Business Management MCQ
What is the primary reason for social entrepreneurs to start a social entrepreneurship business?
Answer
Correct Answer:
They have a strong social mission to change the world.
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A mission statement communicates ______.
Answer
Correct Answer:
Why your business exists
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When an organization gives back to the community without the expectations of getting something, like good press, for it, they are engaging in ______.
Answer
Correct Answer:
Philanthropic goodwill
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How can organizations clearly communicate to employees what the expectations are for ethical behavior?
Answer
Correct Answer:
A code of ethics
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The process of strategic planning provides the business with ______.
Answer
Correct Answer:
A long-range tool to help respond to environmental changes
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How does your business identify if you have a competitive advantage?
Answer
Correct Answer:
By conducting a competitive analysis for your industry.
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A competitive advantage ______.
Answer
Correct Answer:
Cannot be duplicated
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How can high ethical standards impact your bottom line?
Answer
Correct Answer:
Having high ethical standards can attract customers and increase profits.
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How your company can respond to changes in the environment.
Answer
Correct Answer:
Strategic planning can help identify who is affected by your business decisions.
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When a business buys a competitor’s product and takes it apart to see how it works, the business is using ______ to analyze the competition.
Answer
Correct Answer:
Reverse engineering
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______ are positive events in the environment that your business can capitalize on.
Answer
Correct Answer:
Opportunities
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What are the components of social responsibility?
Answer
Correct Answer:
Economics, legal, ethics, and philanthropy
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What drives the ethical behavior in a small business?
Answer
Correct Answer:
The owner’s behaviors
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In a SWOT analysis, what does the external analysis help your business evaluate?
Answer
Correct Answer:
How your company can respond to changes in the environment.
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In a SWOT analysis, what does the internal analysis help your business evaluate?
Answer
Correct Answer:
What your business is capable of and not capable of.
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SWOT Analysis is the step of strategic planning in which the managers identify the:
Answer
Correct Answer:
All of them
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Strategic plan is a _____ planning tool used for viewing a business and the environments in which it operates in broadest terms.
Answer
Correct Answer:
Long-term
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How many levels of social responsibility are required for it to have a good impact on society?
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Social responsibility is the obligation of a business to have a positive effect on society on four levels:
Answer
Correct Answer:
Economic, Legal, Ethical, and Philanthropic.
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Social Entrepreneurship is the process of creation and innovation of a new business with the passion of a _____.
Answer
Correct Answer:
All of these
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Social Entrepreneurship is the process of _____ of a new business with the passion of a social, cultural, or environmental mission.
Answer
Correct Answer:
Both a and b
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Philanthropist Goodwill is the level of _____ responsibility in which a business does good without the expectation of anything in return.
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Mission Statement is a _____ of the reason why an organization exists.
Answer
Correct Answer:
Description
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Ethics make you understand the difference?
Answer
Correct Answer:
All of the above
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Ethics is the rules of moral values that guide decision making.
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Code of ethics is the tool with which the owner of a business communicates ethical expectations to everyone not associated with the business.
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