Social Entrepreneurship Quiz

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| By Ad1sjd

Ad1sjd

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Quizzes Created: 1 | Total Attempts: 8,861

Questions: 10 | Attempts: 8,861 | Updated: Jun 26, 2023

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The quiz here that we have brought for you is a social entrepreneurship quiz. Answer the following questions to see how much you know about social enterprise. The quiz will not only test you but also educate you more as you attempt each question. We hope you score high marks answering most questions correctly on this quiz. Wish you good luck and have fun! Let us now just go for it.

Questions and Answers

1.

Which organization is this? Founded in 1863 _____________ now has over 4.5 million members. It currently employs over 120,000 people with a turnover in excess of £9bn, offering services such as banking, insurance, retail, and travel.
- A.
  
  WHO
- B.
  
  The Co-operative Group
- C.
  
  The HSP group
- D.
  
  None of these
Correct Answer
B. The Co-operative Group

Explanation
The correct answer is The Co-operative Group. The organization was founded in 1863 and currently has over 4.5 million members. It employs over 120,000 people and has a turnover of over £9bn. The services it offers include banking, insurance, retail, and travel.

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2.

A social enterprise operates as a business.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
A social enterprise operates as a business because it aims to generate revenue and sustain itself financially, just like any other business. However, what sets it apart is that its primary goal is to create positive social or environmental impact rather than solely maximizing profits. Social enterprises often reinvest their profits back into their mission or community, and they use business strategies and models to address social or environmental issues effectively. By operating as a business, social enterprises can combine the power of entrepreneurship with a social mission to drive meaningful change.

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3.

Surplus money from the business gets reinvested in the business or community.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement is true because when a business generates surplus money, it has the option to reinvest it back into the business for expansion, research and development, or to improve operations. This reinvestment can help the business grow and become more profitable in the long run. Additionally, businesses may also choose to reinvest in the community by supporting local initiatives, charities, or infrastructure projects, which can have positive social and economic impacts.

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4.

A social enterprise is driven to maximize profits for shareholders.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
A social enterprise is not driven to maximize profits for shareholders. Unlike traditional businesses, social enterprises prioritize social or environmental goals over financial gains. They aim to create positive change in society by addressing social issues and reinvesting profits into their mission. While they may generate profits, their main focus is on achieving social impact rather than solely maximizing financial returns for shareholders. Therefore, the given statement is false.

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5.

A social enterprise is a charity.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
A social enterprise is not necessarily a charity because while both may have similar goals of benefiting society, they operate differently. A social enterprise is a business that uses commercial strategies to achieve social or environmental objectives, while a charity is a non-profit organization that aims to provide assistance and support to those in need. While some social enterprises may be structured as charities, not all social enterprises are charities as they can also be structured as for-profit organizations. Therefore, the statement that a social enterprise is a charity is false.

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6.

Which of these organizations is a social enterprise/cooperative?
- A.
  
  Divine Chocolate
- B.
  
  Northern Rock
- C.
  
  John Lewis
- D.
  
  Innocent Smoothies
Correct Answer(s)
A. Divine Chocolate
C. John Lewis

Explanation
Divine Chocolate and John Lewis are both examples of social enterprises/cooperatives. Divine Chocolate is a social enterprise because it is owned by cocoa farmers and aims to empower them by providing fair trade opportunities. John Lewis, on the other hand, is a cooperative as it is owned and operated by its employees who share in the profits and have a say in the company's decision-making process. Both organizations prioritize social and ethical values in their business models, making them social enterprises/cooperatives.

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7.

Do social enterprises have to pay tax?
- A.
  
  Yes
- B.
  
  No
Correct Answer
A. Yes

Explanation
Social enterprises, like any other business, are required to pay taxes. They may be eligible for certain tax exemptions or benefits, but they are still obligated to contribute their fair share. Paying taxes helps fund public services and infrastructure, ensuring the smooth functioning of society. Additionally, it promotes transparency and accountability, as social enterprises are expected to comply with tax regulations and fulfill their financial responsibilities. Therefore, the correct answer is "Yes."

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8.

Can a social enterprise have tradable shares?
- A.
  
  Yes
- B.
  
  No
Correct Answer
A. Yes

Explanation
A social enterprise can have tradable shares because it is a business that aims to generate profit while also addressing social or environmental issues. By allowing shares to be traded, it provides an opportunity for investors to buy and sell ownership stakes in the enterprise, which can help raise capital and attract investors who are interested in both financial returns and social impact. This allows the social enterprise to access more funding and potentially grow and expand its operations.

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9.

Approximately how many social enterprises are there in the UK?
- A.
  
  42,000
- B.
  
  52,000
- C.
  
  62,000
- D.
  
  89,000
Correct Answer
C. 62,000

Explanation
There are approximately 62,000 social enterprises in the UK. This means that there are a significant number of organizations that aim to address social or environmental issues while also generating revenue. These enterprises can range from small local initiatives to larger national or international organizations. The presence of such a large number of social enterprises indicates a growing interest in using business as a force for positive change in the UK.

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10.

Approximately the combined turnover of social enterprises in the UK is
- A.
  
  £10 billion
- B.
  
  £15 billion
- C.
  
  £17 billion
- D.
  
  £24 billion
Correct Answer
D. £24 billion

Explanation
In the UK, social enterprises represent a significant segment of the economy, with an estimated combined turnover of approximately £24 billion. These enterprises focus on achieving social or environmental goals while operating within a business framework. The £24 billion figure demonstrates the substantial economic impact of social enterprises, highlighting their role in contributing to economic growth, job creation, and community development. This turnover reflects the combined revenue generated by the diverse range of social enterprises operating across various sectors in the UK.

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Current Version
Jun 26, 2023

Quiz Edited by
ProProfs Editorial Team
Jan 10, 2013

Quiz Created by
Ad1sjd

Social Entrepreneurship Quiz

Which organization is this? Founded in 1863 _____________ now has over 4.5 million members. It currently employs over 120,000 people with a turnover in excess of £9bn, offering services such as banking, insurance, retail, and travel.

A social enterprise operates as a business.

Surplus money from the business gets reinvested in the business or community.

A social enterprise is driven to maximize profits for shareholders.

A social enterprise is a charity.

Which of these organizations is a social enterprise/cooperative?

Do social enterprises have to pay tax?

Can a social enterprise have tradable shares?

Approximately how many social enterprises are there in the UK?

Approximately the combined turnover of social enterprises in the UK is