LESSON 1

Question 1

also known as an enterprise, agency or f irm, is an entity involved in the provision of goods and/or services to consumers.

Answer 1

Business

Question 2

can refer to a particular organization or to an entire market sector,

ex. “the music business”.

Answer 2

Business

Question 3

is an active process which is an integral part of human society.

Answer 3

Business

Question 4

is defined as a place or a country where resources are managed by a government to bring about maximum benefits for the entire society.

Answer 4

Economy

Question 5

of the economy because they contributed to the economy of our country through paying corporate taxes so that the government can provide and promote social welfare of its citizens. Business also provides job opportunities which compensates the people in the society.

Answer 5

Business are considered the engine

Question 6

HISTORICAL MILESTONES IN PRODUCTION AND OPERATIONS MANAGEMENT

Answer 6

• The Industrial Revolution
• Post-Civil War Period
• Scientific Management
• Human Relations and Behaviorism
• Operation Research
• The Service Revolution

Question 7

solved the problems of barter system, anything that is acceptable for the purchase of goods and services.

Answer 7

Money

Question 8

assets that can easily be turned into cash,ex.certif cate of deposits, bills of exchange

Answer 8

Near Money

Question 9

examples are postal orders, soda machine tokens, cheques and credit cards.

Answer 9

Quasi/substitute money

Question 10

Instruments of Exchange

Answer 10

Bank draft

Bill of exchange

Cheques

• Credit cards/debit cards

• Ecommerce

Electronic transfer

• Internet banking/on-line banking

• Money order

• Tele-banking

Question 11

provide services to customers rather than goods

Answer 11

Service businesses

Question 12

businesses-sell to customers products they buy from other businesses

Answer 12

Merchandising

Question 13

turn basic inputs into products which are sold to customers

Answer 13

Manufacturing businesses

Question 14

is a system that groups people together towards establishing a common goal.

Answer 14

Organization

Question 15

it is a one-person business

Answer 15

Sole proprietorship

Question 16

it is a business relationship between two or more people

Answer 16

Partnership

Question 17

it is an entity created by law that is independent and distinct from its owners and relies on the corporate laws of the state in which it is incorporated to continue its existence.

Answer 17

Corporation

Question 18

entities owned by their 18 members who purchase shares to join them.

Answer 18

Cooperatives

Question 19

group of unrelated companies under one umbrella.

Answer 19

Conglomerates

Question 20

some businesses begin by the owner acquiring a franchise to operate under an already existing business name. -an agreement between a franchisee(the person requesting permission to set up business) and the parent company to allow the franchisee to sell its products or services.

Answer 20

Franchise

Question 21

Best Franchise Business Opportunities in the Philippines

Answer 21

MILKFRIDGE

Potato Corner Franchise.

Potato Comer

FLEXFUEL

MINISTOPHEN STATION

CycleHouse

FamilyMart

DD

Drin

Siomai King Franchise.

Master Siomai Franchise.

Zagu Franchise.

Mr. Liempo Franchise.

Aquabest Franchise.

Turks Franchise.

Bayad Center Franchise.

Question 22

-is a global organization directed from a main center or office. They provide employment, introduce advanced technology and provide well needed goods and services.

Answer 22

Multinationals

Question 23

are government owned and controlled businesses. A chairman of the board of directors are appointed by the government to run them. -Essential services such as water, electricity and transportation.

Answer 23

Nationalized Industries