SHEPHERDVILLE COLLEGE

Talojongon, Tigaon, Camarines Sur

College of Education Department
Second Semester
AY 2022 – 2023
_______________________________________________________________________________________

THE ENTREPRENEURAL MIND

BUSINESS OWNERSHIP AND ORGANIZATION

Module 1 - SAQ Answer Sheets

MIDTERM

Name: JEHOSHAPHAT P. SABA Date: 03-03-2023

Course/Year: BPE 2O

STUDENT ASSESSMENT QUESTIONS (15 pts.) Good luck!

1. Explain the concept of business entity its types. 5 pts.

 A business entity, in its most basic form, is an organization formed by an individual or individuals to
conduct business, engage in a trade, or engage in similar activities. We have three types of business
which are; service business, merchandise business and manufacturing business.

2. Differentiate the three forms of business organizations. 5 pts.

 A sole proprietorship is an unincorporated firm with one owner who pays personal income tax on profits
produced, whereas a partnership is a business in which two or more persons share ownership. Finally,
a corporation is a legal entity owned by its shareholders, who elect a board of directors to manage the
organization's operations.

3. Enumerate the steps to legally register and operate a business. 5 pts.

 SECURE BUSINESS NAME WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC)
 OPEN CORPORATE BANK ACCOUNT
 REGISTER WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC)
 REGISTER WITH THE BUREAU OF INTERNAL REVENUE (BIR)
 REGISTER WITH THE SOCIAL SECURITY SYSTEM (SSS)
 REGISTER WITH PHILHEALTH
 REGISTER WITH PAG-IBIG
 OBTAIN A MAYOR’S OR BUSINESS PERMIT
 SHEPHERDVILLE COLLEGE
Talojongon, Tigaon, Camarines Sur
College of Education Department
Second Semester
AY 2022 – 2023
___________________________________________________________________________________

THE ENTREPRENEURAL MIND

BUSINESS OWNERSHIP AND ORGANIZATION

Module 1 - SAQ Answer Sheets

MIDTERM

Name: JEHOSHAPHAT P. SABA Date: 03-03-2023

Course/Year: BPE 2O

EVALUATION (10pts.)
Answer the following questions.

1. Explain the importance and impact of registering the business before its operations.

Business registration is critical since it provides various benefits, protects your firm, and secures your rights
against other parties. Failure to register your business may result in legal repercussions. The registration of
a business is an important step in the establishment of any firm. Business registration will provide you with
legal protection. For example, registering your firm under company or LLP laws will safeguard both your
business and you. Because a company and an LLP are independent legal entities, you have limited
responsibility. After registration, your business or LLP can sue or be sued because it is a separate legal
entity. In the event that you do not register, you may face legal repercussions.