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WorksheetsLAHTM Tourism and Hospitality as a Trade
Total questions: 20
Worksheet time: 10mins
What is the purpose of registering a sole proprietorship in the Philippines?
To secure licenses and permits
To establish a common fund
To receive tax benefits
To protect personal assets
According to the Civil Code, how many persons are required to form a partnership?
One
Two
Three
Four
In a general partnership, who has unlimited liability for the partnership's debts and obligations?
All partners
Limited partners
Majority partners
Minority partners
What is the main advantage of a corporation?
Limited liability for shareholders
Ease of formation
Shared decision-making
Access to personal funds
What is the key difference between a public corporation and a private corporation?
Public corporations offer shares of stock to the general public.
Private corporations have limited liability for debts and obligations.
Public corporations have unlimited liability for debts and obligations.
Private corporations are easier to form than public corporations.
What is a limitation of a sole proprietorship?
Limited access to capital
Limited liability for debts
Limited decision-making power
Limited tax benefits
Who has the power to manage a partnership?
Board of directors
Shareholders
Partners
Employees
What is the advantage of a partnership?
Shared responsibility and decision-making
Limited liability for partners
Double taxation
Formalities and regulations
How can a corporation raise capital?
By issuing shares of stock to investors
By obtaining loans from banks
By selling products or services
By partnering with other corporations
What is the main disadvantage of a corporation?
Double taxation
Unlimited liability
Limited decision-making power
Limited access to capital
What is the first step to register a sole proprietorship in the Philippines?
Register with the Bureau of Internal Revenue (BIR)
Register with the Department of Trade and Industry (DTI)
Register with the Securities and Exchange Commission (SEC)
Register with the Mayor's Office
What is the cost range for DTI registration of a sole proprietorship?
Php 200 to Php 2,000
Php 50 to Php 2,000
Php 500 to Php 3,500
Php 120 to Php 2,530
How long does it typically take to complete DTI and BIR registration for a sole proprietorship?
1 to 2 business days
1 to 6 weeks
1 to 10 business days
1 to 8 weeks
What is the first step to register a partnership in the Philippines?
Register with the Securities and Exchange Commission (SEC)
Register with the Bureau of Internal Revenue (BIR)
Register with the Mayor's Office
Register with the Department of Trade and Industry (DTI)
What is the cost range for SEC registration of a partnership?
Php 120 to Php 3,530
Php 200 to Php 2,000
Php 500 to Php 3,500
Php 2,530 to Php 5,030
How long does it typically take to complete SEC registration for a partnership?
1 to 2 business days
1 to 6 weeks
1 to 10 business days
1 to 8 weeks
What is the first step to register a corporation in the Philippines?
Reserve and register the business name
Obtain a Certificate of Registration from the SEC
Register with the Mayor's Office
Register with the Bureau of Internal Revenue (BIR)
What is the purpose of the Revised Corporation Code in the Philippines?
To improve the ease of doing business
To increase taxes on corporations
To limit the power of corporations
To promote foreign investments
What is the main change introduced by the Revised Corporation Code?
Formation of a One-Person Corporation (OPC)
Increase in the minimum capital stock requirement
Removal of independent directors' requirement
Reduction in the number of corporate officers
How are shareholder actions conducted under the Revised Corporation Code?
Shareholders can vote through remote communication methods or in absentia.
Shareholders can only vote in-person during meetings.
Shareholders can appoint directors but cannot vote on major decisions.
Shareholders' actions are determined solely by the board of directors.
