PRELIMS long quiz

Mendoza is a registered medical technologist, and has been working in a hospital for 20 years. With the use of his retirement benefit, he plans to open up a diagnostic center in their community. A diagnostic center is what type of business based on the nature of its operation?

Service

Mendoza is a registered medical technologist and has been working in a hospital for 20 years. With the use of his retirement benefit, he plans to open up a diagnostic center in their community. If he wanted to form it as a corporation, what kind of contract must he submit, and in what government agency must he file it?

Articles of Incorporation, Securities and Exchange Commission

Michelle, Andrew, and Phillipe are Internists and plan to venture into the creation of a One Stop Shop Diagnostic Center, providing laboratory services and a doctor’s clinic.  Michelle will invest her money, while Andrew plans to invest the inherited commercial space from his grandmother, and Phillipe will be handling all the operations and contributing his knowledge and expertise in opening that kind of business. They plan to form a Limited partnership having all of them as limited partners, would the Securities and Exchange Commission allow them?

No, by SEC’s policies, AT LEAST one of them should be a general partner.

Using the information about Michelle, Andrew and Philippe,  what kind of partner is Michelle and Andrew?

 

Capitalist Partner

Using the information about Michelle, Andrew, and Philippe, what kind of partner is Philippe?

 

Industrial Partner

Learning Who I am, What I know and Who I know is a way to develop your entrepreneurial mindset. This is called as _________.

 

Bird in Hand Principle

Ms. Bustamante wanted to open a sole proprietor hardware business. In what government agency she need to register her hardware store?

 

Department of Trade and Industry

Using the information about Ms. Bustamante, what type of business is a hardware store based on its operation?

Trading

As an entrepreneur, we should be providing value for our customers. For a product or service provide value, the ________ must outweigh the ________.

 

Benefits, Costs

The strength of a person’s desire for control can be thought of as an element of his or her means: “Who you are.

 

Pilot in the Plane Principle

It is an economic unit that controls resources, where goods and services are exchanged from one another for profit.

Business

This is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence.

Corporation

The effectual entrepreneur tries to estimate the downside and examines what he is willing to lose.

 

Affordable Loss Principle

In a form of business organization, by its contract, two or more persons bind themselves to contribute money, property, or industry into a common fund to divide profits among themselves.

Partnership

Dr. Saravasthy said that to build an your entrepreneurial mindset, you must accept that the future is unpredictable yet controllable. This is the Principle of ________.

Effectuation

ACS Corporation was the Procter and Gamble’s exclusive supplier of toothpaste tubes, they procured a ton of it. One day, P&G changed their tubes into a plastic one, and ACS ended having a possible loss. Instead, they manufactured their own toothpaste brand – Hapee. This is an example of ______.

 

Lemonade Principle

Mr. Gastambide is a new entrepreneur in the medical supplies retail industry. Her bff, Maya is her biggest supplier for PPE. Their friendship turned sour, and she got a bulk purchase order from a hospital for PPE. She had no choice but to contact her nearest competitor who became now her constant supplier. This is an example of ________.

 

Crazy Quilt Principle

The ability to quickly sense, take action, and get organized under uncertain conditions.

 

Entrepreneurial Mindset

The Sy siblings inherited a vast set of businesses from their Father, Mr. Henry Sy Sr. Hans, Teresita, Elizabeth, Herbert, Henry Jr are now called as: 

 

Second generation entrepreneurs

A process of innovating new methods to produce products and services by infusing all resources. Also, a systematic innovation which consists in the purposeful & organized search for changes.

Entrepreneurship

Mr. John Gokongwei is confronted by an increasing problem of "scrap" flours that starts to incur losses. He was able to made "chippy" out of it and became successful. Mr John Gokongwei is an: 

 

Founder or pure entrepreneur

Mr. A's started his bolt and nuts trading business when he was 25. It was registered as a sole proprietorship form of business. Can his heirs inherit his business when he passed away?

 

No. The business is a sole proprietorship. It doesn't have a right to succession

A form of business organization that is autonomous and duly registered associations of persons with a common bond of interest who have voluntarily joined together to achieve their social, economic, and cultural needs and aspirations by making equitable contributions to the capital required

Cooperative

Mr. C, Mr. D, and Mr. E formed a general partnership. Mr. D passed away. Can his wife inherit his share in the business?

 

No. If a partner dies, the partnership must be closed.

A corporation is created today with 10 incorporators. How many persons are there now?

11

Ms. A created a one-person corporation. She suddenly passed away. Can her heirs inherit the business?

 

Yes. OPC has a right of succession