Lesson 1: Organizing a Business Flashcards
1
Q
- Based on the capitalization; where it came from.
A
Forms of Business Organization
2
Q
Forms of Business Organization
- One owner
A
Sole Proprietorship
3
Q
Forms of Business Organization
- Two or more owner
A
Partnership
4
Q
Forms of Business Organization
- More than 50
- Investment from the general public
A
Corporation
5
Q
What are the three forms of business organization?
A
- Sole Proprietorship
- Partnership
- Corporation
6
Q
- Activity of the business
A
Types of Business Activities
7
Q
Types of Business Activities
- Provides service to customers and clients
- Service; labor; skill
A
Service
8
Q
Types of Business Activities
- Also called a Trading Business
- Buy goods in salable form and sell to the customers in a higher amount
- Buy and sell
A
Merchandising
9
Q
Types of Business Activities
- Buys raw material to create a new product before selling to the customer
A
Manufacturing
10
Q
What are the three types of Business
Activities?
A
- Service
- Merchandising
- Manufacturing
11
Q
more than 3 million is ?
while less than 3 million is?
A
Vat Taxpayer
Non-Vat Taxpayer
12
Q
Books of account should be approved by?
A
BIR
Bureau of Internal Revenue
13
Q
Sole Proprietorship
- > Business Name
- > Barangay Clearance
- > Mayor’s Permit
- > Tin, Vat or Non-Vat Registration, Registration of Books or Accounting System, Authority to print Ors.
A
Sole Proprietorship
- > DTI (Department of Trade and Industry)
- > Office of the Barangay
- > Office of the Mayor
- > BIR (Bureau of Internal Revenue)
14
Q
Partnership and Corporation
- > Business Name
- > Barangay Clearance
- > Mayor’s Permit
- > Tin, Vat or Non-Vat Registration, Registration of Books or Accounting System, Authority to print Ors.
- > Registration of Employees
A
Sole Proprietorship
- > SEC (Securities and Exchange Commission
- > Office of the Barangay
- > Office of the Mayor
- > BIR (Bureau of Internal Revenue)
- > Philhealth, SSS, Pag-Ibig
