Reviewer in Entrepreneurship

REVIEWER IN ENTREPRENEURSHIP
1. BIR stands for Bureau of Internal Revenue

2. TIN stands for Tax Identification Number
3. DTI stands for Department of Trade and Industry
4. EDS stands for Electronic Delivery System
5. SEC stands for Securities Exchange Commission
6. GSIS stands for Government Service Insurance System
7. SSS stands for Social Security System
8. Money - It is used to pay for labor and supervisors, which would be used inside the factory.
9. Period Cost - It is composed of selling, administrative and general expenses.
10. Cost of goods sold – This is what call to a finish goods when sold.
11. Work-in-progress - The raw materials when processed in the factory is called?
12. Credit - The technical term for recording on the right side.
13. Debit - The technical term for recording on the left side.
14. Raw materials - The main ingredient in the production of goods.
15. Business Plan - It is a written document that describes the various external and internal
elements involved in starting a business or in expanding an existing venture, amidst a
dynamic business environment.
16. Buzz marketing – It is the emerging practices do you call a viral marketing technique that
is focused on maximizing the word-of-mouth potential of a particular campaign or product.
17. Introduction - This cover page provides brief summary of the business plan’s content.
18. Environmental Analysis - It is a process to identify all the external and internal elements,
which can affect the organization’s performance.
19. Socio-cultural conditions - This includes a description of the cultural implications, gender
and connected demographics, & social lifestyles.
20. Technological conditions - This must include the assessment of the major developments
in science and technology that might have either a beneficial or detrimental impact on the
business or on the entire industry.
21. Production Plan - It includes the complete production process of the product/service
offered by the company.
22. Vision - It is a big picture of what you want to achieve.
23. Objectives - It provides specific milestones with a specific timeline for achieving a goal.
24. Business Description - This includes the mission-vision statement, information about the
product/service offered by the company, location of the business, and its physical assets
25. Economic conditions - This must include a description of the growth of both the national
and local economies, as measured by the Gross Domestic Product.
26. Brand - It is a category of products that are all made by a particular company.
27. Brand elements - These are the things that make a brand distinct.
28. Brand Equity - This refers to the commercial value that derives from consumer perception
of the brand name of particular product or services, rather than from the product or service
itself.
29. Core values - It defines the organization in terms of the principles and values the leaders
will follow in carrying out the activities of the organization.
30. Sole Proprietorship - It is owned by a single individual who is solely responsible for
running the business and is accountable for all the debts and obligations related to the
business.
31. Organizational Structure - It shows the reader of the business plan who the principal
owner of the business and the management team.
32. Corporation - It is a legal entity that is separate from its owners.
33. Limited partnership - It consists of partners who have limited liabilities while others in
the partnership have unlimited liabilities.
34. 50 years - It is the usual life span of a corporation.
35. Entrepreneur – A business plan user that serves as a road map for managing the business.
36. Executive summary - This is prepared after the total plan has been written, must stimulate
the interest of its readers.
37. Politico-legal conditions - This must take into account existing laws and regulations, as
well as future legislation that could directly affect the business.
38. Operational Plan - This must also describe procedures in completing the business
transaction.
39. Investor - This allows the user of the business plan to gauge whether projected returns are
acceptable
40. The following are clearances that must be obtained before getting the business permit:
a. Barangay Clearance
b. Certificate of Electrical inspection
c. Fire safety clearance
41. Partnership - This is a type of business wherein if two or more persons bind themselves
into a contract to contribute money, property, and expertise in a common venture with the
intension of dividing the profits among themselves.
42. Limited Partnership - It consists of partners who have limited liabilities while others in
the partnership have unlimited liabilities.
43. General partnership - It is composed of partners who are liable individually and
collectively to all those who have claims against them. Claimants can run after all the
personal assets of all the partners.
44. Marketing Plan - Part of business plan that contains pricing, distribution, promotion and
sales forecasts.
45. Sole Proprietorship - The owner has sole control over the enterprise. He/she reaps all the
profits and also all the losses.
46. Corporation - It can be formed or incorporated by, at least five or at most 15 natural
persons. According to Philippine law, the majority of the incorporators must be residents of
the Philippines.
47. Finished goods inventory - When the goods are completed and available for sale is called?
48. Financial information needs - Cost of equipment, rental rates, cost of utilities and
personnel costs fall under what information needs of business plan?
49. Non Stock Corporation - It is organized to carry out a purpose or purposes other than
generating profits for investors. The _____Corporation usually has a social mission.
50. Corporation sole - It is a special form of corporation allowed by law, usually associated
with the clergy.

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REVIEWER IN ENTREPRENEURSHIP

1. BIR stands for Bureau of Internal Revenue

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