Product or service is the output of the business operations. 

Materials are equipment used in the manufacturing of goods or delivery of services. 

Method is the manner of transforming raw materials into finished product. 

Materials are the items assembled to create a finished product or deliver services. 

To compute for the profit, expenses must be subtracted from the revenue. 

4Ms are essential in putting up a business enterprise. 

Product to produce is a factor to consider in the selection staff. 

More investors will be more interested in financing your business venture if you could provide them of thoughtfully done business plan. 

Equipment is a factor to consider in choosing materials to use. 

Manpower is a factor to consider in choosing materials to use. 

This should be clear and well explained to all the members of the company because it will serve as the building block for the whole implementation period. 

This type of record keeping system is used to make it easier to gather information, generate reports, and update tax and legal reporting requirements. 

It is the activity of keeping records of the financial affairs of a business. 

All of the following tasks should be done weekly, except one. 

This refers to human workforce involved in the making of products. 

This refers to the equipment used in the manufacturing of goods or delivery of services. 

This simply refers to the raw materials needed in manufacturing of goods. 

This is the manner or the system of transforming raw materials into finished product. 

The objective will serve as the building block for the whole implementation period. 

The more systematic the start of the implementation of the business plan is the more possible it will survive in the early period 

Aspiring entrepreneurs should seek amateur advice from experienced small enterprise advisors or consultants about the best type of enterprise to establish before starting a business. 

You are not required to register your business before you operate it. 

For partnership and corporation, you need to register the business in Department of Trade and Industry. 

Practice of good record keeping can protect the business, measure the performance, and maximize the profit. 

Bookkeeping is the activity of keeping records of the family affairs of a business. 

Recording and reconciling transactions are foundations to proper bookkeeping on a weekly basis. 

The bookkeeper must check every month how much cash is available. 

Income statement is a financial statement that shows you how profitable your business has become within a given period. 

Given the following:

Revenue P50,000 

Rent Expense P3,000 

Transportation Expense P1,300 

Utilities Expense P5,500 

Salaries Expense P8,000 

How much is the Net Income of the company?

Given the following:

Revenue P100,000 

Rent Expense P3,000 

Transportation Expense P1,300 

Utilities Expense P5,500 

Salaries Expense P8,000 

How much is the Net Income of the company?