Entrepreneurship

Quarter 2 – Module 9:
Business Implementation

CO_Q2_Entrepreneurship 11_ Module 9

Entrepreneurship – Grade 11
Alternative Delivery Mode
Quarter 2 – Module 9: Entrepreneurship
First Edition, 2020

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Published by the Department of Education

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Undersecretary: Diosdado M. San Antonio

Development Team of the Module

Author: Joel Y. Yacas, Naneth M. Valdehuesa, Mary Cris A. Maquilan,

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Entrepreneurship
Quarter 2 – Module 9:
Business Implementation
Introductory Message
This Self-Learning Module (SLM) is prepared so that you, our dear learners,
can continue your studies and learn while at home. Activities, questions, directions,
exercises, and discussions are carefully stated for you to understand each lesson.

Each SLM is composed of different parts. Each part shall guide you step-by-
step as you discover and understand the lesson prepared for you.

Pre-tests are provided to measure your prior knowledge on lessons in each

SLM. This will tell you if you need to proceed on completing this module or if you
need to ask your facilitator or your teacher’s assistance for better understanding of
the lesson. At the end of each module, you need to answer the post-test to self-check
your learning. Answer keys are provided for each activity and test. We trust that you
will be honest in using these.

In addition to the material in the main text, Notes to the Teacher are also
provided to our facilitators and parents for strategies and reminders on how they can
best help you on your home-based learning.

Please use this module with care. Do not put unnecessary marks on any part
of this SLM. Use a separate sheet of paper in answering the exercises and tests. And
read the instructions carefully before performing each task.

If you have any questions in using this SLM or any difficulty in answering the
tasks in this module, do not hesitate to consult your teacher or facilitator.

Thank you.
 What I Need to Know

In this module, you will be able to practically implement your

newly developed Business Plan. In which case, will help your target
business most likely to succeed. Because this is where you will actually
operate the business. Thus, selling your product/service to the potential
customers.
You are expected to operate your own business and keep
your business records to monitor the progress of your business
operation.

This module covers learning competencies:

 Implementing the business plan
 Operating the business
 Selling the product
 Identifying reasons for keeping business records

At the end of this module, you will be able to:

1. Identify the purposes of keeping business records.

2. Value the importance of keeping accurate business
transactions.
3. Prepare an income statement of your business operation

1 CO_Q2_Entrepreneurship11_Module9
 What I Know

Before starting with this module, let us see what you already know
about implementing a business plan. Answer the questions below.
Instruction: Read the statements carefully then write True if the statement
is correct & write False if you think the answer is not correct.

1. You go to the office of the Department of Industry (DTI) if you will

register your corporation business.

2. The office to visit when registering your solely owned business is

Securities and Exchange Commission (SEC).

3. You go to the Bureau of Internal Revenue when you get Tax

Identification Number (TIN).

4. Employers are the only one to pay contribution at the Social

Security System (SSS).

5. You cannot start your business without a consultant.

6. Record keeping is not necessary in business operation.
7. Record keeping is beneficial to the owner.
8. The objective of the businessman should be clear.

9. Tasks before starting the business should have a time allotment.

10. Records are sources of documents.

11. Professional advices are necessary before starting the business.

12. Professional advice is not needed during the business operation.

13. Bookkeeping is only important to the accountant.

14. Record keeping can measure the profit and performance of the
enterprise.
15. Recordkeeping can be both physical and electronics.

2 CO_Q2_Entrepreneurship11_Module9
 What’s In

Before you proceed, let us first recall our previous lesson. Profit is the
amount you gain after selling your product. In computing your profit, you
just simply follow this formula:

Sales - Cost of Goods Sold = Gross Profit

The gross profit represents the difference between net sales and cost of sales.
Variable costs are those things that change based on the amount of product
being made and are incurred as a direct result of producing the product.

Variable costs include:

1. Materials used
2. Direct labor
3. Packaging
4. Freight
5. Plant supervisor salaries
6. Utilities for a plant or a warehouse
7. Depreciation expense on production equipment
8. Machinery

Fixed costs generally are more static in nature. They include:

1. Office expenses such as supplies, utilities, a telephone for the

office, etc.
2. Salaries and wages of office staff, salespeople, officers and owners
3. Payroll taxes and employee benefits
4. Advertising, promotional and other sales expenses
5. Insurance
6. Auto expenses for salespeople
7. Professional fees
8. Rent

3 CO_Q2_Entrepreneurship11_Module9
 What’s New

Identify the services offered by the following offices to you as an

entrepreneur.

1. Department of Trade and Industry (DTI) _____________________________

2. Securities and Exchange Commission (SEC) _________________________
3. Bureau of Internal Revenue (BIR) ___________________________________
4. Mayor’s Office _____________________________________________________
5. Social Security System (SSS) _______________________________________
6. Philhealth _________________________________________________________
7. Pag-ibig Fund ______________________________________________________

What is It

Answer the following questions:

1. As an entrepreneur, is it important to know the services offered by
the offices mentioned above?

2. If your answer is YES, in what way that their services becomes

important to you?

3. If your answer is NO, what makes their services unnecessary to

you?

4. Do you think a business can last without availing the services of

the said offices? Why? Or why not?

4 CO_Q2_Entrepreneurship11_Module9
 RUBRIC FOR ESSAY
The content was well - thought, guide
questions 4
Content
were thoroughly answered.

The paper was well-

Organization written with ideas easily conveyed to 3
readers.
Points are thoroughly
Development 3
developed
TOTAL
10

Guidelines for successful business plan implementation:

1. Objectives – the entrepreneur should have a clear idea on what is

his purpose of putting up his enterprise.
2. Tasks – this means that the entrepreneur must know what are the
tasks he has to perform in order to realize his objectives.
3. Time allocation – This means that the entrepreneur should have a
time table or a schedule to follow for every task so that the tasks
will be accomplished timely and realize his objectives.
4. Progress – This means the entrepreneur should monitor the
development of the tasks and the accomplishment of the
objectives.

In Operating a business, the entrepreneur should first consult

professional for advices, like accountants or consultants from small
enterprises. In your case, you can consult your teacher in
entrepreneurship or anyone you think that could help you.

The following are the basic requirements to start a business in the

Philippines:
• Securities and Exchange Commission (SEC)
Registration - for partnership or Corporation

5 CO_Q2_Entrepreneurship11_Module9
 • Department of Trade and Industry (DTI)
Registration - for your business tradename
• Mayor’s Business Permit - for getting the license to operate in the
city or municipality and payment of your local business taxes
• Bureau of Internal Revenue (BIR) Registration - for getting TIN,
official receipts and invoices, registering your books of accounts and
paying your national Internal revenue taxes
• SSS, PhilHealth, and Pag-Ibig Fund registration - for registering
yourself or company as an employer and for remitting your
employees’ contribution together with your employer’s share

Other steps to follow before operating a Business are as follows:

1. Set up an accounting system or hire an accountant. Knowing how

the business is doing financially is important for planning and survival.
2. Advertise the business. No one will buy the products or services if
customers do not know that the company exists. You can make use of
the social media.
3. Secure insurance for the business. Liability insurance protects the
business in the event of litigation. Consider life and disability
insurance, health insurance and fire insurance when you are leasing
an office or storefront.

Keeping Business Records

Good record keeping can help protect the business, measure

the performance and maximize profit.
Records are the source documents, both physical and
electronic, that specify transaction dates and amounts, legal
agreements and private customer and business details.

6 CO_Q2_Entrepreneurship11_Module9
 Developing system to log, store and dispose of records can benefit
the business. A systematic recording allows you to;

A. plan and work more efficiently

B. meet legal and tax requirements
C. measure profit and performance
D. protect your rights, and
E. manage potential risks

What’s More

Try to look around in your community and identify at least three (3)
oldest existing businesses and find time to ask the owner/s the following
questions:
1. How did you start your business?
2. In your opinion, is it important to have a business plan?
3. What were your challenges encountered in your years of operations?
4. How did you overcome those challenges?

What I Have Learned

Implementing the Business Plan is not that easy. It needs to be

registered to make it legal and record keeping gives a lot of benefits to the
enterprise.

7 CO_Q2_Entrepreneurship11_Module9
 What I Can Do

You are going to implement your business for one and a half month.
Follow the Business Plan that you have presented.

RUBRICS FOR THE BUSINESS PLAN IMPLEMENTATION

The business is operated
Feasibility according to the plan. 50

The records are properly kept

Bookkeeping and accounted for. 40

Profitability The business is gaining as to

its projected financial plan. 10
TOTAL 100

Assessment

Now that you are finished accomplishing the module, let us

check what you have learned. Answer the questions given below by
encircling the letter of the correct answer.

1. Which office will you go to register your single owned business?

A. SEC C. BIR
B. DTI D. Mayor’s Office

2. Which office do you visit to register partnership or corporation business?

A. SEC C. BIR
B. DTI D. Mayor’s Office

8 CO_Q2_Entrepreneurship11_Module9
3. To secure Tax Identification Number (TIN), which office will you go?
A. SEC C. BIR
B. DTI D. Mayor’s Office

4. SSS, Philhealth and Pag-ibig fund contributions is made by __________.

A. employees only C. both Employees and Employers
B. employers only D. none of the choices

5. Which of the following is not a step to follow before operating a business?

A. Register your business C. Advertise the business using Facebook
B. Set up accounting system D. Selling the product

6. Which of the following is true?

A. Good record keeping is not important to the business owner.
B. Good record keeping is important only to the accountant.
C. Good record keeping gives benefits to the enterprise.
D. Good record keeping gives no importance at all.

7. Which of the following is NOT a benefit to the enterprise?

A. Plan and work more efficiently.
B. Meet legal and tax requirements.
C. Can check if the business is doing good.
D. It cannot protect the rights of the owner.

8. The objectives of the entrepreneur should be _____________.

A. specific and clear
B. specific and long term
C. short and blurred
D. long and not specific

9 CO_Q2_Entrepreneurship11_Module9
9. The task before operating the business must be _______________.
A. specified to be accomplished by the owner alone
B. in detail so that the owner will know what to do
C. kept by the owner for future reference
D. none of the choices

10. The tasks to be accomplished before operating the business should

have:
A. design C. time allotment
B. decoration D. measurement

11. Which of the statements is true?

A. Before starting a business, the entrepreneur may not consult a
professional for advice.
B. Before starting a business, the entrepreneur should consult a
professional for advice.
C. Before starting a business, the entrepreneur must start selling when
there are available buyers.
D. None of the choices

12. To register your Business Trade name is done in the office of?
A. SEC C. Mayor’s Office
B. DTI D. Philhealth Office

13. The sources of documents are called?

A. income statement
B. balance sheet
C. record
D. record keeping

14. Which of the following is not a benefit of record keeping?

A. It will not help in managing potential risks.
B. It will measure profit and performance.

10 CO_Q2_Entrepreneurship11_Module9
 C. It will protect the rights of the owner.
D. It will not let you know how much you are earning.

15. Which of the following statements is true?

A. Professional advice is only needed before starting the business.
B. Professional advice is needed all throughout the life of the business.
C. Professional advice is made only by consultants.
D. Professional advice is only a waste of money.

Additional Activities

Prepare a journal entry of all your business transactions. Give

the benefits you get from keeping all your records.

SAMPLE JOURNAL ENTRY

DATE PARTICULARS REF DR CR

June Cash 10,000
20
Mercado Capital 10,000
To record cash investment

June Photocopying Equipment 30,000

26
Mercado, Capital 30,000
To record investment of
photocopying eqpt

June Mercado Capital 50,000

27
Loan Payable 50,000
To record loan payable to be
assumed by
the business

11 CO_Q2_Entrepreneurship11_Module9
CO_Q2_Entrepreneurship11_Module9 12
Pretest
1. FALSE
2. FALSE
3. TRUE
4. TRUE
5. FALSE
6. FALSE
7. TRUE
8. TRUE
9. TRUE
10. TRUE
11. TRUE
12. FALSE
13. FALSE
14. TRUE
15. TRUE
Postest
1. B
2. A
3. C
4. C
5. D
6. C
7. D
8. C
9. B
10. C
11. B
12. B
13. C
14. B
15. B
Answer Key
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17 CO_Q2_Entrepreneurship11_Module9
For inquiries or feedback, please write or call:

Department of Education - Bureau of Learning Resources (DepEd-BLR)

Ground Floor, Bonifacio Bldg., DepEd Complex

Meralco Avenue, Pasig City, Philippines 1600

Telefax: (632) 8634-1072; 8634-1054; 8631-4985

Email Address: [email protected] * [email protected]

18 CO_Q2_Entrepreneurship11_Module9