JERICHO DENNIS V.

LIPURA 12-
TENNESSINE

What I Know

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.

You go to the office of the Department of Industry (DTI) if you will register
FALSE 1.
you corporation business.
The office to visit when registering your solely owned business is Securities and
FALSE 2.
Exchange Commission (SEC).
You go to the Bureau of Internal Revenue when you get Tax Identification
TRUE 3.
Number (TIN).
Employers are the only one to pay contribution at the Social Security System
TRUE 4.
(SSS).
FALSE 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 are 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.
Record keeping can measure the profit and performance of the enterprise.
TRUE 14.
TRUE 15. Recordkeeping can be both physical and electronics.
 What’s New
Identify the services offered by the following offices to you as an entrepreneur.
1. Department of Trade and Industry (DTI)
It gives you DTI registration which  is the first step for businesses to ensure you can go on with
establishing your business without any legal conflicts in its establishing
2. Securities and Exchange Commission (SEC)
They responsible for protecting investors, maintaining fair and orderly functioning of the
securities markets, and supervision of corporate company making sure that they following the
law.
3. Bureau of Internal Revenue (BIR)
They regulates finance, and a;lsp collects internal revenue taxes, fees and charges and enforces all
forfeitures, penalties, and fines connected with tax matters for the Philippine government.
Being BIR registered is also important if you want to take advantage of any number of business-
critical financial services
4. Mayor’s Office
The mayor’s office will register your business in their data ang also grant you the ability to
legally serve your product and services.
5. Social Security System (SSS)
the SSS supports the development and expansion of businesses and industries, as well as the
expansion of small and medium businesses. This is the place where you can start your business or
strengthen it by making a loan
6. Philhealth
Philhealth provides support to all your healthcare issues and insures your safety and your
employees in the work field.

7. Pag-ibig Fund
By being member of Pag- ibig you will gain benefirs which shall be used exclusive for their
members such as entitlement to dividends from their savings and, providing access to multi-
purpose loans
What is it?
Allied Services
Entrepreneurship is not an easy thing to do. As a matter of fact, a large portion of those who
aspire to become a successful entrepreneur gives up on this rigorous path. You need all the help that is
available for you to boost your journey. A wise entrepreneur always seizes the opportunity and never
sacrifice help for pride and prejudice. These services are always present and can heavily affect the future of
your business.
It is important for an entrepreneur to have a knowledge on these services. For example, you
should know that securing DTI, SEC, BIR and Mayors Permit is a legal mandatory procedure to process
your legitimacy of your business. Failure to comply to these permits may lead to lawsuits and penalty that
can cause unnecessary charges from your budget. Also reaping the loan of SSS, Pag-ibig and any
cooperative can give you a head start in starting your own passive income. Having an insurance to your
employees not only reassure your psychological state by reducing the anxiety but also ensures your money
and luckily you have Philhealth to make these dreams come true.

In conclusion, You can reap the benefits of this knowledge on your side to improve the quality of
your business and grow the credibility of your commerce. You might escape these services for now but
sooner or later you must need their help to survive. It is considered illegitimate business if you don’t do
the necessary paperworks and you might pay for penalities or worst case scenario, serve your time in jail.
But on the other side of the spectrum, you can see yourself in rivalry of those big companies if you
successfully utilized the services offered by the government and private institutions.

What’s More

Try to look around in your community and identify the three (3) oldest existing businesses and
find time to ask the owner on how did they started their business and sustain it until today.

Mario Catado Paperstand

They started their business small by selling newspapers by riding a bicycle until the owner decide
to make a small stand. The stand grew bigger and bigger as more customers are coming in. They were
able to sustain for 20 long years by the location of the stand, which have a huge population and growing
commerce in the middle of the municipality.

Lito Mechanic Shop

The business started with a large money for they needed enough capital for all the tools in
repairing and maintaining engine in motorcycles and cars. The raised popularity and reffereal from their
previous customers made them successful in 15 years.

Nimfa Sari Sari store

They started the business by selling common daily goods in their neighborhood. Then the amount
of goods became larger and the variety of resources widened. They gained patronage for their neat and
clean place and a wise designing strategy that attracts customers.

Assessment
 Now that you are finished accomplishing the module, let us check what you have learned. Answer the
questions given below by encircling the letter of the correct answer.
1. Which office will you go to register your single owned business?
A. SEC C. BIR
B. DTI D. Mayor’s Office
2. Which office do you visit to register partnership or corporation business?
A. SEC C. BIR
A. DTI D. Mayor’s Office
3. To secure Tax Identification Number (TIN), which office will you go?
A. SEC C. BIR
B. DTI D. Mayor’s Office
4. SSS, Philhealth and Pag-ibig fund contributions is made by _________.
A. Employees only C. Both Employees and Employers
B. Employers only D. None of the choices
5. Which of the following is not a step to follow before operating a business?
A. Register your business
B. Set up accounting system
C. Advertise the business using Facebook
D. Selling the product
6. Which of the following is true?
A. Good record keeping is not important to the business owner.
B. Good record keeping is important only to the accountant.
C. Good record keeping gives benefits to the enterprise.
C. Good record keeping gives no importance at all.
7. Which of the following is NOT a benefit to the enterprise?
A. Plan and work more efficiently.
B. Meet legal and tax requirements.
C. Can check if the business is doing good.
D. It cannot protect the rights of the owner.
8. The objectives of the entrepreneur should be _______________.
A. Specific and clear
 B. Specific and long term
C. Short and blurred
D. Long and not specific
9. The tasks before operating the business must be _____________.
A. Specified to be accomplished by the owner alone
B. In detail so that the owner will know what to do
C. Kept by the owner for future reference
C. None of the choices
10. The tasks to be accomplished before operating the business should have:
A. Design C. Time allotment
B. Decoration D. Measurement
11. Which of the statements is true?
A. Before starting a business, the entrepreneur may not consult a professional for advice.
B. Before starting a business, the entrepreneur should consult a professional for advice.
B. Before starting a business, the entrepreneur must start selling when there are available
buyers.
C. None of the choices
12. To register your Business Trade name is done in the office of?
A. SEC C. Mayor’s Office B. DTI D.
Philhealth Office
13. The sources of documents are called?
A. Income statement
B. Balance sheet
C. Record
C. Record Keeping
14. Which of the following is not a benefit of record keeping?
A. It will not help in managing potential risks.
B. It will measure profit and performance.
B. It will protect the rights of the owner.
C. It will not let you know how much you are earning.
15. Which of the following statements is true?
A. Professional advice is only needed before starting the business.
B. Professional advice is needed all throughout the life of the business.
B. Professional advice is made only by consultants.
C. Professional advice is only a waste of money.