Social Entrepreneurship
Textbook Exam Questions
Course Introduction
Social Entrepreneurship explores the innovative use of business strategies to address social, cultural, and environmental issues. This course examines the principles and practices of social entrepreneurs who create social value by developing sustainable solutions to problems such as poverty, inequality, education, and health. Students will learn how to identify opportunities for social change, design scalable business models, measure social impact, and mobilize resources. Through case studies, project work, and discussions, the course emphasizes critical thinking, ethical decision-making, and the development of leadership skills necessary to drive meaningful change in society.
Recommended Textbook Entrepreneurship The Practice and Mindset 1st Edition by Heidi M. Neck
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Chapter 1: Entrepreneurship: a Global Social Movement
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Q1) Sally decided to look into buying a franchise as her entrance into entrepreneurism.Which of the following is a benefit of franchising?
A)royalties or a percentage of sales to be paid to the franchisor every month
B)strict franchisors' rules with no wiggle room
C)Most products and supplies need to be purchased from the franchisor.
D)technology designed to help manage customers and administration
Answer: D
Q2) During the______, everyone had a fairly equal chance of bing an entrepreneur; inventors became more commonplace, producing new products and services alongside the merchants and industrialists.
A)First Industrial Revolution (1776-1865)
B)Second Industrial Revolution (1865-1920)
C)Interwar and Postwar America (1920-1975)
D)Knowledge Economy (1975- present)
Answer: A
Q3) Entrepreneurs do not have a special set of personality traits.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Practicing Entrepreneurship
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Q1) What is the benefit mentioned by Rob Hunter, founder and CEO of HigherMe?
HigherMe is a system that invites job seekers to submit short videos answering a series of carefully selected questions.
A)allows the candidates to demonstrate their skills in using technology
B)The system tests the candidates on their proficiency with using video through social media.
C)HigherMe is less costly than interviewing a candidate in the corporate offices.
D)The video system allows the interviewer to avoid the last 19 awkward minutes of an interview after deciding this candidate will not work out.
Answer: D
Q2) Deliberate practice includes all of the following EXCEPT ______.
A)sustained effort
B)concentration and focus
C)metacognition
D)a good memory
Answer: D
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Chapter 3: Developing an Entrepreneurial Mindset
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Q1) Philipe always believed that it is his abilities that determine everything.Philipe
A)is self-focused
B)has a fixed mindset
C)has a hard time working with people
D)is flexible in his working style
Answer: B
Q2) Janis is an intense person who uses positive emotion to work on entrepreneurial ventures with tasks and activities.Janis ______.
A)uses creativity
B)is passionate
C)uses self-goal setting
D)has a growth mindset
Answer: B
Q3) A person who believes he can learn anything that he wants has a fixed mindset because he is fixed on a goal.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Supporting Social Entrepreneurship
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Sample Questions
Q1) Sally has elderly parents in their 90s.Her parents are part of a generation ______.
A)that is causing the problem of global overcrowding
B)that has the knowledge and skill sets to come up with creative solutions to the resulting problems of overcrowding
C)not impacting the rising costs of healthcare as they are part of ObamaCare
D)that believes ObamaCare is not the same thing as the Affordable Health Care Act.
Q2) ABC has social responsibility peripheral to their mission and they seek to reduce harm; ABC is involved in ______.
A)profiteering
B)corporate social responsibility
C)social entrepreneurship
D)maximizing their charitable contributions
Q3) Issues relating to the environment, poverty, sustainability, equality, education, child mortality, sanitation, terrorism, and health and wellness are all examples of wicked problems.
A)True
B)False
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Chapter 5: Generating New Ideas
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Sample Questions
Q1) Karter likes to consciously make links between concepts or ideas that are not normally associated with each other.He is using which strategy?
A)relationship-seeking strategies
B)development strategies
C)interpersonal strategies
D)brainstorming
Q2) The football we know today is a result of ______.
A)alertness
B)active search
C)building opportunities
D)prior knowledge
Q3) Arabella in her entrepreneurship course was exploring value.She found out from the text that all of the following is true EXCEPT ______.
A)value can take many forms
B)the most common form is economic value
C)another value is social value
D)value is always measured in currency
Q4) You are an entrepreneur.Describe how you would use the building approach to create opportunities.Please be specific.
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Chapter 6: Using Design Thinking
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Sample Questions
Q1) What did Shimano do when sales of the coaster bicycle flattened?
A)They abandoned the product concept.
B)They started the implementation phase again.
C)They started a new round of inspiration, ideation, and implementation around the key product weaknesses.
D)They started a new round of inspiration, ideation, and implementation on the original design challenge.
Q2) What is the biggest obstacle to design thinking?
A)lack of knowledge
B)inexperience
C)fear of failure
D)lack of financial resources
Q3) Observation is simply looking or talking to other people. A)True
B)False
Q4) Explain why design thinking is important to the entrepreneur.
Q5) The best way to discover latent needs is to interview people. A)True
B)False
Q6) Describe how one can "step into the shoes" of another in order to empathize.
Page 8
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Chapter 7: Testing and Experimenting in Markets
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Q1) A high-level view of thoughts and ideas displayed in sequence through drawings, sketches, or illustrations is called a ______.
A)process flow
B)high view
C)storyboard
D)pictogram
Q2) Why is it important to try out new experiences?
A)Those who try out new experiences are more likely to generate new business ideas.
B)New experiences tend to keep the mind sharp.
C)New experiences give you the opportunity to copy what others have done.
D)New experiences help entrepreneurs relax and refresh.
Q3) Which of the following participant right is an ethical requirement when performing an experiment?
A)the right to informed consent
B)the right to review the results of the experiment
C)the right to be paid
D)none of these
Q4) Describe why storyboarding is an effective form of experimentation.
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Chapter 8: Building Business Models
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Q1) Danielle will be offering a free service on the first Tuesday of every month during which she will offer free tool sharpening.She assumes that this will be a need of customers who visit her garden and landscaping store and they will help spread the word about her location and services.Which of the following BMC elements is Danielle addressing?
A)value proposition
B)customer relationships
C)market segmentation
D)customer loyalty plans
Q2) In her landscape and garden supply shop, Danielle will be offering plant supplies, garden designs, statuary, landscaping services, and yard maintenance plans.What element of the BMC is Danielle addressing?
A)market segmentation
B)revenue streams
C)services
D)customer relationships
Q3) Explain why a shopping center is an example of a multisided market.
Q4) Entrepreneurs should try to address every potential customer in a market.
A)True
B)False
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Chapter 9: Planning for Entrepreneurs
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Sample Questions
Q1) A gallery sketch is characterized by which of the following?
A)a large sketch plan that indicates all major components of the idea
B)a color version of a napkin plan
C)several plans placed on a wall for easier viewing
D)a back-of-the-napkin plan that several people work on
Q2) What areas would be explored under the "R" phase of TRIM planning?
A)who needs to be on the start team
B)the assets needed to start the business
C)the benefits of your product
D)knowing who your customer will be
Q3) What is included in the Financial Plan section of a business plan?
A)the industry, structure, products, services
B)a description of potential customers and competitors
C)income and cash flow, balance sheets, and financial projections
D)financial projections only
Q4) How did Bark 'N Leash determine how often her competitors were used?
A)by talking with the owners of competitive stores
B)by observing the frequency of activity on Facebook and Instagram
C)by observing customers going in and out of the stores
D)by checking with the local Chamber of Commerce
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Chapter 10: Creating Revenue Models
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Q1) Myhours.com offers a free individual time reporting system.However, it charges for additional users and services.This is an example of which of the following revenue models:
A)utility and usage revenue model
B)professional revenue model
C)freemium revenue model
D)premium revenue model
Q2) The component of revenue that is addressed when a company offers a frequent shopper award is:
A)frequency
B)selling price
C)selling process
D)customers
Q3) Real estate brokers represent an intermediation revenue model because they help manage the transaction between the home seller and the home buyer.
A)True
B)False
Q4) Explain the advantages of bundled pricing and give an example.
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Page 12
Chapter 11: Learning From Failure
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Sample Questions
Q1) A "big fail" would be typical of which of the following?
A)a situation that requires a quick reaction
B)a situation that requires a change in direction
C)a process that unfolds over time
D)a process that represents an obstacle that must be overcome
Q2) What is described as a blame-free environment?
A)an entrepreneur who does not blame himself for failure
B)an environment where everyone in the business is comfortable admitting mistakes and learning from them
C)an environment where mistakes are regularly reviewed in a team environment
D)an environment where the entrepreneur admits his or her mistakes to employees
Q3) What is the relationship between a growth mindset and grit?
A)People with a growth mindset have less grit.
B)People with a fixed mindset have more grit.
C)People with a growth mindset have more grit.
D)Mindset is unrelated to grit.
Q4) Grit combines with deliberate practice to help the entrepreneur achieve success.
A)True
B)False
Q5) Explain how the ability to pivot can avoid a "big failure."
Page 13
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Chapter 12: Bootstrapping for Resources
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Q1) One of the problems with the Coolest Cooler was that:
A)the USB charger caused electric shocks to several customers
B)shipping was too expensive for more customers
C)supporters lost faith over delayed production
D)they crowdfunded on multiple sites, betraying community guidelines
Q2) Jose starts a small restaurant.On weekends, he works with his cousin to construct the tables, chairs, and counters that will go into the restaurant.What is the name given to the result of these efforts?
A)labor equity
B)owner labor
C)sweat equity
D)family ownership
Q3) Local Motors uses crowdsourcing in unique ways.Which of the following describes one of those ways?
A)to obtain customer lists
B)to obtain ideas for their new sports cars from the general public
C)to outsource the manufacturing of specific car parts
D)to market the sports car
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Chapter 13: Financing for Startups
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Sample Questions
Q1) Entrepreneurs must determine the firm's potential in the chosen ______.
A)field
B)market
C)industry
D)financial structure
Q2) What is the ultimate reason for trading equity for financial support?
A)it is more likely that the entrepreneur will build a more valuable company
B)it is usually a deal/no deal option
C)there will be more people interested in the company's success
D)preparing for the questions asked in pitching and due diligence will ultimately improve the company
Q3) An entrepreneur is looking for funds to form a prototype and pitch the product.Which of the following should NOT be considered at this stage?
A)crowdfunding
B)family and friends
C)personal loans
D)venture capitalists
Q4) Describe what you should look for during your assessment of a venture capitalist.
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Chapter 14: Developing Networks
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Q1) People today are more likely to interact with others to build their social capital due to more time spent at the workplace and the use of online networks.
A)True
B)False
Q2) This LinkedIn group offers support to female entrepreneurs who want to build their networks.
A)Women's Entrepreneurs and Small Business Professionals
B)Women's Meetup
C)Women's Network of Entrepreneurs
D)Women's Entrepreneur Connections
Q3) What type of relationship is most similar to the nature of the cofounders' relationship?
A)the emotional and financial commitment of marriage
B)a strong peer-to-peer working relationship
C)a sports team with specific roles and complementary skills
D)a family setting with mutual support for all family members
Q4) Identify four members of your social network and assess the type of classifications they would represent.
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Chapter 15: Navigating Legal and Ip Issues
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Q1) Who should be consulted before setting up an employee benefits program?
A)your HR manager
B)an accountant experienced with employee benefits
C)the company lawyer
D)the provider, such as the insurance company or retirement fund company
Q2) A construction company is rapidly hiring employees to work on the construction site.The job will require people to occasionally lift up to 50 lbs.The job provides training to use equipment such as forklifts and tractors.The job also mentions that duties include putting up safety signs, directing traffic, taking measurements, and filling out paperwork.The company has placed an advertisement in the local paper that reads, "Looking for young men between 21 and 33 years of age to work for AJK Construction.Training will be provided.Ex-military and college students encouraged to apply.Start your career now and earn a salary of $26 an hour!" Discuss the ethics and legal issues raised in this job posting.
Q3) In an S corporation, taxes are "passed through." This means which of the following?
A)the individual pays twice, taxes on profits and taxes on income
B)the individual pays no taxes because the company has already been taxed
C)income that the owner takes is reported on personal income taxes only
D)the revenue that the owner takes to live on is not taxed
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Chapter 16: Marketing and Pitching Your Idea
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Q1) Social media is best used to inspire, entertain, and build trust.It is less effective for direct sales.
A)True
B)False
Q2) How often do people expect to see updates on Twitter?
A)at least once a month
B)at least once a week
C)twice a week
D)several times a day
Q3) Based on the example shown of the S.A.V.E.approach, why is education an alternative to promotion?
A)Through websites and social media, it is easy to provide up-to-date and relevant information that customers will want to read.
B)Customers are better educated today than in previous generations.
C)An education approach provides a "softer" approach to sales than promotion.
D)When you are promoting a product, you are actually providing education.
Q4) Suppose you were making a pitch to your relatives, asking them to loan you $5,000 to fund your startup.How would you prepare your presentation to be pitch ready?
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Chapter 17: Financial Statements and Projections for Startups
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Q1) List five examples of cash outflows.
Q2) Describe DSO.
Q3) ______ is the amount that customers owe to a company after receipt of item(s) purchased.
A)Accounts payable
B)Accounts receivable
C)Accounts deferred
D)Accounts accrued
Q4) Operating expenses include which of the following?
A)cost of goods sold
B)liabilities, deferred expenses, and assets
C)sales expense and administrative and general expenses
D)amortization and interest expense
Q5) Compare and contrast the Balance Sheet and the Statement of Cash Flows.
Q6) Sally is worried about her backlog report.This is a report on orders that have been delivered but not yet paid by the customers.
A)True
B)False
Q8) Provide the line by line format of a balance sheet. Page 19
Q7) Describe how you calculate CCC, Cash Conversion Cycle.
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Chapter 18: the Pitch Deck
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Sample Questions
Q1) Sasha, in developing her pitch deck, went into great detail about her "executive" team, identifying each person and the strengths they bring to the project.She:
A)articulated the purpose of the venture
B)identified those served by the idea
C)identified the resources required
D)described the team
Q2) For pitches in front of investors, or application to incubators, or pitch competitions, what questions should you expect to be asked about your growth and growth potential?
Q3) After your pitch deck presentation:
A)this is the time for questions and answers
B)you leave and follow up with an email
C)you leave and follow up with a phone call
D)you leave, asking them to contact you if interested
Q4) You are the entrepreneur and have just finished an important pitch deck presentation.You are asked, "Who believes in you, and how can I get in touch with them?" How do you answer?
Q5) Discuss the nature and purpose of using pitch decks.
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