Social Entrepreneurship Test
Preparation
Course Introduction
Social Entrepreneurship explores the processes and strategies by which innovative individuals and organizations address social challenges through entrepreneurial approaches. The course examines the identification of social problems, development of sustainable business models, and measurement of social impact, while analyzing real-world case studies of successful social enterprises. Students will learn to apply entrepreneurial principles to create positive change, understand funding mechanisms, and navigate the unique challenges faced by social entrepreneurs in various sectors and communities.
Recommended Textbook
Entrepreneurship Theory Process and Practice 9th Edition by Donald F. Kuratko
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15 Chapters
1181 Verified Questions
1181 Flashcards
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Chapter 1: Entrepreneurship: Evolutionary
Development-Revolutionary Impact
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95 Verified Questions
95 Flashcards
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Sample Questions
Q1) List and categorize the schools of entrepreneurial thought.
Answer: The schools of entrepreneurial thought can be grouped into two major headings, macro and micro. The macro view of entrepreneurship presents a broad array of factors. These include external factors, which sometimes cannot be controlled. In the macro view, the environmental school of thought deals with external factors that affect the possible lifestyle of the entrepreneur. Also under macro, the financial/capital school looks for seed and growth capital to develop the entrepreneur. The displacement school is the final macro view. It holds that the group affects or eliminates certain factors that project the individual into an entrepreneurial venture. The micro view examines factors specific to entrepreneurship and part of the "internal" locus of control. The entrepreneurial trait school says that successful entrepreneurs usually exhibit similar characteristics. The venture opportunity school focuses on opportunities in directions other than where the entrepreneur is presently headed. The final school, the strategic formulation school, emphasizes the planning process in successful venture development.
Q2) There is no single definition of an entrepreneur.
A)True
B)False
Answer: True
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Chapter 2: The Entrepreneurial Mind-Set in Individuals:
Cognition and Ethics
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) Non-role acts are those acts against a firm in which the person fails to perform his or her managerial role.
A)True
B)False Answer: False
Q2) Entrepreneurs do not need foresight.
A)True
B)False Answer: False
Q3) Role distortion deals with morally questionable acts that are committed "for the firm."
A)True
B)False Answer: True
Q4) The entrepreneur is driven by a strong desire for control over their venture.
A)True
B)False Answer: True
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Chapter 3: The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) Corporate entrepreneurs generally are power oriented or power hungry.
A)True
B)False
Answer: False
Q2) Which of the following was one of the factors Drucker mentions to explain the development of the entrepreneurial economy?
A) the rapid evolution of technology and knowledge
B) demographic trends
C) government regulation
D) a robust venture capital market
Answer: A
Q3) Success of the corporate entrepreneurship plan depends on A) resources provided by the firm.
B) shirking ethics to ensure entrepreneurial wins.
C) a few individuals.
D) the reaction of rivals.
Answer: A
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Page 5
Chapter 4: Social Entrepreneurship and the Global
Environment for Entrepreneurship
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) NAFTA (North American Free Trade Agreement) offers strong protection for A) patents and copyrights
B) patents but not copyrights
C) patents and copyrights but not trade secrets
D) patents, copyrights, and trade secrets
Q2) Benefit corporations are one of the oldest forms of incorporation, having been adopted in all 50 states.
A)True
B)False
Q3) Explain the concept of informal international alliances. What path do entrepreneurs usually follow with respect to informal international alliances?
Q4) Emerging opportunities in the international arena are being fueled by
A) an increase in trade barriers and the emergence of trading blocs
B) a decrease in trade barriers and the emergence of trading blocs
C) a decrease in trade barriers and a decline in trading blocs
D) an increase in trade barriers and a decline in trading blocs
Q5) The three Ps of the triple bottom line are people, planet, and profits.
A)True
B)False
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Chapter 5: Innovation: The Creative Pursuit of Ideas
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95 Verified Questions
95 Flashcards
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Sample Questions
Q1) Retirement centers for older people reflect which source of innovation?
A) industry changes
B) demographic changes
C) perception changes
D) unexpected occurrences
Q2) Most successful innovations are complex and focused.
A)True
B)False
Q3) Incongruities are gaps or differences between expectations and reality.
A)True B)False
Q4) Peter Drucker has stated that successful innovators must look, ask, and listen.
A)True
B)False
Q5) Background or knowledge accumulation is the second phase of the creative process.
A)True B)False
Q6) Identity and describe two arenas of creativity, as proposed by researcher William Miller.
Page 7
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Chapter 6: Assessment of Entrepreneurial Opportunities
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82 Verified Questions
82 Flashcards
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Sample Questions
Q1) Obtaining external financing is considered one of the major types of problems for a new venture during its first year.
A)True
B)False
Q2) A product does not have to be patented in order to be introduced into the marketplace.
A)True
B)False
Q3) In shaping the ultimate success or failure of a new venture, which of the following statements is applicable?
A) A single strategic variable is usually responsible.
B) A single strategic variable is seldom responsible.
C) A single strategic variable that frequently changes is responsible.
D) A single strategic variable that influences the entire outcome is responsible.
Q4) A common human resource problem is
A) poor relationships with parent companies and venture capitalists.
B) incompetent support professionals.
C) inflated owner ego.
D) incompetent workforce.
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Chapter 7: Pathways to Entrepreneurial Ventures
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Business-related reasons for selling may include all except:
A) trouble with suppliers.
B) changes in leasehold conditions.
C) changes in zoning that affect the business.
D) all of the above
Q2) Competitor factors in a buying decision do not include A) quality of the competition.
B) location of the competition.
C) age of the competition's owners.
D) number of competitors.
Q3) Franchisees have the option of using the logo and symbols of the franchisor.
A)True
B)False
Q4) In purchasing an existing business the first question should be: "Why are you selling?"
A)True
B)False
Q5) Briefly explain the new-old approach to creating new ventures.
Q6) Why did the Federal Trade Commission enact the Franchise Rule?
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Chapter 8: Sources of Capital for Entrepreneurs
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86 Verified Questions
86 Flashcards
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Sample Questions
Q1) Venture capitalists are a valuable source of equity funding for new ventures.
A)True
B)False
Q2) Of the following, which is more likely than the others to be deemed a potential danger of social lending?
A) high funding success rate
B) business plan disclosure
C) potential tax advantage
D) regulatory certainty
Q3) Which is not a stage of the evaluation process?
A) initial screening
B) evaluation of the business plan
C) group discussion
D) management integration
Q4) When securing a bank loan an entrepreneur should be prepared to answer which of the following questions except?
A) When do you need it?
B) How do you need it?
C) What do you need it for?
D) What is the price of your product?
Page 10
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Chapter 9: Legal Challenges of Entrepreneurial Ventures
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Sample Questions
Q1) Works created and copyrighted after January 1, 1978, are protected for the life of the author plus 70 years.
A)True
B)False
Q2) The patent process is not complex; neither does it require careful planning.
A)True
B)False
Q3) A typical symptom of impending bankruptcy failure is when A) new competition exits the market.
B) other firms seem to be selling products that are a generation ahead.
C) retailers always seem to be understocked.
D) the entrepreneur seeks to exit the market.
Q4) Which of the following are not trademarks?
A) symbols
B) mottos
C) names
D) generic words
Q5) Straight bankruptcy is often called liquidation.
A)True
B)False
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Chapter 10: Marketing Challenges for Entrepreneurial Ventures
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77 Verified Questions
77 Flashcards
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Sample Questions
Q1) All of the following factors affect pricing strategies except:
A) degree of competitive pressure
B) government mandates
C) changes in demand
D) distribution costs
Q2) Explain the new marketing concept?
Q3) The sales-driven philosophy
A) is based on the belief "produce efficiently and worry about sales later"
B) relies on research to discover consumer preferences before production begins
C) focuses on personal selling and advertising to persuade customers to buy the company's output
D) is strictly cost-driven
Q4) What is the purpose of loss-leader pricing?
A) to gain market share
B) to maximize profit
C) to allow for future price increases
D) to switch customers to new products
Q5) What three important aspects of social media marketing should entrepreneurs be aware of?
Q6) What types of research questions might be asked about a firm's advertising? Page 12
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Chapter 11: Financial Preparation for Entrepreneurial Ventures
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78 Verified Questions
78 Flashcards
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Sample Questions
Q1) It is typical for a firm to prepare an operating budget but not a cash budget.
A)True
B)False
Q2) Vertical analysis is the application of ratio analysis to all of the financial statements to find accounting mistakes.
A)True
B)False
Q3) One type of budget used by the entrepreneur is
A) an operating budget.
B) a project budget.
C) a cost budget.
D) an R & D budget.
Q4) Despite the drawbacks of the payback method, the entrepreneur should continue to use it because
A) it is very simple to use in comparison with other methods.
B) projects with a faster payback period normally have more favorable long-term effects on earnings.
C) it provides a faster return of funds over time.
D) it is inexpensive.
Q5) Explain what a cash flow budget tells a manager/owner.
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Chapter 12: Developing an Effective Business Plan
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Sample Questions
Q1) Which of the following statements is not part of the "five-minute reading" by venture capitalists?
A) Determine the characteristics of the venture and industry.
B) Determine the strengths and weaknesses of the entrepreneur.
C) Determine the financial structure of the plan.
D) Read the latest balance sheet.
Q2) The cover page should bear
A) the name of the company.
B) the phone number of each supplier.
C) the month and year.
D) a customer endorsement.
Q3) In planning, there are a number of critical factors that must be addressed. On that the textbook mentions is
A) having a calendar.
B) the timetable involved.
C) commitment.
D) employee zeal.
Q4) How does a business plan benefit the entrepreneur?
Q5) What is the basic structure of a business plan?
Q6) How should an entrepreneur prepare to present his or her business plan?
Page 15
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Chapter 13: Strategic Entrepreneurial Growth
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52 Flashcards
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Sample Questions
Q1) Does strategic planning pay off?
Q2) In administrative cultures, there is a need for clearly defined authority and responsibility.
A)True
B)False
Q3) The textbook describes three types of leadership of consequence to new ventures. What are they?
A) competitive, innovative, and strategic
B) competitive, innovative, and visionary
C) visionary, strategic, and managerial
D) visionary, managerial, and competitive
Q4) In the entrepreneurial strategy matrix, the probability of a major financial loss is categorized as
A) an innovation.
B) a risk.
C) a time lag.
D) a psychological commitment.
Q5) The entrepreneurial strategy matrix measures risk and innovation. A)True B)False
Page 16
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Chapter 14: Valuation of Entrepreneurial Ventures
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60 Flashcards
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Sample Questions
Q1) Some buyers are willing to pay more for a business than what valuation methods determine its worth to be. What are these buyers attempting to avoid?
A) start-up costs.
B) earlier losses.
C) previous profits.
D) all of the above.
Q2) Buyers and sellers assign different values to a business.
A)True
B)False
Q3) Sales and earnings of a venture are projected from
A) historical projections
B) historical financials
C) data on start-ups
D) property values
Q4) The primary advantage of the price/earnings approach to valuation is that A) it reflects "top value" of the firm.
B) it pays off assets and sells liabilities.
C) it assumes business begins operations.
D) it is simple to use.
Q5) List and briefly explain the three methods utilized for business evaluation.
Page 17
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Chapter 15: Harvesting the Entrepreneurial Venture
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83 Flashcards
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Sample Questions
Q1) Which of the following is a True statement about the characteristics that successors should possess?
A) There are only a few characteristics needed.
B) Situation does not matter.
C) Knowledge of the firm is not a desirable characteristic or quality.
D) Some characteristics will be more important than others, depending on the situation.
Q2) Nepotism policies are lawful unless they have an "adverse impact" on women or minority groups (as in the Oakland Scavenger Company case).
A)True
B)False
Q3) The forcing events that require an entrepreneur to step aside and let someone direct the operation are usually unforeseen and create major problems for the business.
A)True
B)False
Q4) Harvest strategies rarely involve the complete sale of a business.
A)True
B)False
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