Quiz Flashcards
It can be anything that is generally accepted in payment for goods and services
Money
It is the first recognized form of coinage in the philippines
Piloncitos
Qualities of good money material
1 Acceptability
2 Stability
3 Portability
4 Durability
5 Uniformity
6 Divisibility
7 Recognizability
Functions of money
1 Medium of exchange
2 Unit of account
3 Store of value
4 Standard of Deferred payments
Types of money
1 Currency in circulation
2 Demand deposits
3 Traveler’s checks
4 Other checkable deposits
It consist of coins and paper money that we use in our daily transactions
Currency in circulation
These are often used by individuals travelling on vacation to foreign countries and can be used in place of hard currency
Traveler’s checks
This are checking account balances maintained by, and available through, depository banking institutions, including commercial banks, savings and loan associations, credit unions, and mutual savings bank
Other checkable deposits
it is the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy
Purchasing power
It decreases the amount of goods or services you would able to purchase
Inflation
Increases the amount of goods or services you would able to purchase
Deflation
It is a phenomenon of rising general level of prices of goods and services over a period of time
Inflation
This type of inflation which results form a more rapid increase in income than the increase in production.
Demand-pull inflation
When cost of production increases inputs required to produce goods and services, the said increase is passed along to consumers in the form of higher prices
Cost-push inflation
Inflation that occurs because a government pursues an excessively loose monetary policy
Structural inflation
Losers of inflation
Fixed incomes
Savers
Creditors
Gainers of inflation
Debtors
Business owners
Government
It states the price, in terms of one currency, at which another currency can be bought
Exchange rate
It refers to the talent that some people have for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things
Entrepreneurship
It is a way of giving individuals access to better lives not only for themselves but for their family as a whole
Entrepreneurship
It is an individual who attempts to organize his own business rather than working as an employee.
Entrepreneur
Economic issues facing the Filipino entrepreneur
Investment and interest rate
Rentals
Minimum wage
Taxes
It is a tax on consumption levied on the sale, barter. shifted or passed on the buyer, transferee or lessee of goods, properties or services
Value added tax
It is a government levy imposed on individuals or entities that vary with the income or profits of the taxpayers
Income tax
What is the VAT in the Philippines
12%
what is the percentage tax in the Philippines
3-10% tax rate
It is the aggregation of the different businesses engaged in the same line of undertaking
Industry
It is the single most important choice you’ll make regarding your company
Business Organization
It is owned by a single individual who is singly responsible for running the business and is accountable for all debts and obligations related to the business
Sole proprietorship
It is an agreement in which two or more persons combine their resources in a business with a view to making profit
partnership
it is drawn up and profits are equally divided among the partners according to the terms of agreement
Partnership agreement
All owners share the management of the business and each is personally responsible for and must assume the consequences of the action of the other partners
General partnership
Partners that are limited and contribute only capital, take no part in control or management and are liable for debts to a specific extent only.
Limited partnership
It is a legal entity that is separate form its owners, the shareholders
Corporation
types of corporation
C-corporation
S-corporation
Limited liability company
It is a corporation that is taxed separately from its owners.
C-corporation
It is a hybrid business structure that provides the limited legal liability of a corporation and the operational flexibility of a partnership or sole proprietorship
Limited liability company
It is an undertaking by a person or a group of persons who are partners, or of stockholders who own a juridical entity known as corporation
Business
It is just a small portion of an industry
Business
Total assets of micro business
worth below 1,500,001
Total assets of small business
1,500,001 to 15,000,000
Total assets for medium business
15,000,001 to 60,000,00
Total assets for large scale business
more than 60,000,000
It is an entity organized by people with similar needs to provide themselves with goods and services or to jointly use available resources to improve their income
Cooperative
This corporation do not pay income taxes rather the earnings and profits are treated as distributions
S-corporation
