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4TH > ENTREP > Flashcards

ENTREP 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

Two (2) Classifications of resources:

A

Human Resources
Nonhuman Resources

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5
Q
  • The process to be followed in effectively manufacturing or delivering a product or service
  • set of procedures and instructions which you must follow in order to achieve your goal
  • Must always be systematic and people in the enterprise must be well-informed about this
  • Using a flowchart will help the business visualize the actual method involved
A

Method

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6
Q

The right human resource who will handle certain business operations

A

Manpower

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7
Q

The technology used in efficiently operating the business operations

A

Machines

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8
Q

To be used in creating a product or performing a service

A

Materials

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9
Q
  • The conversion of raw materials into finished goods that are acceptable to the customer’s standards
  • The following are its elements:
    Inputs
    Process
    Outputs
A

Manufacturing of goods

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10
Q

Manufacturing sites: the cheapest and highly flexible

A

Home-based

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11
Q

Manufacturing Sites: requires the biggest amount of capital expenditure

A

Commercial space purchased

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12
Q

Manufacturing sites: if home is not viable anymore

A

Commercial space for rent

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13
Q
  • step by step guide of the employees and the manufacturing equipment
  • The Process flow Objectives:
    right inputs are properly used
    process is performed according to standards
    acceptable outputs are produced
A

Manufacturing process flow

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14
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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15
Q

a detailed flowchart of the service business

A

service blueprint

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16
Q
  • The process of bringing products or services to customers
  • in selling physical goods, the location, the processes, and the distribution of the products to the customers should be planned
A

Distribution of goods and services

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17
Q

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

A

Supply Chain/ Distribution Channel

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18
Q

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

A

manufacturer

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19
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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20
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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21
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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22
Q
  • To look for the right employee for the business operation, the following are the kind of staff one should have:
    Skilled
    Well qualified and well verse in business
    Responsible
    Dedicated and committed to work
    Honest and with integrity
    Able to attain targets and set goals
    Not indulge in wasteful expenditure
    Loyal
    Team player
A

Manpower

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22
Q

The entrepreneur must also establish a seamless payment process. There are instances when the customers do not want to pay in cash and are usually attracted by flexible and customer-friendly payment terms such as credit cards, installment plans, or simple accounts payable or pautang.

A

Payment process

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23
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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24
Q

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

A

Employee Qualifications

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25
Q

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

A

Selection of Job Applicants

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26
Q

a 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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27
Q

training of people

A

Employee Development

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28
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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29
Q

items to be used in creating a product or performing a service, which includes supply chain management
mainly form part of the finished product

A

Materials

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30
Q

own products or services to a present supplier

A

Purchasing

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31
Q

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

A

Warehousing

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32
Q

process of efficiently transferring the products to retailers or consumers

A

Transportation

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33
Q

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

A

Inventory

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34
Q
  • also known as Machineries, are the basic tools to convert the input into output
  • include various tools, equipment, instruments, or devices which could be used by the business to produce a product or generate a service
  • designed to make the work faster and easier
A

Machines

35
Q
  • Must be strategically placed in the manufacturing site or in the service delivery area.
  • Must prepare a facility plan that details the most economical way to manufacture a product.
  • Place the facility where they can be efficiently used.
A

Equipment and other Facilities

36
Q

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

A

Point of Sale (POS) Machines

37
Q

accounting business transactions, profitability, sales, inventory etc.

A

Accounting & Inventory Software

38
Q

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

A

Website

39
Q

An 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

REPUBLIC ACT NO. 3883

40
Q

Issues barangay clearance, mayor’s business permit, Certificate of final electrical inspection, and Health and Sanitary Permit

A

Local Government Unit (LGU)

40
Q

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

A

Department of Labor and Employment (DOLE)

41
Q

Promotes and regulates business activities by registering and licensing businesses

A

Department of Trade and
Industry (DTI)

42
Q

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

A

Bureau of Internal Revenue (BIR)

43
Q

Agency in charge of development and monitoring cooperatives in the country

A

Cooperative Development Authority

44
Q

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

A

Securities and Exchange Commission

45
Q

Aims to provide protection to its members and beneficiaries 14% of an employee’s monthly salary (Employer: 9.5% | Employee: 4.5%)

A

Social Security System

46
Q

National savings program and affordable shelter financing for the Filipino worker fixed monthly contribution of ₱200.00 (50/50- employer:employee)

A

Human Development and Mutual Fund (HDMF)

47
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

48
Q

Application for Registration for Sole Proprietorship

A

Form 1901

49
Q

Payment/ Remittance Form

A

Form 0605

50
Q

Certificate of Registration

A

Form 2303

51
Q

“_____ in its broad sense, is not only the making of sales, that is, affecting ownership transfers; but also is identifying prospective consumers, stimulating demands and providing information and service to buyers.” – Still, Cundiff, and Govoni

A

SELLING

52
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

53
Q

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

A

CONSULTATIVE SELLING

54
Q

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

A

TRANSACTIONAL SELLING

55
Q

Involves developing a partnership between buyer and seller.

A

COLLABORATIVE SELLING

56
Q

Online selling is a 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

57
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

Price Tag Requirement

REPUBLIC ACT NO. 7394, Article 81

58
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

Food and Drug Administration (FDA) Act of 2009”

REPUBLIC ACT NO. 9711, Article 81

59
Q

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

A

Forecasting

60
Q

experienced / first hand data

A

Primary

60
Q

data retrieved from a source of primary data

A

Secondary

61
Q

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

A

Operating Costs

62
Q

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

A

Fixed Cost

63
Q

expenses that depend on the production.

A

Variable Cost

64
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

65
Q

include a business plan, research expenses, borrowing costs, and expenses for technology. Includes: Research expenses, Borrowing costs Infrastructure or Rent Insurance, License, and Permit Fees, Technological Expenses, and Equipment and supplies

A

Pre-opening Startup Costs

66
Q

include advertising, promotion, and employee expenses. Includes: Advertising, Product promotion, and Employee expenses.

A

Post-opening Startup Costs

67
Q

direct cost to producing the goods that your business sells

A

Cost of Goods Sold

68
Q

A _____ forecast is an essential tool for managing a business of any size.
It is a month-by-month forecast of the level of sales you expect to achieve.

A

Sales

69
Q

The net amount of cash and cash equivalents being transferred into and out of a business.

A

Cash Flow

70
Q

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

A

cash flow from operations

71
Q

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

A

cash flow from investing

72
Q

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

A

cash flow from financing

73
Q

Computing for Profits

A

Profit = Revenue – Total Costs
Total Costs = Revenue - Profit
Revenue = Total costs + Profit
Total costs = Fixed costs + variable costs

74
Q
  • often referred to as record keeping
  • the accounting part that records transactions and business events in the form of journal entries in the accounting system
A

Bookkeeping

75
Q

reflects the value of resources owned by a company and is expected to provide future economic benefit. Examples include cash, accounts receivable, inventory and property.

A

Asset account

76
Q

reflects the costs a company incurs for conducting business and generating revenue. Examples include the cost of goods sold (COGS) or services delivered, employee salaries, travel, advertising and rent.

A

Expense account

77
Q

reflects the amount a company owes. Examples include credit card accounts/balances, accounts payable, notes payable, taxes and loans.

A

Liability account

78
Q

reflects the shareholders’ interests in the company’s assets. Examples include stocks, distributions, capital contributed, dividends and retained earnings.

A

Equity account

79
Q

reflects an increase in value from activities not related to the core business. Examples include money won from a lawsuit and a gain in value from the sale of an asset or business property

A

Gain account

80
Q

reflects the amount of money generated from operating and nonoperating activities. Operating examples include sales and consulting services; nonoperating examples include interest and investment income

A

Revenue account

81
Q

is the opposite of a gain account, reflecting a decrease in value from non primary-business events. Examples include money paid for the loss of a lawsuit and a loss in value from the sale of an asset or business property.

A

Loss account

82
Q

Records incoming money. It increases assets and expenses, and lowers income, liabilities, and equities.

A

Debit

83
Q

Records outgoing money. This 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

4TH (6 decks)

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