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ENTREPRENEURSHIP > PRE FINALS > Flashcards

PRE FINALS Flashcards

1
Q

The Three Important Elements in the Production System

A

Input - Production Process - Output

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2
Q

Input

A
  1. Manpower
  2. Material
  3. Machine
  4. Design
  5. Instructions
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3
Q

Output

A
  1. Manpower
  2. Materials
  3. Machine
  4. Method
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4
Q

talks about human labor force involved in the manufacture of products. It is measured as the most serious and main factor of production.

A

Manpower

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5
Q

talks about human labor force involved in the manufacture of products. It is measured as the most serious and main factor of production.

A

Manpower

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6
Q

refers to the raw materials necessary in the production of a product. Materials mainly form part of the finished product.

A

Materials

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7
Q

is about manufacturing equipment used in the production of goods or delivery of services.

A

Machine

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8
Q

is the process of way of transforming raw materials to finished products. The resources undergo some stages before it is finalized and become set for delivery to the target buyers.

A

Method

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9
Q

promotes and explain what a product is and why it’s worth buying.

A

Product description

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10
Q

Two Types of Product

A

Heterogeneous Product and Homogeneous Product

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11
Q

has dissimilar characteristics, parts, and physical appearance.

A

Heterogeneous Product

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12
Q

has a physical appearance, taste, or chemical content that can hardly be distinguished from that of the other products.

A

Homogeneous Product

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13
Q

These are guidelines for you to have a good product description

A
  • Know what your targer market is,
  • Focus on the product benefits,
  • Tell the full story,
  • Use natural language and tone,
  • Use good images.
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14
Q

is a duplication of a product as it will be produced, which may contain such details as color, graphics, packaging and directions

A

Prototype

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15
Q

They are your business partners, without them your business will not live.

A

Supplier

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16
Q

is a method or activities by which a company adds value to an item, with production, marketing, and the provision of after-sales service.

A

Value Chain

17
Q

is a structure of organizations, people, activities, data, and resources involved in moving a product or service from supplier to customer.

A

Supply Chain

18
Q

describes the factors of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts.

A

Business Model

19
Q

There are important phases in developing your business model, namely:

A
  • Identifying the specific audience;
  • establishing business process;
  • recording business resources;
  • developing strong value proposition;
  • determining key business partners;
  • and creating demand for today’s generation strategy and being open for innovations.
20
Q

is a tool used in planning that aims to support management or a business owner in its desire to adjust and cope with uncertainties of the future.

A

Forecasting

21
Q

is a tool used in planning that aims to support management or a business owner in its desire to adjust and cope with uncertainties of the future.

A

Forecasting

22
Q

depends on data from the past and present and to make meaningful estimates on revenues.

A

Forecasting

23
Q

It is a result when sales exceed the cost to produce goods or render the services.

A

Revenue

24
Q

is used especially when the nature of business is merchandising or retailing,

A

Sales

25
Q

is used to record revenues earned by rendering services.

A

Service Income

26
Q

refers to the amount added to the
cost to come up with the selling
price.

A

Mark Up

27
Q

formula of the Mark up

A

Mark Up Price = ( Cost x Desired
Mark Up Percentage)

28
Q

In calculating for the selling price, the formula is as follows:

A

Selling Price = Cost + Mark Up Price

29
Q

The stage of transforming raw materials to finished products.

A

Production Process

30
Q

Factors to consider in forecasting revenues:

A
  1. The economic condition of the country.
  2. The competing businesses or competitors.
  3. Changes happening in the community.
  4. The internal aspect of the business.
31
Q

Increase

A

Addition

32
Q

Decrease

A

Subtraction

ENTREPRENEURSHIP (4 decks)

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