Directions: True or False: Write True if the statement is correct, and False if it is incorrect. 1. According to Philippine law, the majority of the incorporators must not be residents of the Philippines.
2. In sole proprietorship, there is no distinction between the owner and the enterprise.
3. Once the corporation is established, there is no limit to the number of natural or juridical persons who
can invest in the corporation.
4. After establishing the enterprise, the entrepreneur must meticulously screen and hire men and women
who foster the cause and share the commitment of the enterprise.
5. A minimum of two persons can constitute a partnership. However, there is a limit to the number of
persons in a partnership.
6. You go to the office of the Department of Industry (DTI) if you will register you corporation business.
7. The office to visit when registering your solely owned business is Securities and Exchange Commission
8. You go to the Bureau of Internal Revenue when you get Tax Identification Number (TIN)
9. Employers are the only one to pay contribution at the Social Security System (SSS)
10. You cannot start your business without a consultant.
11. Record keeping is not necessary in business operation
12. Record keeping is beneficial to the owner
13.The objective of the businessman should be clear
14. Tasks before starting the business should have a time allotment
15. Records are sources of documents
16. Professional advices is necessary before starting the business
17. Professional advice is not needed during the business operation
18. Bookkeeping is only important to the accountant
19. Record keeping can measure the profit and performance of the enterprise
20. Recordkeeping can be both physical and electronics​