HELE T3 WW2

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

(a)  

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.

(a)  

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

• Henry Sy

• Jollibee

• Tony Tan Caktiong

• SM

• Manny Villar

• Vista Malls

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

(a)  

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

without a physical product

(a)  

Match the following descriptions to the correct term.

• General partnership

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

• Sole proprietorship

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

• Corporation

• You are the only owner of the business.

• Cooperative

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

Organize these options into the right categories

Groups:

(a) Sole proprietorship

,

(b) General Partnership

,

(c) Corporation

• Friendships can end as a result

• Limited liability for owners.

• More expensive to setup and maintain

• Least expensive to setup

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

• owner takes all the profits and losses

• Partners share problems and profits

• Double taxation of profits.

• Increased credibility with customers and suppliers

• Partners can be a liability

Organize these options into the right categories

Groups:

(a) Buyer

,

(b) Seller

• aka the end user

• maintains good relationships with buyers

• aka the consumer

• purchases a product for his needs

• offers a price for a product or service

• sometimes also the producer