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SESSION:3 The Ethical and Social Responsibilities of Entrepreneurs

Review Questions

Entrepreneurship | Leadership Development – Micro-Learning Session

Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/entrepreneurship

1. Full and truthful disclosure ________.

  1. is often required under tort law
  2. is a matter of ethics, not a legal requirement
  3. is a risky business practice because it helps the competition
  4. is a strictly personal choice

2. Common IP law-mandated periods of protection are ________.

  1. copyrights are protected for twenty years
  2. patents are protected for fifty years
  3. trademarks are protected for renewable ten-year periods
  4. trade secrets are protected for fifteen years

3. Acting ethically includes acting with which of the following?

  1. integrity
  2. disclosure
  3. transparency
  4. All of these options are correct.

4. Antitrust law:

  1. may help small entrepreneurs by ensuring big companies do not have monopolies
  2. may hurt small entrepreneur by requiring them to disclose trade secrets
  3. only applies to businesses with over 500 employees
  4. None of these options are correct.

5. Patents ________.

  1. are similar to trade secrets under IP law
  2. allow a temporary monopoly for an invention
  3. are protected under IP law for a period of ninety-nine years
  4. None of these options are correct.

6. An example of a company(s) that have been fined millions of dollars for legal/ethical violations includes ________.

  1. Enron
  2. TOMS
  3. British Petroleum
  4. a and c

7. The B-corporation moniker ________.

  1. requires government certification
  2. requires no certification
  3. can only be used after an audit and certification by the B-corp organization
  4. is a social media concept used primarily for marketing purposes

8. What differentiates a social entrepreneurial enterprise from a traditional entrepreneur?

  1. commitment to reduce pollution
  2. pledge to undertake sustainable supply chain sourcing
  3. effort to recycle water, waste, and other byproducts
  4. All of these options are correct.

9. Core qualities for building a foundation of ethics-based behaviors include ________.

  1. trust
  2. fairness
  3. excellence
  4. All of these options are correct.

10. Millennial workers ________.

  1. often do not place salary as their first priority
  2. want work-life balance
  3. usually expect their employer to have an ethical value system
  4. All of these options are correct.

11. A diverse workforce ________.

  1. is always optional
  2. is usually required for government contracting
  3. is always required under Title VII
  4. is never required
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