Entrepreneurship Flashcards
(66 cards)
1
Q
Day to day operation of business
A
Method
2
Q
Process of raw materials to transformed to final product
A
Manufacturing
3
Q
Raw materials is known as
A
Input
4
Q
Known as transformation phase
A
Process
5
Q
Known as the final product
A
Output
6
Q
Place of manufacturing
A
Manufacturing Site
7
Q
The people who works for your product
A
Manpower
8
Q
Enumerates duties and responsibilities of the potential employee
A
Job Description
9
Q
Is the heading of Job Description
A
Job Title
10
Q
Details the salary
A
Compensation and Benefit Range
11
Q
4’Ms are the?
A
Methods
Manpower
Machines
Materials
12
Q
It is called the Financial Gain
A
Profit
13
Q
It is an office to register single owned business
A
SEC
14
Q
It is an office to register partnership or corporation
A
SEC
15
Q
This is an office where you register tradename
A
DTI
16
Q
It is resources of data
A
Records
17
Q
It is an office that collects taxes of business
A
BIR
18
Q
BIR means
A
Bureau of Internal Revenue
19
Q
DTI means
A
Department of Trade and Industry
20
Q
SEC means
A
Securities and Exchange Commission
21
Q
SSS, Pag-Ibig and Philhealth covers?
A
Owner, Workers, Employers & Employees
22
Q
SSS means
A
Social Security System
23
Q
PhilHealth means
A
Philippine Health Insurance Corporation
24
Q
Pag-IBIG means
A
Pagtutulungan sa Kinabukasan; Ikaw, Bangko, Industria at Gobyerno
25
is an important part of the business plan because it simply states the details in operating the business.
Operation Plan
26
controls the implementation of business plan.
Operations management,
27
A strong operations plan should have the
4Ms
28
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
Standard Operating Procedure (SOP)
29
is the process of translating raw materials into finished goods that are acceptable to the customer’s standards.
Manufacturing
30
the materials or ingredients to be used in creating the product
Inputs
31
the transformation phase where inputs are processed by manpower and machines to come up with the final product.
Process
32
the final product of the process stage, which is intended to be sold to target customers.
Outputs
33
in which the production process will take place must be considered by the entrepreneur depending on his/her objective and financial capacity.
MANUFACTURING SITE
34
cheapest and highly flexible
Home-based
35
this is advisable if business really need commercial space and home option is not anymore viable.
Commercial space for rent
36
requires the biggest amount of capital
Commercial space purchase
37
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.
Manpower
38
divides the company based on specialty
functional structure
39
refers to companies that structure leadership according to different products or projects.
divisional structure
40
pulls advantages from a couple of different formats.
matrix structure
41
enumerates duties and responsibilities of the potential employee, including the scope and limitations and terms and conditions of employment.
Job description
42
is the heading of the job description which is the summary of what the employee will do.
Job Title
43
it details the potential salary and benefits that the employee will get.
Compensation and Benefit range
44
knowledge of basic things
Educational Background
45
what to expect from the applicant and what he/she can potentially contribute to the business based on the past positions and experiences.
Work Experience
46
this is important specially on technical jobs that require high proficiency.
Special Skill or Knowledge
47
worker’s integrity and how he/she deals with his/her co-workers, bosses and customers.
Work Attitude
48
the process to be followed effectively in manufacturing or delivering a product or service
Methods
49
the right human resources who will handle certain business operations
Manpower
50
the technology used in efficiently operating the business
Machines
51
to be used in creating a product or performing a service, which includes supply chain management.
Materials
52
is the amount you gain after selling your product.
Profit
53
represents the difference between net sales and cost of sales.
Gross profit
54
are those things that change based on the amount of product being
made and are incurred as a direct result of producing the product.
Variable cost
55
the entrepreneur should have a clear idea on what is his purpose of putting up his enterprise.
Objectives
56
this means that the entrepreneur must know what are the ______ he has to
perform in order to realize his objectives.
Task
57
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.
Time allocation
58
This means the entrepreneur should monitor the development of the
tasks and the accomplishment of the objectives.
Progress
59
for partnership
or Corporation
SEC
60
for your business
tradename
DTI
61
for getting the license to operate in the city or
municipality and payment of your local business taxes
Mayor’s Business Permit
62
for getting TIN, official
receipts and invoices, registering your books of accounts and paying your
national Internal revenue taxes
BIR
63
for registering yourself or
your company as an employer and for remitting your employees’ contribution
SSS, PhilHealth, and Pag-Ibig Fund registration
64
Cost that do not vary with the output
Fixed cost
65
total made from sales
Are expenses that have to be paid by a company, independent of any specific business activities
Revenue
66
Cost that vary with output
Is a corporate expense that changes in proportion to how much a company produces or sells.
Variable Cost
