Q3 ENTREP REVIEWER

It involves the administration of a business enterprise.

• Management

• Scheme

• Ownership

• Authorization

It is necessary to register your business to make it _____.

• Functional

• Legal

• Operational

• Profitable

Why is it necessary to ensure the legality of your business venture?

• To attract more customers

• To avoid legal consequences

• To increase operational costs

• To discourage innovation

When preparing a business plan, what is the primary purpose of ensuring accurate and adequate data?

• To impress potential investors

• To choose appropriate and effective strategies

• To fulfill legal requirements

• To compete with other businesses

The tasks before operating the business must be ____

• Specified to be accomplished by the owner alone

• In detail so that the owner will know what to do

• Kept by the owner for future reference

• None of the choices

Which of the following is true?

• Good record keeping is not important to the business owner

• Good record keeping is important only to the accountant

• Good record keeping gives benefits to the enterprise

• Good record keeping gives no importance at all.

"How much money will you need?". In what step in preparing a business plan does this guide question belong?

• Organizational plan

• Financial plan

• Survey of your market

• Business Location

"Are there customers in the place?". In what step in preparing a business plan does this guide question belong?

• Organizational plan

• Financial plan

• Survey of your market

• Business Location

Which of the following is NOT a benefit to the enterprise?

• Plan and work more efficiently

• Meet legal and tax requirements

• Can check if the business is doing good.

• It cannot protect the rights of the owner

To secure Tax Identification Number (TIN), which office will you go?

• SEC

• DTI

• BIR

• Mayor's Office