Entrepreneurship And Innovation Knowledge Test! Trivia Quiz

32 Questions | Total Attempts: 6267

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Entrepreneurship And Innovation Knowledge Test! Trivia Quiz - Quiz

Planning to become an entrepreneur? If yes, you must try this entrepreneurship and innovation knowledge trivia quiz to test your knowledge. An entrepreneur is a person who comes up with an idea for a business but can predict the risks involved and if they are worth bringing the intended profits. One of an entrepreneur's skills is a knack for innovation. This trivia quiz will test how much you understand the interrelation between entrepreneurship and innovation. Give it a shot and see how much you can score.


Questions and Answers
  • 1. 
    There are two components of the reality test:
    • A. 

      External component only

    • B. 

      Internal component

    • C. 

      Both a and b options 

    • D. 

      None

  • 2. 
    Collateral includes any assets an entrepreneur pledges to a lender as a security for repayment of the loan. True or false? 
    • A. 

      True

    • B. 

      False

  • 3. 
    An evaluation of character is frequently based on intangible factors such as honesty, competence, polish, determination, knowledge, experience, and ability. True or false? 
    • A. 

      True

    • B. 

      False

  • 4. 
    Internet is a secondary research tool. True or false? 
    • A. 

      True

    • B. 

      False

  • 5. 
    The first step in assessing industry attractiveness is to paint a picture. True or false? 
    • A. 

      True

    • B. 

      False

  • 6. 
    The easiest part of launching a business is coming up with an idea for a new business. True or false? 
    • A. 

      True

    • B. 

      False

  • 7. 
    Business success requires much more than just a great new idea. True or false? 
    • A. 

      True

    • B. 

      False

  • 8. 
    The best business ideas start with a group of customers with a common problem.
    • A. 

      True

    • B. 

      False

  • 9. 
    One of the following is not from the idea sketch pad.
    • A. 

      Customers

    • B. 

      Value proposition

    • C. 

      People

    • D. 

      Tested

  • 10. 
    The term 'benefit' refers to what the customer gains from the product or service feature.  (e.g. lower energy bills, faster access to the internet) 
    • A. 

      True

    • B. 

      False

  • 11. 
    The entrepreneur must not determine how the value proposition will generate revenue.
    • A. 

      True

    • B. 

      False

  • 12. 
    A feasibility analysis is a process of determining whether entrepreneurs' ideas are a viable foundation for creating a successful business.
    • A. 

      True

    • B. 

      False

  • 13. 
    If the idea fails to pass muster the entrepreneur drops it and moves on to the next idea.
    • A. 

      True

    • B. 

      False

  • 14. 
    The primary goals of a business plan are
    • A. 

      To guide entrepreneurs as they launch their businesses

    • B. 

      To help them acquiring the necessary financing to launch

    • C. 

      All of the above

    • D. 

      None of the above

  • 15. 
    Lenders and investors must be satisfied with the entrepreneur's character.
    • A. 

      True

    • B. 

      False

  • 16. 
    The industry is more attractive to new entrants when quality substitutes are readily available.
    • A. 

      True

    • B. 

      False

  • 17. 
    A business plan serves two essential functions:
    • A. 

      Guiding the company by charting its future course and defining its strategy for following it

    • B. 

      Attracting lenders and investors who will provide needed capital

    • C. 

      All of the above

    • D. 

      None

  • 18. 
    The Value Test proves that: A venture offers investors or lenders an attractive rate of return or a high probability of repayment.
    • A. 

      True

    • B. 

      False

  • 19. 
    The business plan include operational and financial details.
    • A. 

      True

    • B. 

      False

  • 20. 
    What does a Reality Test prove? 
    • A. 

      A market really does exist for your product or service

    • B. 

      You can actually build or provide it for the cost estimates in the Plan

    • C. 

      All of the above

    • D. 

      None of the above

  • 21. 
    Trade associations and business directories are one of the primary research tools.
    • A. 

      True

    • B. 

      False

  • 22. 
    The primary research is to collect data firsthand and analyze it.
    • A. 

      True

    • B. 

      False

  • 23. 
    Primary research tools include secondary research.
    • A. 

      True

    • B. 

      False

  • 24. 
    Providing that a profitable market exists involves two steps
    • A. 

      Show customer interest Proves that target customers actually need or want the product or service.

    • B. 

      Document market claims Supports market size and growth rates with facts

    • C. 

      A+b

    • D. 

      None

  • 25. 
    The industry is more attractive when substitutes are available.
    • A. 

      True

    • B. 

      False

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