Learning activity sheet in Entrepreneurship, Exercises of Environmental science

Download Learning activity sheet in Entrepreneurship and more Exercises Environmental science in PDF only on Docsity! CO_Q2_Entrepreneurship 11_ Module 9 Entrepreneurship Quarter 2 – Module 9: Business Implementation Entrepreneurship – Grade 11 Alternative Delivery Mode Quarter 2 – Module 9: Entrepreneurship First Edition, 2020 Republic Act 8293, section 176 states that: No copyright shall subsist in any work of the Government of the Philippines. However, prior approval of the government agency or office wherein the work is created shall be necessary for exploitation of such work for profit. Such agency or office may, among other things, impose as a condition the payment of royalties. Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names, trademarks, etc.) included in this module are owned by their respective copyright holders. Every effort has been exerted to locate and seek permission to use these materials from their respective copyright owners. The publisher and authors do not represent nor claim ownership over them. Published by the Department of Education Secretary: Leonor Magtolis Briones Undersecretary: Diosdado M. San Antonio Printed in the Philippines by ________________________ Department of Education – MIMAROPA REGION Office Address : Meralco Avenue, Cor. St. Paul Road, Pasig City, Metro Manila Telephone : (02)863 - 14070 E-mail Address: : clmd.depedro4b@gmail.com Development Team of the Module Author: Joel Y. Yacas, Naneth M. Valdehuesa, Mary Cris A. Maquilan, Charity E. Parel, Lorena Fe S. Anub, Janice B. Dominguez, Ronee D. Quicho, Marylinda T. Puzon, Denver E. Neri, Ethel Lalaine B. Morales Content Editor: Cherryl F. Descallar, Eddy Lou T. Hamak, Sherriemae V. Reazol Language Editors: Reviewer: Illustrator: Edzel M. Dominguez Layout Artist: Analyn J. Madera Management Team: Dr. Arturo B. Bayocot, Dr. Victor G. De Gracia, Jr., Mala Epra B. Magnaong, Dr. Bienvenido U. Tagolimot, Jr., Elson C. Jamero 1 CO_Q2_Entrepreneurship11_Module9 What I Need to Know In this module, you will be able to practically implement your newly developed Business Plan. In which case, will help your target business most likely to succeed. Because this is where you will actually operate the business. Thus, selling your product/service to the potential customers. You are expected to operate your own business and keep your business records to monitor the progress of your business operation. This module covers learning competencies:  Implementing the business plan  Operating the business  Selling the product  Identifying reasons for keeping business records At the end of this module, you will be able to: 1. Identify the purposes of keeping business records. 2. Value the importance of keeping accurate business transactions. 3. Prepare an income statement of your business operation 2 CO_Q2_Entrepreneurship11_Module9 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. What I Know 1. You go to the office of the Department of Industry (DTI) if you will register your corporation business. 2. The office to visit when registering your solely owned business is Securities and Exchange Commission (SEC). 3. You go to the Bureau of Internal Revenue when you get Tax Identification Number (TIN). 4. Employers are the only one to pay contribution at the Social Security System (SSS). 5. You cannot start your business without a consultant. 6. Record keeping is not necessary in business operation. 7. Record keeping is beneficial to the owner. 8. The objective of the businessman should be clear. 9. Tasks before starting the business should have a time allotment. 10. Records are sources of documents. 11. Professional advices are necessary before starting the business. 12. Professional advice is not needed during the business operation. 13. Bookkeeping is only important to the accountant. 14. Record keeping can measure the profit and performance of the enterprise. 15. Recordkeeping can be both physical and electronics. 3 CO_Q2_Entrepreneurship11_Module9 What’s In Before you proceed, let us first recall our previous lesson. 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 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 7. Depreciation 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. 2. Salaries 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 6 CO_Q2_Entrepreneurship11_Module9 • 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 receipts and 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 Other steps to follow before operating a Business are as follows: 1. Set up an accounting system or hire an accountant. Knowing how the business is doing financially is important for planning and survival. 2. Advertise the business. No one will buy the products or services if customers do not know that the company exists. You can make use of the social media. 3. Secure insurance for the business. Liability insurance protects the business in the event of litigation. Consider life and disability insurance, health insurance and fire insurance when you are leasing an office or storefront. 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. 7 CO_Q2_Entrepreneurship11_Module9 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 at least three (3) oldest existing businesses and find time to ask the owner/s the following questions: 1. How did you start your business? 2. In your opinion, is it important to have a business plan? 3. What were your challenges encountered in your years of operations? 4. How did you overcome those challenges? 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. 8 CO_Q2_Entrepreneurship11_Module9 You are going to implement your business for one and a half month. Follow the Business Plan that you have presented. 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 B. DTI D. Mayor’s Office What I Can Do RUBRICS FOR THE BUSINESS PLAN IMPLEMENTATION Feasibility The business is operated according to the plan. 50 Bookkeeping The records are properly kept and accounted for. 40 Profitability The business is gaining as to its projected financial plan. 10 TOTAL 100 11 CO_Q2_Entrepreneurship11_Module9 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. SAMPLE JOURNAL ENTRY DATE PARTICULARS REF DR CR June 20 Cash 10,000 Mercado Capital 10,000 To record cash investment June 26 Photocopying Equipment 30,000 Mercado, Capital 30,000 To record investment of photocopying eqpt June 27 Mercado Capital 50,000 Loan Payable 50,000 To record loan payable to be assumed by the business 12 CO_Q2_Entrepreneurship11_Module9 Answer Key Pretest 1. FALSE 2. FALSE 3. TRUE 4. TRUE 5. FALSE 6. FALSE 7. TRUE 8. TRUE 9. TRUE 10. TRUE 11. TRUE 12. FALSE 13. FALSE 14. TRUE 15. TRUE Postest 1. B 2. A 3. C 4. C 5. D 6. C 7. D 8. C 9. B 10. C 11. B 12. B 13. C 14. B 15. B 13 CO_Q2_Entrepreneurship11_Module9 References Ronaldo S. Batisan, DIWA Senior High School Series: Entrepreneurship Module. Diwa Learning Systems Inc. Angeles A. De Guzman. Entrepreneurship (For Senior High School, Applied subject, ABM Strand. Lorimar Publishing, Inc 2018, 25 – 26. Edralin, Divina M. Entrepreneurship. Quezon City: Vibal Group, Inc. 2016, 80 – 83. Leedy, P. and Ormrod, J. Practical Research: Planning and Design 7th Edition. (Merrill Prentice Hall and SAGE Publications, 2001), Nick L. Aduana, Entrepreneurship in Philippine Setting (for Senior High School), 2017 Dr. Eduardo A. Morato Jr., Entrepreneurship, 2016 Angeles A. De Guzman, Entrepreneurship for Senior High School Applied Subject ABM Strand,Lorimar Publishing,p.1-5 Ronaldo S. Batisan, Entrepreneurship: Diwa Senior High School Series, Diwa Learning Systems Inc., p. 16-20 Eduardo A. Morato Jr., Entrepreneurship, 1st ed., Manila, Philippines: REX Books Store,p.13 Nick L. Aduana, Etrepreneurship in Philippine Setting for Senior High School, 2017, C&E publishing, Inc.p.46-51 Angeles A. De Guzman, Entrepreneurship for Senior High School Applied Subject ABM Strand,Lorimar Publishing,p.25-26 Raymund B. Habaradas and Tereso S. Tullao,Jr., Pathways to Entrepreneurship,2016,Phoenics publishing house,p.17-28 Aduana, Nick L. "Chapter 5/Lesson 3 The Marketing Mix." In Entrepreneurship In Philippine Setting For Senior High School, 184-199. Quezon City, Philippines: C&E Publishing, 2016. 16 CO_Q2_Entrepreneurship11_Module9 "Marketing: Distribution Channels (GCSE) | Tutor2u Business." Tutor2u. Accessed January 04, 2019. https://www.tutor2u.net/business/reference/marketing- distribution- channels. "What Is a Price? - Definition of Price." Marketing-Insider. July 13, 2015. Accessed January 04, 2019. https://marketing- insider.eu/what-is-a-price/. "5 Basic Functions of Packaging in Marketing a Product." Your Article Library. January 03, 2014. Accessed January 15, 2019. http://www.yourarticlelibrary.com/marketing/5- basic-functions- of-packaging-in-marketing-a-product/22204. Amanda Jesnoewski, Four ways to identify more business opportunities. November 20, 2018 retrieve from: https://www.smartcompanyng.com.au/ startupsmart/advice/business-planning/four-ways-to-identify- more-business- opportunities/ https://www.tutorialspoint.com/entrepreneurship_development/en trepreneurship_devel opment Business Dictionary. http://www.businessdictionary.com/defination/market-size.html “Forecasting” Businessdictionary, Accessed December 10, 2018, http://www.businessdictionary.com/definition/fo recasting.html “How to Make Revenue Forecasts” Smarta, Accessed December 10, 2018, http://www.smarta.com/advice/business- planning/business-plans/how-to-make- revenue-forecasts/ 17 CO_Q2_Entrepreneurship11_Module9 Katie Jensen, “Factors Considered in Financial Forecasting.” Chron. Hearst Newspapers. Acessed December 10, 2018. https://smallbusiness.chron.com/factors- considered-financial- forecasting-80716.html https://www.slcbookkeeping.com/blog/bid/207078/Bookkeeping- Tasks-for-Every-Part- of-the-year https://www.thebalancesmb.com/steps-to-increase-small-business-profits- 1200720 https://www.wikihow.com/Calculate-Profit 18 CO_Q2_Entrepreneurship11_Module9 For inquiries or feedback, please write or call: Department of Education - Bureau of Learning Resources (DepEd-BLR) Ground Floor, Bonifacio Bldg., DepEd Complex Meralco Avenue, Pasig City, Philippines 1600 Telefax: (632) 8634-1072; 8634-1054; 8631-4985 Email Address: blr.lrqad@deped.gov.ph * blr.lrpd@deped.gov.ph