Financial Accounting > QUESTIONS & ANSWERS > MODULE 9-10 ENTREPRENEURSHIP. with correct answers.Very helpful during revision (All)

MODULE 9-10 ENTREPRENEURSHIP. with correct answers.Very helpful during revision

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MODULE 9: BUSINESS IMPLEMENTATION PRE-TEST Before starting with this module, let us see what you already know about implementing a business plan. Answer the questions below. Instruction: Read the statements carefully then Write True if the statement is correct & write False if you think the answer is not correct. Write your answer on the space provided before the number. True 1. You go to the office of the Department of Industry (DTI) if you will register your corporation business. True 2. The office to visit when registering your solely owned business is Securities and Exchange Commission (SEC) True 3. You go to the Bureau of Internal Revenue when you get Tax Identification Number (TIN) False 4. Employers are the only one to pay contribution at the Social Security System(SSS) True 5. You cannot start your business without a consultant. False 6. Record keeping is not necessary in business operation True 7. Record keeping is beneficial to the owner True 8. The objective of the businessman should be clear True 9. Tasks before starting the business should have a time allotment True 10. Records are sources of documents True 11. Professional advices is necessary before starting the business False 12. Professional advice is not needed during the business operation False 13. Bookkeeping is only important to the accountant True 14. Record keeping can measure the profit and performance of the enterprise True 15. Recordkeeping can be both physical and electronics Activity 1.1 Identify the services offered by the following offices to you as an entrepreneur. 1. Department of Trade and Industry (DTI) for your business tradename 2. Securities and Exchange Commission (SEC) for partnership or Corporation 3. Bureau of Internal Revenue (BIR) for getting TIN, official receipts and invoices, registering your bookms of accounts and paying your Internal Revenue taxes 4. Mayor’s Office for getting the license to operate in the city or municipality and payment of your local business taxes 5. Social Security System (SSS) contribute to the nation's economic growth and development by providing financial assistance to the business sector for the purpose of increasing productivity and enhancing potential earnings through expansion, diversification and other business development projects. 6. Philhealth ensures the health of every employees and employers through social health insurance 7. Pag-ibig Fund responsible for the administration of the national savings program and affordable shelter financing for Filipinos employed by local and foreign-based employers as well as voluntary and selfemployed members. It offers its members short-term loans and access to housing programs.

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