Entrepreneurship Quarter 2 Module 1

What I have Learned

Answer the following questions in a separate sheet of paper.

1. What are the 4Ms of Operation? Explain each briefly.

Manpower- This refers to human workforce involved in the making of products

Method- The manner or the system of transforming raw materials into finished product is called
method
Machine- This refers to the equipment used in the manufacturing of goods or delivery of
services.
Materials- This simply refers to the raw materials needed in manufacturing of goods. Basically,
materials are assembled to make a finished product.

2. Considering your answers in Activity A, what are the most essential characteristics of a
person to be hired? Give at least three (3) and explicate why.

Educational Qualifications, Skills and expertise for the job and Conduct of background checking
and issuance of requirements I think this the most essentials because all these includes what
strong skills you have physically and psychologicaly and what have you done before you do the
job that you want to apply.

What I can do

Given the following amount of the expenses and revenue, solve for the profit using the formula
discussed earlier. Explain your computation.

Paid Rent : 2,500.00

Paid utility fees : 4,679.18
Supplies : 10,789.86
Delivery cost : 589.00
Employees’ salary A. : 450.00 (15days) (4 persons)
B. : 650.00 (15days) (1 person)
Income : 104,596.50

Income: P104,596
Entrepreneurship Quarter 2 Module 2

What’s More

A. Prepare for the Income Statement (Service) of Cruz Law Firm for the year ended December
31, 2020.

Revenue P520,000
Utilities Expense 8,500
Rent Expense 10,500
Salaries Expense 125,000
Advertising Expense 5,000

Answer:

Revenue P520,000

Salaries Expense P125,000

Rent Expense P10,500
Utilities Expense P8,500
Advertising Expense P5,000

Total Expense P149,00

Net Income P371,00

B. Prepare for the Income Statement (Merchandising) of Lopez Bakeshop for the year ended
December 31, 2020.

Revenue P450,000
Materials 80,000
Labor 28,000
Utilities Expense 12,000
Advertising Expense 3,000
Depreciation Expense 2,500
Rent Expense 8,000
Answer:

Revenue P450,000

Materials P80,000
Labor P28,000 P108,000
Gross Profit P342,000

Utilities Expense P12,000

Rent Expense P8,000
Advertising Expense P3,000
Depreciation Expense P2,500 P25,000
Income before Interest and Taxes P317,000
Less: Tax P101,440
Net Income P215,560

What I have learned

Answer the following questions in your notebook.

1. What are the guidelines for successful business plan implementation?

Objectives, Task, Time Allocation, and Progress

2. What are the basic requirements to operate a business in the Philippines?

Business Entity Registration, Mayor’s business permit, Bureau of Internal Revenue for
the taxpayers identification number (TIN, Social Security System (SSS), PhilHealth, and
Pag-IBIG Fund, and Bangko Sentral ng Pilipinas (BSP) for financing institution, Bureau of
Food and Drugs (BFAD)

3. Why do we need to keep business records?

These will serve as source

documents and references, both physical and electronic, it includes
transaction dates and amounts, legal agreements, private customers, and
other business details.

4. What are the daily and weekly tasks of the bookkeeper?

Daily Task
1. Review Available Cash
2. Monitor Incoming and Outgoing Payments

Weekly Tasks
1. Record and Reconcile Transaction
2. File and Upload Receipts
3. Enter Unpaid Bills from Vendors
4. Pay Vendors
5. Prepare and Send Invoices
6. Review Projected Cash Flow

5. How will you know if your business is making profit or not?

Income Statement is also known as the profit or loss statement. It is a

financial statement that shows you how profitable your business within a
given period. Data on sales revenue and expenses from both the accounting
journals and the general ledger are used to prepare the income statement.