HELE T3 WW2

This is the process of starting and running your own business.

TRUE or FALSE: Entrepreneurship involves taking risks to make the business successful.

• TRUE

• FALSE

TRUE or FALSE: Entrepreneurship involves hard work.

• TRUE

• FALSE

This is the person who starts and runs their own business.

Match the name of the famous Filipino entrepreneur and their business.

• Henry Sy

• Jollibee

• Manny Villar

• SM

• Tony Tan Caktiong

• Vista Malls

These are the things you sell to your customers and is something that they can physically hold in their hands (i.e. tangible)

In business, this is an activity or a task performed to benefit customers or other companies

without a physical product

Match the following descriptions to the correct term.

• Cooperative

• You and at least one other person own the business.

• Sole proprietorship

• This is a business owned by one or more people but is treated as a separate entity from its owners.

• General partnership

• This is a business own and controlled by its members who are also the owners.

• Corporation

• You are the only owner of the business.

Organize these options into the right categories

Groups:

(a) Sole proprietorship

,

(b) General Partnership

,

(c) Corporation

• Double taxation of profits.

• Limited liability for owners.

• Partners share problems and profits

• owner takes all the profits and losses

• More expensive to setup and maintain

• Increased credibility with customers and suppliers

• Least expensive to setup

• Friendships can end as a result

• if the owner is sick, the business won't open

• Partners can be a liability

Organize these options into the right categories

Groups:

(a) Buyer

,

(b) Seller

• aka the end user

• aka the consumer

• sometimes also the producer

• purchases a product for his needs

• offers a price for a product or service

• maintains good relationships with buyers