ENTREPRENEURSHIP
BUSINESS
IMPLEMENTATIO
N
QUARTER 2- MODULE 9
This module covers learning
competencies:
• Implementing the business plan
• Operating the business
MELCs
• Selling the product
• Identifying reasons for keeping
business records
Instruction: Read the
statements carefully
then Write True if the
statement is correct &
write False if you think
the answer is not
correct
Profit is the amount you gain after selling your
product. In computing your profit, you just simply
follow this formula:
Sales - Cost of Goods Sold = Gross Profit
The gross profit represents the difference between
REVIEW
net sales and cost of sales.
Variable costs are those things that change based
on the amount of product being made and are
incurred as a direct result of producing the product.
Variable costs include:
1. Materials used
2. Direct labor
3. Packaging
4. Freight
5. Plant supervisor salaries
6. Utilities for a plant or a warehouse
[Link] expense on production
equipment
8. Machinery
Fixed costs generally are more static in nature. They include:
1. Office expenses such as supplies, utilities, a telephone for the
office, etc.
[Link] and wages of office staff, salespeople, officers and
owners
3. Payroll taxes and employee benefits
4. Advertising, promotional and other sales expenses
5. Insurance
6. Auto expenses for salespeople
7. Professional fees
8. Rent
Identifythe services offered by the following offices to
you as an entrepreneur.
1. Department of Trade and Industry
(DTI)_____________________
2. Securities and Exchange Commission
(SEC)_________________
3. Bureau of Internal Revenue
(BIR)__________________________
4. Mayor’s
Office_________________________________________
5. Social Security System
(SSS)____________________________
6.
Philhealth____________________________________________
[Link]-ibig
Fund________________________________________
Answer the following questions:
1. As an entrepreneur, is it important to know the services offered by the
offices
mentioned above?is YES, in what way that their services becomes
2. If your answer
important to
you?
3. If your answer is NO, what makes their services unnecessary to
you?
4. Do you think a business can last without availing the services
of the said
offices? Why? Or why not?
Guidelinesfor successful business plan
implementation:
1. Objectives- the entrepreneur should have a clear
idea on what is his purpose of putting up his enterprise.
2. Tasks- this means that the entrepreneur must know
what the tasks are he has to perform in order that his
objectives will be realized.
3. Time allocation- This means that the entrepreneur
should have a timetable or a schedule to follow every
task, so that it will be accomplish on time and
realize his objective.
[Link]- This means that the entrepreneur should
monitor the development of
the tasks and the accomplishment of the objective.
In Operating a business, the entrepreneur
should first consult professional for advices,
like accountants or consultants from small
enterprises. In your case, you can consult your
teacher in entrepreneurship or anyone you
think that could help you.
The following are the basic requirements to
start a business in the Philippines:
• Securities and Exchange Commission (SEC)
Registration-for partnership
or Corporation
• Department of Trade and Industry (DTI)
Registration- for your business tradename
• Mayor’s Business Permit- for getting the
license to operate in the city or municipality
and payment of your local business taxes.
• Bureau of Internal Revenue (BIR)
Registration - for getting TIN, official
receiptsand invoices, registering your books
of accounts and paying your national Internal
revenue taxes
• SSS, PhilHealth, and Pag-Ibig Fund
registration- for registering yourself or
company as an employer and for remitting
your employees’ contribution together with
your employer’s share
Keeping Business Records
Good record keeping can help protect the business,
measure the performance
and maximize profit.
Records are the source documents, both physical and
electronic, that specify
transaction dates and amounts, legal agreements and
private customer and business
details.
Developing system to log, store and dispose of records
can benefit the
business. A systematic recording allows you to;
A. Plan and work more efficiently
B. Meet legal and tax requirements
C. Measure profit and performance
D. Protect your rights, and
E. Manage potential risks
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
.
What I Have Learned
Implementing the Business Plan is not that easy. It needs to be
registered to make it legal and record keeping gives a lot of benefits
to the enterprise
What I Can Do
You are going to implement your
business for one and a half month.
Following
the Business plan you have presented
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
B. 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
D. 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
D. None of the choices
[Link] 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?
[Link] starting a business the entrepreneur may not
consult a
professional for advice
[Link] starting a business the entrepreneur should
consult a
professional for advice
C. Before starting a business the entrepreneur must start
selling when there
are available buyers
D. 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
D. 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
C. It will protect the rights of the owner
D. 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
C. Professional advice is made only by consultants
D. Professional advice is only a waste of money
Additional Activities
Prepare a journal entry of all your business
transactions. Give the benefits you get from
keeping all your records
