

89
Q

Furnish relevant information about the company, its legal operation, the principal owners, and key personnel.

A

mission statement

90
Q

What you want to accomplish (specific goals that can be measured), as well as how you’d achieve your goals.

A

objectives & key to success

91
Q

Start-up cost, marketing, sales, and inventory cost. Funding for the company comes from two major sources: owners’ investments and bank loans.

A

financial requirements and features

92
Q

Straight Schedule vs. Preferred Payments

A

Return on Investment (ROI)

93
Q

The what and why of your business; This is where you elaborate on what you do (and the product or service you offer), who you serve, and why you’re different (and better) than the competitors

A

Business Description

94
Q

One individual who owns and operates the enterprise.

A

Sole Proprietorship

95
Q

General Partnership vs. Limited Partnership

A

Partnership

96
Q

A blend of sole proprietorship/ partnership and corporation Owners have liability protection like corporations but less paperwork. Member or owner of this is allowed a full participatory role in the business’s operation.

A

Limited Liability Company (LLC)

97
Q

A business organization that’s intended to promote educational or charitable purposes.

A

Nonprofit

98
Q

The enterprise exists as a legal entity separate from its owners. This type of business structure separates the liabilities and obligations incurred by company operations from being the responsibility of the owners.

A

Corporation

99
Q

Designed to provide enough facts to convince an investor, potential partner or other reader that your business has enough customers in a growing industry and can earn sales DESPITE the competition.

A

Market Analysis

100
Q

indicates where your products or services fit in the competitive environment.

A

Competitive Analysis

101
Q

describes both the strategy and tactics you will use to get customers to buy your products or services.

A

sales and marketing plan

102
Q

Best way to expose your services/products/ brand identity to possible customers

A

Marketing Channel

103
Q

Logo, business cards, website, etc.

A

marketing materials

104
Q

Cost-plus pricing, Demand pricing, Competitive pricing, Price skimming, Penetration Pricing, Value-Based Pricing

A

pricing strategy

105
Q

Describes your management team, staff, resources, and how your business ownership is structured.

A

ownership and management plan

106
Q

describe just how the business functions continuingly.

A

operating plan

107
Q

summary of your funding criteria, your detailed financial statements and an overview of your financial statements.

A

financial plan

108
Q

place to include any additional documents that will help to build the legitimacy of your business concept, your product, marketing, services and so on.

A

appendices and exhibits

Entrepreneurship (6 decks)

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