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Bunny Nayeon 🐰 > Entrepreneurship > Flashcards

Entrepreneurship Flashcards

1
Q

Day to day operation of business

A

Method

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2
Q

Process of raw materials to transformed to final product

A

Manufacturing

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3
Q

Raw materials is known as

A

Input

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4
Q

Known as transformation phase

A

Process

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5
Q

Known as the final product

A

Output

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6
Q

Place of manufacturing

A

Manufacturing Site

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7
Q

The people who works for your product

A

Manpower

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8
Q

Enumerates duties and responsibilities of the potential employee

A

Job Description

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9
Q

Is the heading of Job Description

A

Job Title

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10
Q

Details the salary

A

Compensation and Benefit Range

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11
Q

4’Ms are the?

A

Methods
Manpower
Machines
Materials

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12
Q

It is called the Financial Gain

A

Profit

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13
Q

It is an office to register single owned business

A

SEC

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14
Q

It is an office to register partnership or corporation

A

SEC

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15
Q

This is an office where you register tradename

A

DTI

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16
Q

It is resources of data

A

Records

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17
Q

It is an office that collects taxes of business

A

BIR

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18
Q

BIR means

A

Bureau of Internal Revenue

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19
Q

DTI means

A

Department of Trade and Industry

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20
Q

SEC means

A

Securities and Exchange Commission

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21
Q

SSS, Pag-Ibig and Philhealth covers?

A

Owner, Workers, Employers & Employees

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22
Q

SSS means

A

Social Security System

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23
Q

PhilHealth means

A

Philippine Health Insurance Corporation

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24
Q

Pag-IBIG means

A

Pagtutulungan sa Kinabukasan; Ikaw, Bangko, Industria at Gobyerno

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25
Q

is an important part of the business plan because it simply states the details in operating the business.

A

Operation Plan

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26
Q

controls the implementation of business plan.

A

Operations management,

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27
Q

A strong operations plan should have the

A

4Ms

28
Q

These are like manuals that need to be set both in manufacturing goods and rendering of services to serve as the employees’ guide in performing their tasks

A

Standard Operating Procedure (SOP)

29
Q

is the process of translating raw materials into finished goods that are acceptable to the customer’s standards.

A

Manufacturing

30
Q

the materials or ingredients to be used in creating the product

A

Inputs

31
Q

the transformation phase where inputs are processed by manpower and machines to come up with the final product.

A

Process

32
Q

the final product of the process stage, which is intended to be sold to target customers.

A

Outputs

33
Q

in which the production process will take place must be considered by the entrepreneur depending on his/her objective and financial capacity.

A

MANUFACTURING SITE

34
Q

cheapest and highly flexible

A

Home-based

35
Q

this is advisable if business really need commercial space and home option is not anymore viable.

A

Commercial space for rent

36
Q

requires the biggest amount of capital

A

Commercial space purchase

37
Q

They are qualified employees that can handle operational functions that an entrepreneur should hire so that he/she can focus on strategic and management functions.

A

Manpower

38
Q

divides the company based on specialty

A

functional structure

39
Q

refers to companies that structure leadership according to different products or projects.

A

divisional structure

40
Q

pulls advantages from a couple of different formats.

A

matrix structure

41
Q

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

A

Job description

42
Q

is the heading of the job description which is the summary of what the employee will do.

A

Job Title

43
Q

it details the potential salary and benefits that the employee will get.

A

Compensation and Benefit range

44
Q

knowledge of basic things

A

Educational Background

45
Q

what to expect from the applicant and what he/she can potentially contribute to the business based on the past positions and experiences.

A

Work Experience

46
Q

this is important specially on technical jobs that require high proficiency.

A

Special Skill or Knowledge

47
Q

worker’s integrity and how he/she deals with his/her co-workers, bosses and customers.

A

Work Attitude

48
Q

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

A

Methods

49
Q

the right human resources who will handle certain business operations

A

Manpower

50
Q

the technology used in efficiently operating the business

A

Machines

51
Q

to be used in creating a product or performing a service, which includes supply chain management.

A

Materials

52
Q

is the amount you gain after selling your product.

A

Profit

53
Q

represents the difference between net sales and cost of sales.

A

Gross profit

54
Q

are those things that change based on the amount of product being
made and are incurred as a direct result of producing the product.

A

Variable cost

55
Q

the entrepreneur should have a clear idea on what is his purpose of putting up his enterprise.

A

Objectives

56
Q

this means that the entrepreneur must know what are the ______ he has to
perform in order to realize his objectives.

A

Task

57
Q

This means that the entrepreneur should have a time table or a
schedule to follow for every task so that the tasks will be accomplished timely and
he can realize his objectives.

A

Time allocation

58
Q

This means the entrepreneur should monitor the development of the
tasks and the accomplishment of the objectives.

A

Progress

59
Q

for partnership
or Corporation

A

SEC

60
Q

for your business
tradename

A

DTI

61
Q

for getting the license to operate in the city or
municipality and payment of your local business taxes

A

Mayor’s Business Permit

62
Q

for getting TIN, official
receipts and invoices, registering your books of accounts and paying your
national Internal revenue taxes

A

BIR

63
Q

for registering yourself or
your company as an employer and for remitting your employees’ contribution

A

SSS, PhilHealth, and Pag-Ibig Fund registration

64
Q

Cost that do not vary with the output

A

Fixed cost

65
Q

total made from sales
Are expenses that have to be paid by a company, independent of any specific business activities

A

Revenue

66
Q

Cost that vary with output
Is a corporate expense that changes in proportion to how much a company produces or sells.

A

Variable Cost

Bunny Nayeon 🐰 (6 decks)

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