Social Entrepreneurship
Exam Answer Key
Course Introduction
Social Entrepreneurship explores the intersection of innovation, business principles, and social impact, equipping students with the knowledge and skills to address pressing societal challenges through entrepreneurial ventures. This course examines the unique characteristics of social enterprises, including their hybrid missions, funding models, and performance metrics. Through case studies, guest lectures, and hands-on projects, students learn to identify social problems, design sustainable solutions, develop business plans, and measure social outcomes. By the end of the course, participants will understand how to balance economic viability and social value, preparing them to launch or support organizations that drive positive change in communities locally and globally.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer
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15 Chapters
1124 Verified Questions
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Page 2
Chapter 1: Introduction to Entrepreneurship
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Sample Questions
Q1) According to the opening feature on Pure Fix Cycles, one of the biggest challenges the startup now faces is an increasingly competitive marketplace.
A)True
B)False
Answer: True
Q2) Which of the following is not one of the four steps of the entrepreneurial process?
A) Deciding to become an entrepreneur
B) Determining how to seize the spotlight
C) Developing successful business ideas
D) Moving from an idea to an entrepreneurial firm
E) Managing and growing the entrepreneurial firm
Answer: B
Q3) Which of the following is not one of the five common myths about entrepreneurs?
A) Entrepreneurs are tenacious.
B) Entrepreneurs are moderate risk takers.
C) Entrepreneurs should be young and energetic.
D) Entrepreneurs love the spotlight.
E) Entrepreneurs are born not made.
Answer: A
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Page 3
Chapter 2: Recognizing Opportunities and Generating Ideas
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Sample Questions
Q1) The What Wrong feature in Chapter 2 focuses on Everpix, a company that enabled users to organize and store photos online in an innovative manner. Regrettably, Everpix failed. According to the feature, Everpix's failure resulted from that fact that it's founders
A) spent too much time and energy perfecting their service at the expense of building a business
B) spent too much time and energy raising money at the expense of perfecting their service
C) spent too much time networking at the expense of building a business
D) spent too much time marketing their product at the expense of perfecting their service
E) spent too much time analyzing their market at the expense of networking
Answer: A
Q2) It is more likely that an entrepreneur will get a new business idea through a strong-tie than a weak-tie relationship.
A)True
B)False
Answer: False
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Chapter 3: Feasibility Analysis
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Sample Questions
Q1) A/B split testing, landing pages, prototyping services, and Web site usability testing are all online tools available to assist in the ________ stage of developing a business idea.
A) opportunity recognition
B) feasibility analysis
C) business model
D) business plan
E) growth plan
Answer: B
Q2) The mechanics for filling out a First Screen worksheet are complicated.
A)True
B)False
Answer: False
Q3) The temptation to show a concept statement to friends and family members should be avoided because they are predisposed to give positive feedback.
A)True
B)False
Answer: True
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Chapter 4: Developing an Effective Business Model
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Sample Questions
Q1) Which of the following is the proper sequence for when a firm should develop a business model?
A) Preparation of the business model, initial validation of the business idea, opportunity recognition
B) Initial validation of the business idea, establishing a growth plan, preparation of the business model
C) Initial validation of the business idea, preparation of the business model, fleshing out the operational details of the firm
D) Opportunity recognition, fleshing out the operational details of the firm, preparation of the business model
E) Opportunity recognition, preparation of the business model, establishing a growth plan for the firm
Q2) Which of the following firms introduced a disruptive business model?
A) Salesforce.com
B) eBay
C) Panera Bread
D) Barnes & Nobel
E) J. Crew
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Chapter 5: Industry and Competitor Analysis
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Sample Questions
Q1) Generally, industries are more attractive when the threat of substitutes is
A) high
B) low
C) neutral (neither high or low)
D) high for manufacturing firms and low for service firms
E) high for service firms and low for manufacturing firms
Q2) An emerging industry is one that is characterized by a large number of firms of approximately equal size.
A)True
B)False
Q3) According to the textbook, Chipotle Mexican Grill in fast-casual restaurants and 1-800-GOT_JUNK? in junk removal are examples of entrepreneurial firms who are exploiting opportunities in ________ industries.
A) global
B) declining
C) mature
D) emerging
E) fragmented
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Page 7
Chapter 6: Writing a Business Plan
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Sample Questions
Q1) Which of the following statements is incorrect regarding the marketing plan section of a business plan?
A) The marketing plan focuses on how the business will market and sell its product or service.
B) The two most important items to include in a marketing plan are (1) overall marketing strategy and (2) the nuts and bolts of marketing a firm's product in terms of product, price, promotion, and place.
C) The best way to describe a company's marketing plan is to begin by talking about its competitors.
D) A firm's marketing strategy refers to its overall approach for marketing its products and services.
E) A firm's overall approach to marketing typically boils down to how it positions itself in its market and how it differentiates itself from its competitors.
Q2) Fragmented industries are more receptive to new entrants than industries that are dominated by a handful of large firms.
A)True
B)False
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8
Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Sample Questions
Q1) ________ are a special form of incentive compensation. These plans provide employees the option or right to buy a certain number of shares of their company's stock at a stated price over a certain period of time.
A) Corporate options
B) Collective plans
C) Share plans
D) Stock options
E) Dividends
Q2) An ethical dilemma is a situation that involves doing something that is beneficial to oneself or the organization, but may be unethical.
A)True
B)False
Q3) A code of ________ is a formal statement of an organization's values on certain ethical and social issues.
A) conduct
B) behavior
C) performance
D) principles
E) morals
Page 9
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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Sample Questions
Q1) Real estate, buildings, equipment and furniture are classified as ________ assets on a company's balance sheet.
A) intermediate term
B) fixed
C) other
D) permanent
E) current
Q2) Which of the following selections correctly matches the financial statement with its description?
A) Income statement - tells how much a firm is making or losing
B) Income statement - depicts the structure of a firm's assets and liabilities
C) Balance sheet - shows where a firm's cash is coming from
D) Balance sheet - tells how much a firm is making or losing
E) Statement of cash flows - depicts the structure of a firm's assets and liabilities
Q3) A firm's working capital is defined as its fixed assets minus its long-term liabilities.
A)True
B)False
Q4) Describe the difference between historical and pro forma financial statements.
Page 10
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Chapter 9: Building a New-Venture Team
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Sample Questions
Q1) The members of homogeneous teams are ________ in terms of their ________.
A) diverse; abilities and experiences
B) diverse; abilities, but very similar in terms of their experiences
C) similar; abilities and experiences
D) diverse; experiences, but very similar in terms of their abilities
E) sometimes diverse; abilities and experiences and sometimes similar along the same dimensions
Q2) Calvin Tucker is in the process of launching an educational services firm. He plans to incorporate the firm. Because the firm will be incorporated, Calvin is legally required to have a ________.
A) board of investors
B) board of advisors
C) customer advisory board
D) board of directors
E) panel of advisors and peers
Q3) Studies show that more than one individual starts 50 to 70 percent of all new firms.
A)True
B)False
Q4) What is a skills profile and what is it used for?
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Chapter 10: Getting Financing or Funding
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Sample Questions
Q1) A(n) ________ bank is an institution, such as Credit Suisse First Boston, that acts as an underwriter or agent for a firm engaged in an initial public offering.
A) venture
B) statutory
C) fiduciary
D) investment
E) public
Q2) ________ is a financial transaction whereby a business sells its accounts receivable to a third party at a discount in exchange for cash.
A) Factoring
B) Vendor credit
C) Peer-to-peer lending
D) Crowdfunding
E) Leasing
Q3) Angel investors, private placement, venture capital, and initial public offerings are the most common sources of equity funding.
A)True
B)False
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Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) What is an exclusive distribution agreement? Why do firms enter into exclusive distribution agreements with other firms?
Q2) Efforts to establish and maintain a company's image with the public are referred to as ________.
A) open relations
B) public relations
C) civic relations
D) community relations
E) advertising
Q3) Price is the only element in the marketing mix that represents a cost-all other elements produce revenue.
A)True
B)False
Q4) A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.
A)True
B)False
Q5) Describe the concept of guerrilla marketing. Why is guerrilla marketing particularly suitable for entrepreneurial firms?
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Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) While stealing trade secrets is widely considered to be unethical, it is not a criminal offense.
A)True
B)False
Q2) Which of the following is not one of the four key forms of intellectual property protection?
A) Innovations
B) Copyrights
C) Trademarks
D) Trade secrets
E) Patents
Q3) Intellectual property is any product of human intellect that is intangible but has value in the marketplace.
A)True
B)False
Q4) What is a copyright? What is protected by a copyright?
Q5) Copyright infringement occurs when one work derives from another or is an exact copy.
A)True
B)False
Page 14
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) The author of the book titled The Theory of the Growth of the Firm, which is referred to in Chapter 13, is ________.
A) Jim Collins
B) Joseph Schumpeter
C) Edith Penrose
D) Michael Gerber
E) Seth Godin
Q2) A firm's pace of growth is the rate it is growing ________.
A) compared to industry norms
B) compared to a national index of all firms
C) on an annual basis
D) compared to the national economy
E) compared to its closest competitor
Q3) According to Penrose, managerial services generate new market, product, and service ideas, while entrepreneurial services administer the routine functions of the firm and facilitate the proper execution of new opportunities.
A)True
B)False
Q4) What is the organizational life cycle and why is it important?
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Chapter 14: Strategies for Firm Growth
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Sample Questions
Q1) A market penetration strategy involves actions taken to increase the sales of a product or service through greater marketing efforts or through increased product capacity and efficiency.
A)True
B)False
Q2) ________ licensing is the licensing of proprietary technology that the licensor typically controls by virtue of a utility patent.
A) Skill
B) Intellectual property
C) Utility
D) Technology
E) Expertise
Q3) Which of the following was identified in the textbook as a disadvantage of participating in strategic alliances and joint ventures?
A) Risk and cost sharing
B) Economies of scale
C) Partial loss of decision autonomy
D) Gain access to a foreign market
E) Neutralizing or blocking competitors
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Page 16
Chapter 15: Franchising
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Sample Questions
Q1) According to the textbook, from the franchisor's point of view, the primary disadvantage of franchising is that ________.
A) it is a poorly understood form of business ownership
B) an organization allows others to profit from its trademark and business method
C) franchise organizations consistently make less money than alternative forms of business ownership
D) it typically takes longer to grow an organization via franchising than company-owned stores
E) it is not legal in seven states and the District of Columbia
Q2) Which of the following companies is suitable for franchising?
A) Home Depot
B) Dropbox
C) Qdoba Mexican Grill
D) Walmart
E) GoPro
Q3) List and explain three of the common misconceptions about franchising.
Q4) What is the difference between a product and trademark franchise and a business format franchise? Which type of franchise is most common for entrepreneurial firms?
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Page 17