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18 Cards in this Set
- Front
- Back
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Is an organization that is engaged in commercial activities-the trade of goods or services, or both, with consumers. |
BUSINESS ENTERPRISE |
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It means all the revenue or money obtained from selling products or services. This number is usually obtained bu multiplying the number of products sold with the price per unit, or multiplying the number of service transactions with the price per unit transaction. |
TOTAL SALES |
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Are the amounts that have to be paid for or spent by the business in its operation. |
COSTS AND EXPENSES |
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It is computed by subtracting the total costs and expenses from the total sales/total revenues. |
PROFIT |
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It is important that the business is profitable, so that it can generate revenues that can pay for the salaries of the entrepreneur, managers, and workers. |
GOALS OF A BUSINESS |
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is the buying and selling of goods, without causing any major change in the form of the products. |
TRADING OR MERCHANDISING |
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When goods are sold in large quantities. |
WHOLESALING |
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When goods are sold in small quantities. |
RETAIL TRADING |
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They list and studied about the various sectors or industries in the Philippines Economy |
THE PHILIPPINE STANDARD INDUSTRIAL CLASSIFICATION |
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What are the three main types of entrepreneurial businesses? |
1. MANUFACTURING OF GOODS 2. DELIVERY OF SERVICES 3. WHOLESALE AND RETAIL TRADING |
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Involves the process of transforming raw materials into finished goods or products. |
MANUFACTURING |
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Are the components that make up the finished product. |
RAW MATERIALS |
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Is the work done by laborers or workers, as they convert the raw materials into finished goods. They measured by the number of hours put in by the worker in his work. |
DIRECT LABOR |
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It refers to the resources needed in the transformation of raw materials into goods. |
FACTORY OVERHEAD |
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It refers to the manufacturing process that takes place in the conversion of raw materials to finished goods. |
PROCESS |
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They have to identify specifically which set of customer needs they want to address, and which kinds of products they want to provide. |
NICHE |
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Involve the rendering of work for others, involving the skills and expertise of people. It is the provision of services both to businesses as well as final customer. |
SERVICE BUSINESSES |
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They considered as service economy, with a contribution to Gross Domestic Product higher than 51 percent. |
PHILIPPINE ECONOMY |
