Social Entrepreneurship
Exam Questions
Course Introduction
Social Entrepreneurship explores the principles, strategies, and challenges involved in creating and managing ventures that seek to address social, environmental, or cultural issues while maintaining financial sustainability. The course examines the intersection of business innovation and social impact, covering topics such as opportunity identification, business model development, social enterprise financing, measuring social outcomes, and scaling solutions. Students will analyze real-world case studies, engage in collaborative projects, and develop skills to design and implement entrepreneurial initiatives that contribute to positive social change.
Recommended Textbook Entrepreneurship 9th Edition by Robert D Hisrich
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Page 2
Chapter 1: Entrepreneurship and the Entrepreneurial
Mind-Set
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Sample Questions
Q1) Motivation to launch a new venture can arise from all of the following except:
A)lack of prior experience.
B)boredom.
C)a lack of challenge.
D)frustration.
Answer: A
Q2) Perceived desirability refers to the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes.
A)True
B)False
Answer: True
Q3) In regards to thinking structurally,superficial similarities:
A)exist when the underlying mechanisms of the technology resemble (or match)the underlying mechanisms of the market.
B)exist when supply is less than demand.
C)exist when entreprenuers engage in bricolage.
D)exist when the basic (relatively easy to observe)elements of the technology resemble the basic elements of the market.
Answer: D
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Chapter 2: Entrepreneurial Intentions and Corporate
Entrepreneurship
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Sample Questions
Q1) Why does restoration-orientation have adverse effects on an individual's health?
A)Since it involves suppression by mental effort.
B)Since it prescribes physical diversions like a hobby.
C)Since it involves regular physical exertion via exercise.
D)Since it involves mental catharsis to bring out the grief.
Answer: A
Q2) Which of the following is most effective in grief-recovery?
A)Restoration-orientation
B)Loss-orientation
C)Dual process
D)Grief recovery process
Answer: C
Q3) Which of the following would NOT occur in the second stage of establishing corporate entrepreneurship in an organization?
A)Ideas that top management is interested in supporting are identified.
B)Identify an evaluation system for involved employees.
C)The amount of risk money available is specified.
D)Overall program expectations and target results of each corporate venture are establisheD.
Answer: B
Page 4
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Chapter 3: Entrepreneurial Strategy: Generating and Exploiting New Entries
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Sample Questions
Q1) A narrow scope strategy reduces the risks associated with competition.
A)True
B)False
Answer: True
Q2) A ______ strategy that copies products that already exist and attempts to build an advantage through minor variations.
A)technological
B)narrow scope
C)me-too
D)broad scope
Answer: C
Q3) The longer the entrepreneur takes to research a new entry,the less accurate customer demand estimates are.
A)True
B)False Answer: False
Q4) Technological uncertainty is eliminated by a superior technology.
A)True
B)False
Answer: False
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Chapter 4: Creativity and the Business Idea
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Sample Questions
Q1) The product life cycle consists of five main stages.
A)True
B)False
Q2) Which of the following is defined as having some disruptive influence on established consumption patterns?
A)Continuous Innovations
B)Dynamically Continuous Innovations
C)Discontinuous Innovations
D)Breakthrough Innovations
Q3) In the product development stage,consumer reaction to the physical product/service is determined.
A)True
B)False
Q4) Focus groups consist of 15 to 25 participants who are asked specific objective functions.
A)True
B)False
Q5) The largest source of new ideas is the U.S.Patent Office.
A)True
B)False
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Chapter 5: Identifying and Analyzing Domestic and International Opportunities
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Sample Questions
Q1) Which among the following political risks is considered the biggest risk of all?
A)Transfer risk
B)Ownership risk
C)Investment risk
D)Operating risk
Q2) Nonverbal or hidden language of the culture can be thought of in terms of several components - time,intangible value,and business relationships.
A)True
B)False
Q3) The objectives of the General Agreement on Tariffs and Trade was to liberalize trade by eliminating or reducing tariffs.
A)True
B)False
Q4) All of the following are questions an opportunity assessment plan might answer except:
A)How much capital do I need?
B)What market need does it fill?
C)What business skills do I have?
D)Can a patent be obtained?
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Chapter 6: Intellectual Property and Other Legal Issues for the Entrepreneur
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Sample Questions
Q1) What are the main benefits of a registered trademark?
Q2) Skyrocketing medical costs have resulted in lowering workers' compensation insurance premiums.
A)True
B)False
Q3) Copyrights can protect all of the following except:
A)music.
B)molded plastic parts.
C)sculptures.
D)models.
Q4) Licensing requires the licensee to pay a royalty to the licensor.
A)True
B)False
Q5) Which of the following is not a condition that makes a contract legally enforceable?
A)Consideration is given by both parties
B)All parties involved are competent
C)Money is exchanged for products/services
D)Acceptance of the offer must be voluntary
Q6) Explain what makes a contract legally enforceable
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Chapter 7: The Business Plan: Creating and Starting the Venture
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Sample Questions
Q1) Typically business plan projections are made in a 36-month schedule.
A)True
B)False
Q2) The depth and detail in the business plan depend on the size and scope of the proposed new venture.
A)True
B)False
Q3) The section of the business plan in which the entrepreneur identifies changes occurring on the national and international level is the:
A)merchandising plan.
B)description of the venture.
C)executive summary.
D)environmental and industry analysis.
Q4) Distribution,pricing,and promotion of the product are discussed in which section of the plan?
A)Marketing
B)Production
C)Merchandising
D)Organization
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Chapter 8: The Marketing Plan
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Sample Questions
Q1) Which of the following statements is (are)not true?
A)Primary focus of an industry analysis is to provide sufficient knowledge of the environment that can affect marketing strategy decision-making.
B)Industry analysis needs to be conducted using only primary research data.
C)Industry analysis begins with the broadest-based assessment of environmental and industry trends.
D)The information-seeking process of industry analysis is known as an upside-down pyramiD.
Q2) The number of goals and objectives in the marketing plan should be:
A)2-4
B)4-6
C)6-8
D)8-10
Q3) The management team and the venture's company mission are examples of external environmental factors.
A)True
B)False
Q4) Identify and explain the three basic questions a marketing plan should answer.
Q5) Identify the 4 major considerations in distribution channel selection.
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Chapter 9: The Organizational Plan
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Sample Questions
Q1) Shareholders in an S corporation have the same liability protection as shareholders in a C corporation.
A)True
B)False
Q2) Compensation for board members can take the form of all of the following except:
A)perks,such as vacations.
B)stock.
C)stock options.
D)cash payments.
Q3) In an S corporation,the transfer of interest can occur:
A)only with the consent of the other shareholders.
B)only if there is a charter provision for doing so.
C)only as long as the buyer is an individual.
D)depending on the agreement.
Q4) What are the main characteristics of an LLC?
Q5) Which type of ownership is the least expensive to start?
A)Corporation
B)General partnership
C)Limited partner
D)Sole proprietorship
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Chapter 10: The Financial Plan
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Sample Questions
Q1) Using the ________ method of projecting cash flow,adjustments are made to net income based on the fact that cash may not actually be received or disbursed.
A)indirect
B)breakeven
C)direct
D)pro forma
Q2) Which of the following software programs is most widely used by entrepreneurs?
A)Quickbooks
B)Vision Point
C)Peachtree
D)all of the above.
Q3) ______ is the volume of sales needed to cover total variable and fixed costs.
A)Cash flow
B)Depreciation
C)Revenue
D)Breakeven
Q4) In relation to calculating a break-even point,identify two costs that are considered fixed and two costs considered variable.
Q5) Define capital budgeting.
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Chapter 11: Sources of Capital
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Sample Questions
Q1) The SBA's Microloan program is their primary business loan program.
A)True
B)False
Q2) The SBA's primary business loan program is:
A)the Microloan.
B)the SBIR.
C)the 7(a)loan.
D)the 504.
Q3) Long-term debt financing is normally used to provide working capital to finance inventory,accounts receivable,and operation of the business.
A)True
B)False
Q4) Long-term loans from commercial banks are usually readily available to small startup firms.
A)True
B)False
Q5) The sponsoring company in a R&D limited partnership is the limited partner. A)True
B)False
Q6) Explain the three major components of an R&D partnership.
Page 13
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Chapter 12: Informal Risk Capital, venture Capital, and Going Public
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Sample Questions
Q1) In 2011 venture capital deals were concentrated in the three areas of software,biotechnology and industrial/energy.
A)True
B)False
Q2) Venture capitalists view going public a highly disadvantageous step since the level of risks involved substantially increase.
A)True
B)False
Q3) Going public:
A)is often viewed negatively by risk-averse venture capitalists.
B)ensures that the company gains control in decision making.
C)increases flexibility for the company.
D)enhances the company's ability to obtain future funds.
Q4) The debt ratio is calculated by dividing total liabilities by total inventory.
A)True
B)False
Q5) Venture capital firms generally prefer a minimum funding level of $100,000.
A)True B)False
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Chapter 13: Strategies for Growth and Managing the Implication of Growth
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Sample Questions
Q1) Forward integration is taking a step back on the value chain toward the raw materials.
A)True
B)False
Q2) One of the most successful diversification strategies is to diversify into unrelated products or unrelated markets to spread the risk.
A)True
B)False
Q3) The penetration growth strategy:
A)focuses on developing new products for the existing market.
B)relies on taking market share from competitors.
C)expands the firm's product offering with complementary products.
D)aims to take new products into new markets.
Q4) The Maxwell's company,PowerBar,was purchased by what company?
A)Proctor and Gamble
B)Nestle
C)Heinz
D)Pilsbury
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Q5) Identify and describe the three major types of diversification growth strategies.
Chapter 14: Accessing Resources for Growth From External Sources
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Q1) The integration task phase of negotiation explores mutual benefits for the parties.
A)True
B)False
Q2) The person who purchases the franchise is the:
A)business architect.
B)franchisor.
C)franchisee.
D)franchise.
Q3) Which is not a strategy that is used to elicit information about the other party in a negotiation?
A)Take up a new negotiation at the end of the first.
B)Ask lots of questions.
C)Make multiple offers simultaneously.
D)Build trust and share information.
Q4) Often,when a business changes hands,key employees move into the acquiring company.
A)True
B)False
Page 16
Q5) What are the 4 major factors in joint venture success?
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Chapter 15: Succession Planning and Strategies for
Harvesting and Ending the Venture
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Sample Questions
Q1) A two to three year plan to sell a business to employees is:
A)an ESOP.
B)an acquisition.
C)succession.
D)the most popular method of exit.
Q2) About 70% of the bankruptcy filings in 2011 were of this variety:
A)Chapter 7.
B)Chapter 13.
C)Chapter 11.
D)Chapter 18.
Q3) Which methods of bankruptcy require the entrepreneur to come up with a payment plan?
A)Chapters 11 and 13
B)Chapters 7 and 11
C)Chapters 7 and 13
D)Chapters 7,11,and 13
Q4) An effective succession plan should be communicated only to top management and not all employees.
A)True
B)False
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