Entrepreneurship I – QUIZ – 10/11/12 – “B” - KEY
1. Which of the following is a way that a business can determine if a product will fulfill its target market's
needs:
A.Observe workers
C. Ask the customers
B.Distribute promotional materials
D. Develop a prospect list
2. A business might take an existing product and alter it to fulfill a specific need for a different
A.medium.
C. utility.
B.product mix.
D. target market.
3. Entrepreneurial discovery is an important process in a free-enterprise economic system because an
entrepreneur or small-business owner can
A. satisfy an unmet demand.
C. improve economic sanctions.
B. form a technological monopoly.
D. change legal requirements.
4.
Which of the following statements is true about entrepreneurial discovery:
A. It ensures that start-up businesses have continuous funding.
B. It's an ongoing process that facilitates a business's success rate.
C. It provides entrepreneurs with professional development training.
D. It's a way to determine the long-term profit that a start-up company can generate.
5.
The entrepreneurial discovery process requires knowledge and the recognition of a(n)
A. economic crisis.
C. market need.
B. preventable accident.
D. creative observation.
6.
Which of the following is an example of a demographic trend that has encouraged entrepreneurial
discovery:
A. Interest rate fluctuations
C. Industry deregulation
B. Increased cultural diversity
D. Technological advancements
7.
Which of the following is a global trend that might encourage an entrepreneur to consider
international business opportunities:
A. Higher allowances
C. Enforceable trade agreements
B. Lower tariffs
D. Flexible currency rates
8.
Which of the following is an example of a demographic trend:
A. The aging of the population
C. Rising interest rates
B. Shifting political climates
D. A concern for fitness and health
9. Which of the following examples illustrates how environmental factors are interrelated:
A. The economy affects what competitors are doing.
B. New legislation will be written in the future.
C. Low investor confidence heavily impacts financial planners.
D. The economy affects banking institutions.
10. Which of the following is a global trend that might encourage an entrepreneur to consider international
business opportunities:
A. Higher allowances
C. Enforceable trade agreements
B. Lower tariffs
D. Flexible currency rates
11. When determining venture-creation opportunities, entrepreneurs must first
A. obtain financing.
C. identify staffing needs.
B. conduct research.
D. select a location.
Entrepreneurship I – QUIZ – 10/11/12 – “B” - KEY
12. The primary goal during the brainstorming process is to
A. come up with as many ideas as possible.
B. analyze each idea as it is presented.
C. rate each idea in relation to one another.
D. come up with a set number of ideas within a certain time.
13. Which of the following statements is true regarding the use of group creative-thinking techniques to
facilitate the idea-generation process:
A. The brainstorming technique usually generates the best ideas.
B. Groups are usually more effective when each member uses mind-mapping techniques.
C. Group members most often generate new ideas by altering or building upon another idea.
D. The Six Thinking Hats technique is generally the most effective idea-generation technique.
14. When using mind mapping to generate product ideas, you begin by writing down the main problem or
A. market opportunity.
C. primary associations.
B. supporting facts.
D. situational analysis.
15. The primary responsibilities of the facilitator of a product idea brainstorming session are to compile all
of the ideas and
A. keep the group on task.
C. select the best idea.
B. judge the bad ideas.
D. evaluate the group's creativity.
16. People who are naturally creative often are
A. highly educated.
B. physically active.
C. mentally flexible.
D. emotionally controlled.
17. Which of the following is usually a characteristic of a creative person:
A. Likes to seek out new challenges
C. Is patient with other people
B. Depends on others
D. Prefers working under supervision
18.Which of the following personality traits is often associated with creative people:
A. Shunning recognition and praise
C. Preferring routine activities
B. Exhibiting low energy levels
D. Acting independently
19.Which of the following processes helps aspiring entrepreneurs generate venture ideas:
A. Financial planning
C. Goal setting
B. Decision making
D. Creative thinking
20.When generating ideas for new businesses, entrepreneurs often look for ways to
A. rationalize spending.
C. solve problems.
B. increase liability.
D. control outcomes.