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History > Prelim 2 (Entrep) > Flashcards

Prelim 2 (Entrep) Flashcards

0
Q

It is continuously improving so that life today is very different from the past and the developments we see today are unknown to the previous generations

A

Space/Computer technology

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1
Q

It is the evolutionary growth of various activities developing from a simple to a complex system

A

Business

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2
Q

There is so much complexity in this area because it involves the whole range of human wants and needs

A

Business

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3
Q

This involved men and deal with men

A

Business organizations

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4
Q

It primarily aims to satisfy the consumer’s basic and secondary needs

A

Business

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5
Q

It can be achieved through the use of effective business marketing practices and strategies for reasonable returns to compensate for the businessman’s efforts and risk of loss.

A

Business

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6
Q

It is the main objective of business which distinguishes it from charitable institutions and government agencies

A

Profit

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7
Q

He aims at maximizing his profit so that he can provide for himself and keep his business viable

A

Businessman

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8
Q

He should be entitled to a reasonable return on investments because, in addition to using his skills and exerting his effort he takes the risk of loss

A

Businessman

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9
Q

Profit should be maximized to provide a fair share workers of

A

Just wages and incentives

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10
Q

Profit should be maximized to provide a fair share to the owner or stockholders

A

Dividends

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11
Q

Profit should be maximized to provide a fair share to the management

A

Professional renumeration and profit participation

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12
Q

Profit should be maximized to provide a fair share to customers and clients

A

Reasonable prices

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13
Q

This requires a continuing if not lifetime study

A

Complexity of today’s business

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14
Q

It is the sum total of all the enterprises that play a vital part in the production and marketing of goods and services to ultimate consumers

A

Business

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15
Q

In practical and legal sense, it is any activity involved in the production and distribution of goods and services, aimed to meet the economic needs of consumers with an objective of eventually earning profit

A

Business

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16
Q

Role of business

A

Produce goods and services which consumers needs

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17
Q

It produced goods and services from the factors of production provided by society, _____in turn by these goods

A

Business firm

Consumers

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18
Q

It contribute to the country’s economic growth–

A

Business firm

GNP

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19
Q

It is the total market value of goods and services produced by a country in any given period (_____ or _____)

A

Gross National Products

Quarterly or Semi-annually

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20
Q

It co-exists and interrelates with other members in the economic system

A

Business firm

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21
Q

A group of business firms offering similar goods and services

A

Industry

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22
Q

Examples of Industry

A 
Petroleum
Car
Electronics
Chemicals
Banking and finance
Construction industries
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23
Q

Industries is broadly classified as ____ such as

A

Sectors

Government
Manufacturing 
Agricultural
Construction
Trade
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24
Q

The study of how a society produced and distributes its desired goods and services

A

Economics

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25
Q

It deals with how society uses its resources to produces goods and services

A

Economics

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26
Q

The economic resources to produce

A

Factors of production

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27
Q

Factors of production:

A

Land
Labor
Capital
Entrepreneur

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28
Q

It pertains to all natural resources, including timber, minerals, petroleum, and the land itself.

A

Land

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29
Q

It refers to the physical and mental input of the people who produce the goods and services.

A

Labor

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30
Q

Buys and organizes these three factors of production to provide goods and services. In return, he profits if his products are in demand and inherent in all business ventures.

A

Entrepreneur or businessman

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31
Q

It is different between the income an entrepreneur receives from the sale of his goods and services and the expenses he incurs to produce them (income-expenses)

A

Profit

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32
Q

It is important in business. It is the prime motivator in a capital system.

A

Profit

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33
Q

A part of larger economic system

A

Business enterprise

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34
Q

He is employed to do a job and is directly responsible to the board of directors elected by the shareholders, who own the company.

A

Manager

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35
Q

He employs worker to help run the business. In return, he must pay fair wages and benefits, provide a safe and healthy working environment and treat them well.

A

Managers

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36
Q

He is responsible to his customers in providing goods and services of satisfactory quality at competitive prices

A

Manager

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37
Q

Involves a complicated process of stimulus-and-response system

A

Human behavior and consumer behavior

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38
Q

Postulated theory by an industrial psychologist

A

Abraham W. Maslow

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39
Q

Five needs:

A 
Physiological need
Safety need
Social need
Self-esteem need
Self-Actualization need
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40
Q

The essentials for survival, such as the need for food, clothing, shelter, sex, air, water

A

Physiological need

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41
Q

The desire for security, stability, or protection against danger

A

Safety need

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42
Q

The need for group belongingness, affection, love, and friendship

A

Social need

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43
Q

The need for self-recognition or group satisfaction

A

Self-esteem

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44
Q

The need for the realization of personal goal or ambition

A

Self-fulfillment need

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45
Q

Three kinds of business activity

A

Industry
Commerce
Services

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46
Q

Involve the conversion of raw materials into finished products or goods and the application of labor upon raw materials so that greater usefulness becomes possible after the process.

A

Industries

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47
Q

Three extractive industries:

A

Farming
Fishing
Mining

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48
Q

They use materials and supplies turned out by the extractive industries and change these raw materials into various articles of materials for further production of goods and new products

A

Manufacturing industries

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49
Q

Example of manufacturing companies:

A 
Nokia
Honda
Sony
San Miguel brewery
Shell
Pure foods
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50
Q

It involves the process of buying and selling where the goods are moved from the point of production to the point of consimption

A

Trading/Commerce

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51
Q

It involves purchasing and the actual investment of capital in the merchandise handled with the intention of reselling at a profit

A

Consumption

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52
Q

Examples of Commerce:

A 
SM
Rustan's
Robinson's
COD
National Bookstore
Webster
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53
Q

They are primarily concerned with the satisfaction of the needs and wants of the consumers

A

Service enterprise

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54
Q

Subdivided of service enterprise

A

Public and community services

Professional or trade services

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55
Q

Examples of the public and community services:

A

MERALCO
Motion picture producers
Newspaper publishers
Transportation companies

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56
Q

They are businesses which capitalize on personal skill and talent for rendering services

A

Professional service

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57
Q

Payment for professional or trade service in the form of fees which are sometimes called:

A

Retainer’s fee

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58
Q

Examples of professional or trade service:

A 
Law offices
Brokers
CPA
Management consultants
Commission agents
Repair shops
Building contractors
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59
Q

Broadly speaking, services may also be subdivided into:

A

Recreation services

Personal services

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60
Q

Example of recreation services:

A

TV stations
Movie productions
Theaters

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61
Q

Personal services:

A

Hotels
Restaurants
Schools
Beauty parlors

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62
Q

Many ______convert local raw materials to finished products. These businesses are called _____

A

small scale entrepreneurs

Cottage industries

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63
Q

The Philippine government has promoted cottage industries by establishing the _____

A

National Cottage Industry Development Authority, also called the NaCIDA

64
Q

Factors to consider when an entrepreneur decides to go into business:

A 
Capital
Production space
Storage for materials and finished goods
Labor cost and labor supply
Factory overhead
Cost of manufacturing
Technology
Availability of raw materials
Competition
65
Q

Why entrepreneurs venture in manufacturing enterprise:

A

Desire to each more
Low manufacturing cost
Well-planned sales

67
Q

It is the process of converting raw materials into finished products

A

Manufacturing

68
Q

They buy the raw materials and makes the raw materials into finished products by applying direct labor and factory overhead

A

Manufacturer

69
Q

This process can either be labor intensive, meaning processing is done manually by the workers or capital intensce; meaning processing is done through the use of machinery

A

Manufacturing process

70
Q

Aside from selling, it is the other dimension in economic development

A

Manufacturing

71
Q

It is the sum of the cost of direct materials, direct labor and factory overhead.

A

Manufacturing cost/production cost

72
Q

Elements of manufacturing costs:

A

Direct materials
Direct labor
Factory overhead

73
Q

Pertain to all materials which form part of finished product, can be changed directly, and can be identified as forming part of the product

A

Direct material

74
Q

Refers so indirect elements of cost incurred to turn out a finished product which may be in the form of indirect labor, or other indirect expenses

A

Factory overhead

75
Q

On the opposite side of the direct costs are the indirect costs:

A

Indirect materials
Indirect labor
Other indirect expenses

76
Q

Are materials needed for the completion of the product but which consumption which regard the product is either so small or allocation to complex that it will be inconvenient or
Too laborious to charge them directly to a particular unit of product

A

Indirect materials

77
Q

These also include factory supplies or physical goods which are used in production as a whole and not for a particularly unit of product

A

Indirect materials

78
Q

Refers to human efforts used in the factory which cannot be identified as pertaining to a particular product

A

Indirect labor

79
Q

Expenses necessary for the production as a whole

A

Indirect expenses

80
Q

Elements in selecting and choosing products or services to offer:

A 
Personal interest
Your competence
Competition
Available resources 
Season
Capital
Personal exposure
Market demand
Ethics in business
81
Q

Your interest will determine your success. If you love what you do, you will persevere in spits of the odds. Together with perseverance is patience; patience to finish whatever it of you are doing

A

Personal interest

82
Q

Determine your competency. What are you good at?

A

Your competency

83
Q

Consider the realities of competition

A

Competition

84
Q

Your manufacturing operation is highly dependent on resources. Without any of this, your operation will be affected very much

A

Available resources

85
Q

It is labor used in manufacturing a product which can be charged directly to that particularly product

A

Direct labor

86
Q

Unless you receive an order for next year’s summer season, you do not manufacture swimsuits during the rainy season

A

Season

87
Q

The amount of capital needed to operate your manufacturing business will determine whether you have the capacity to establish it or not.

A

Capital

88
Q

Three types of entrepreneurial businesses:

A

Trading
Manufacturing
Service

89
Q

It is the buying of goods and selling the same without change in form

A

Trading of merchandising

90
Q

When goods are sold in small quantities

A

Retailing

91
Q

When goods are sold in big quantities or in volume

A

Wholesaling

92
Q

The process of buying and selling

A

Trading or merchandising

93
Q

A common example of retailing:

A

Sari-sari store

94
Q

Retail stores:

A 
Self-service retailer (supermarket)
Limited service retailer (dress store)
Full service retailer (cellphone store)
Specialty store (Star Bookstore Inc.)
Department store (Robinson)
Supermarket (Waltermart)
Convenience store (7-Eleven)
Superstore (SM)
Combination store (Mercury Drug)
Hypermart (SM Hypermart)
Discount store (88 store)
Factory outlet (Premium shop)
Price clubs (Makro)
Door-door (Avon)
Vending machine (Coca-Cola)
Seller by mail
95
Q

The most popular non-store trading

A

Direct marketing

96
Q

It usually start as a sideline which may eventually mature to full time jobs and open up to other opportunities

A

Direct selling

97
Q

Are what you see in the completed product

A

Raw materials

98
Q

It is the work on the raw materials as it is converted into finished product

A

Direct labor

99
Q

It is the resources needed or costs that need to be paid for in making products other than raw materials and direct labor

A

Factory overhead

100
Q

Is doing work for others

A

Service business

101
Q

The number one reason for doing business

A

Make profit

102
Q

It is what’s left after subtracting costs and expenses from the selling price

A

Profit

103
Q

It is the excess of revenues over cost and expenses

A

Profit

104
Q

To make a profit, the seller sets a selling price that is more than the total cost overhead

A

Mark-up

105
Q

Cost what is paid for the product purchased which is intended for resale or for manufacturing the another product

A

Mark-up

106
Q

Consists of all costs of business operations other than direct costs

A

Overhead

107
Q

It is the cost of the product purchased,

A

Direct costs for retailing

108
Q

The act the cost of direct materials and direct labor

A

Direct costs for manufacturing

109
Q

They are direct costs of the services

A

Direct costs for service

110
Q

Selling of the goods and services directly to the consumers or users

A

Retailing

111
Q

The final on summer may be an individual person or a business unit

A

Retailing

112
Q

It may be done through retail stores or trough mail, telephone, door-to-door, vending machines or electric means.

A

Trading

113
Q

More common form of retailing

A

Store retailing

114
Q

Kinds of retailers:

A 
Department store
Supermarkets
Specially stores
Convenience stores
Superstores
Factory outlets
Direct selling
115
Q

It carries a wide variety of product line

A

Department store

116
Q

Sells a variety of foods and household products

A

Supermarkets

117
Q

Carry a variety of models for one kind or limited product line

A

Specially store

118
Q

Stores that carry high turn-over goods, 24/7. They are usually higher than those of supermarkets

A

Convenience stores

119
Q

Larger than supermarkets and department stores have emerged

A

Superstores

120
Q

Grouped together in one factory outlet mall which are located in aces far from cities

A

Factory outlets

121
Q

One on one selling

A

Direct selling

122
Q

Manufacturers of products are important because of the following reasons:

A

Contribute to the movement of the economy
Manufacturers provide the supply of products needed by people
Manufacturers provide employment and income
Pay taxes

123
Q

Why they need to be creative?

A

To meet the ever changing demands of customers

124
Q

Tips to develop one’s creative talents:

A

Being observant
By imaginations
Because of external relations

125
Q

It also influence the manufacture of products for the expensive of the affordable

A

Economic conditions

126
Q

Why should manufactures be creative?

A

To be competitive

To meet the needs of customers

127
Q

It is an easy venture

A

Manufacturing

128
Q

They are artists and scientist

A

Entrepreneurs

129
Q

Is the practical translation of entrepreneurship because it meets the customer’s needs and wants.

A

Pakikipagkapwa-tao

130
Q

Different type of trading business:

A

Store trading

Non-store trading

131
Q

Store trading is classified by:

A

A. Amount of service

  1. Self-service
  2. Limited service
  3. Full service

B. Product line

  1. Specialty store
  2. Department store
  3. Supermarket
  4. Convenience store
  5. Superstore
  6. Hypermarket
  7. Service business

C. Retail prizes

  1. Discount store
  2. Off-price retailer
  3. Factory outlet
  4. Warehouse club
  5. Independent-off price retailer
  6. La Suerte Warehouse

D. Control outlets

  1. Chain store
  2. Retailer cooperative
  3. Franchise

E. Type of store cluster

  1. Central business district
  2. Shopping center
132
Q

It cannot be avoided, wherever you go, even in rich countries, people buy in ___.

A

Trading

Retail

133
Q

Turnover of goods is fast, thus, money inflow is also fast.

A

Retail business

134
Q

It is the path where inflow of cash from the buyers to the company passes.

A

Trading

135
Q

It is the transfer of goods and services from the producer to the customers and the transfer of money from the customer to the producer.

A

Selling

136
Q

Benefits of retailing:

A
  1. Allow the fast movement of products.
  2. Business strategy
  3. Encourages people to buy more by giving preferential benefits.
  4. Low budget families would buy in small quantities.
  5. Enhances buyer owner relationship
  6. Answer to small buyers whose needs is for a few days.
137
Q

It means “selling” one’s services to the business firms.

A

Labor

138
Q

It is the regulatory body of the economy.

A

Government

139
Q

They funds spent for services come from taxes paid by households and business firms.

A

Government

140
Q

It is the primary factor that moves the economy

A

Selling

141
Q

It saw the introduction of new kinds of businesses such as the service type of business.

They increased during this time because of the increase in population and family income.

A

20th century

21st century

142
Q

It is doing work for others. The kind of business that sells services. It could be by a single individual.

A

Service business

143
Q

It can now be sold. Your idea as to how a product should be marketed demands a price.

A

Concept

144
Q

Small businesses:

A 
Beauty parlor/barber ship
Restaurant or snack bars
Daycare center
Collection (bayad) centers
Flower shops
Pensioner house
Bake ship
Dress shop
Car repair shop
145
Q

Large corporations:

A

Banking and finance
Hotel and restaurant service
Entertainment (theme parks, movie houses, TV productions)
Schools
Hospitals
Call centers
Transportation service (bus companies, airlines, shipping lines)

146
Q

Professional services:

A 
Medical/dental service
Accounting services
Legal services by lawyers
Engineering services
Tutoring services
Architecture service
147
Q

Guides in pricing service:

A

Consider minimum wage as fixed by law
Time to finish the job
Find out competitor’s price
Considers the risks involved
Consider paying capacity
Consider resources that you will put in aside from efforts
Consider the simplicity/complexity of the job performed

148
Q

Easiest way toward becoming an entrepreneur

A

Render personal service to customers

149
Q

Advantages of establishing a service business:

A

Services are nonperishable
Easy to establish
Mobility
It require minimum capital

150
Q

Numerous service business are community-oriented:

A 
Body building gym
Water station
Service offered
Dance and music instructors
Daycare centers
Computer centers
Barber shops/Beauty parlors
151
Q

It is experienced when people are unemployed because they do not have the money to buy things that they need.

A

Poverty

152
Q

Importance of services:

A

Makes products available
Helps to move the economy
Allows people to travel and communicate with each other
Make life not only pleasant but also comfortable

153
Q

Services may be delivered:

A

People or machines

154
Q

Services may be provided by:

A

Profit

Nonprofit organization

155
Q

Departments agencies and bureaus involved in assisting SME Development.

A 
BOC
BFD
BFP
BIR
CDA
DOA
DOH
DTI
DSWD
DOLE
SEC
TESDA
156
Q

The successful individuals thrives within the ____ to excel in all areas possible where an individual can realize their full potentials of being. This always begin with an ___ which when subjected to further contemplation leads to a vision which mat lead to one’s fulfillment

A

Internal drive or (self) motivation

Idea

157
Q

Starting a business is not the beginning of really being a business.

A

Begins with a dream

158
Q

It will be the basis of the kind of business that you will want to establish, maintain and sustain in the long run.

A

Intensity of dreams

159
Q

First basic skill of entrepreneur

A

To generate ideas

History (5 decks)

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