HELE T3 WW2

This is the process of starting and running your own business.

TRUE or FALSE: Entrepreneurship involves taking risks to make the business successful.

• TRUE

• FALSE

TRUE or FALSE: Entrepreneurship involves hard work.

• TRUE

• FALSE

This is the person who starts and runs their own business.

Match the name of the famous Filipino entrepreneur and their business.

• Henry Sy

• SM

• Manny Villar

• Vista Malls

• Tony Tan Caktiong

• Jollibee

These are the things you sell to your customers and is something that they can physically hold in their hands (i.e. tangible)

In business, this is an activity or a task performed to benefit customers or other companies

without a physical product

Match the following descriptions to the correct term.

• Sole proprietorship

• You are the only owner of the business.

• General partnership

• This is a business own and controlled by its members who are also the owners.

• Corporation

• You and at least one other person own the business.

• Cooperative

• This is a business owned by one or more people but is treated as a separate entity from its owners.

Organize these options into the right categories

Groups:

(a) Sole proprietorship

,

(b) General Partnership

,

(c) Corporation

• More expensive to setup and maintain

• Increased credibility with customers and suppliers

• Partners share problems and profits

• Limited liability for owners.

• Friendships can end as a result

• owner takes all the profits and losses

• Partners can be a liability

• Least expensive to setup

• if the owner is sick, the business won't open

• Double taxation of profits.

Organize these options into the right categories

Groups:

(a) Buyer

,

(b) Seller

• purchases a product for his needs

• aka the end user

• aka the consumer

• sometimes also the producer

• offers a price for a product or service

• maintains good relationships with buyers