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Social Entrepreneurs, Ethics, and Strategic Planning MCQ

What is the primary reason for social entrepreneurs to start a social entrepreneurship business?

They have an innovative business idea that will help people.

They have a strong social mission to change the world.

They want to help people but also make money.

They see an opportunity to make money while also helping people.

Answer

Correct Answer: They have a strong social mission to change the world.

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A mission statement communicates ______.

Why your business exists

The details of how your business operates

Your goals for the business

The objectives of your strategic plan

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 ______.

Social responsibility

Ethical responsibility

Philanthropic goodwill

Social entrepreneurship

Answer

Correct Answer: Philanthropic goodwill

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How can organizations clearly communicate to employees what the expectations are for ethical behavior?

A code of ethics

A mission statement

Clear performance goals

Ethics training

Answer

Correct Answer: A code of ethics

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The process of strategic planning provides the business with ______.

A clear set of goals and plans for the next year

A comprehensive competitive analysis

Financial projections for the next three to five years

A long-range tool to help respond to environmental changes

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?

By conducting a competitive analysis for your industry.

By conducting a SWOT analysis for your business.

By surveying customers about what your business does well.

By using social media to see what customers are saying about your company.

Answer

Correct Answer: By conducting a competitive analysis for your industry.

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A competitive advantage ______.

Is achievable by copying your competitors

Cannot be duplicated

Is sustainable if your competitors have similar advantages

Should be kept from your competitors

Answer

Correct Answer: Cannot be duplicated

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How can high ethical standards impact your bottom line?

You must sacrifice some profits in order to act ethically.

Having high ethical standards can attract customers and increase profits.

Ethical employees do not always make decisions that benefit the company and jeopardize business.

Competitors will be able to undercut your pricing and decrease your profits.

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.

Strategic planning can identify ethical issues within the industry that need to be addressed.

Based on the strategic plan, your employees can decide whether to behave ethically.

Strategic planning can help identify who is affected by your business decisions.

Based on the strategic plan, your business can develop a mission statement that incorporates a code of ethics.

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.

Competitive intelligence

Benchmarking

Reverse engineering

Trendwatching

Answer

Correct Answer: Reverse engineering

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______ are positive events in the environment that your business can capitalize on.

Competitor intelligence

Strengths

Opportunities

Diagnostic tests

Answer

Correct Answer: Opportunities

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What are the components of social responsibility?

Economics, legal, ethics, and philanthropy

People, planet, profit, and ethics

Vision, mission, ethics, and philanthropy

Profits, community, ethics, and people

Answer

Correct Answer: Economics, legal, ethics, and philanthropy

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What drives the ethical behavior in a small business?

A clear code of ethics

A strong social mission

A desire to do the right thing

The owner’s behaviors

Answer

Correct Answer: The owner’s behaviors

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In a SWOT analysis, what does the external analysis help your business evaluate?

How environmental factors are going to change over the next year.

How changes in the environment are going to positively impact your business.

How changes in the environment are going to negatively impact your business.

How your company can respond to changes in the environment.

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?

Opportunities and threats within the business.

What your business is capable of and not capable of.

What your company values are.

What your human resources needs are.

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:

Internal strengths and weaknesses

Opportunities

Threat exist outside

All of them

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.

Long-term

Short-term

Both a and b

None of these

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?

One

Two

Three

Four

Answer

Correct Answer: Four

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Social responsibility is the obligation of a business to have a positive effect on society on four levels:

Economic, Legal, Ethical, and Philanthropic.

Economic, Legal, Social, and Philanthropic.

Economic, Legal, Cultural, and Philanthropic.

Economic, Legal, Moral, and Philanthropic.

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 _____.

Social

Cultural

Environmental mission

All of these

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.

Creation

Innovation

Thinking

Both a and b

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.

Social

Cultural

Political

Moral

Answer

Correct Answer: Social

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Mission Statement is a _____ of the reason why an organization exists.

Description

Explanation

Definition

Obscure

Answer

Correct Answer: Description

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Ethics make you understand the difference?

Right and Wrong

Good and Bad

Good and Evil

All of the above

Answer

Correct Answer: All of the above

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Ethics is the rules of moral values that guide decision making.

True

False

Answer

Correct Answer: True

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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.

True

False

Answer

Correct Answer: False

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