Trivia Quiz On Entrepreneurship And Innovation! Test

30 Questions | By Catherinehalcomb | Last updated: Mar 22, 2022 | Total Attempts: 3331

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Trivia Quiz On Entrepreneurship And Innovation! Test - Quiz

Do you think you know enough to take up this trivia quiz on entrepreneurship and innovation? Entrepreneurs are people who come up with ideas that are designed to produce goods and services that fill a gap within the market. This is mostly done by them being innovative using the available resources. Take up the test below and get to refresh your memory on the topic and how to make your products and services bring in profits.

Questions and Answers

1.

One of the most significant economics developments in recent business history relates to the _________
- A.
  
  Growth of blue-chip corporations
- B.
  
  Development of Pacific Rim countries
- C.
  
  Entrepreneurial spirit
- D.
  
  Additional employment opportunities offered by government institutions
2.

The recent number of job losses in large corporations compared to the jobs created by small business has changed the perception of ________ for launching a new business.
- A.
  
  Prestige
- B.
  
  Risk
- C.
  
  Financing opportunities
- D.
  
  Short-term potential
3.

Entrepreneurship is a constant process that relies on ________.
- A.
  
  creativity, innovation, and profit
- B.
  
  The ability to win over the consumer
- C.
  
  Creativity, innovation, and application in the marketplace
- D.
  
  Intellectual property rights
4.

The ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives is called ________.
- A.
  
  Entrepreneurship
- B.
  
  innovation
- C.
  
  Creativity
- D.
  
  Creative thinking
5.

________ lateral thinking is somewhat unconventional and unstructured.
- A.
  
  Left-brained
- B.
  
  Right-brained
- C.
  
  Systematic
- D.
  
  Logical
6.

An entrepreneur is one who ________.
- A.
  
  Is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations.
- B.
  
  Understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept.
- C.
  
  Knows that the concept they are about to develop will result in profitable business.
- D.
  
  Creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities.
7.

Starting a part-time business is a popular gateway to entrepreneurship.
- A.
  
  True
- B.
  
  False
8.

Most home-based businesses are simple cottage industries such as crafts or sewing.
- A.
  
  True
- B.
  
  False
9.

Current competitive conditions favor large companies over smaller ones because of their flexibility combined with their ability to use their size to achieve efficiency and economies of scale.
- A.
  
  True
- B.
  
  False
10.

History is always a reliable predictor of the future of business.
- A.
  
  True
- B.
  
  False
11.

Successful entrepreneurs come up with ideas and then find ways to make them work to solve a problem or fill a need.
- A.
  
  True
- B.
  
  False
12.

"Divergent thinking" is the ability to see similarities and connections among various data and events.
- A.
  
  True
- B.
  
  False
13.

The typical entrepreneurial philosophy for implementation is "Ready, aim, aim, aim…"
- A.
  
  True
- B.
  
  False
14.

The focus of which of the following step in the creative process is to transform the idea into reality?
- A.
  
  Implementation
- B.
  
  Preparation
- C.
  
  Illumination
- D.
  
  Verification
15.

At which stage of the creative process does a spontaneous breakthrough occur, allowing all of the previous stages to come together to produce the "Eureka factor" or the "light bulb goes on"?
- A.
  
  Implementation
- B.
  
  Preparation
- C.
  
  Illumination
- D.
  
  Verification
16.

The average age of first-time entrepreneurs in the United States is nearly ________.
- A.
  
  44
- B.
  
  25
- C.
  
  19
- D.
  
  31
17.

Ninety-percent of businesses in the United States are family-owned and managed and account for 62 percent of total U.S. employment.
- A.
  
  True
- B.
  
  False
18.

"Verification" refers to ________.
- A.
  
  Validating the idea as accurate and useful
- B.
  
  Possibly conducting experiments, running simulations, and test marketing a product or service
- C.
  
  Possibly asking questions such as "will it work?" and "is it really a better solution?"
- D.
  
  All of the above
19.

Not all family-owned businesses are small; in fact, approximately one-third of the Fortune 500 companies are family businesses.
- A.
  
  True
- B.
  
  False
20.

The U.S. Copyright Office does not require registering the creative work because registering it does not give creators greater protection over their work.
- A.
  
  True
- B.
  
  False
21.

Any distinctive word, phrase, symbol, name, or logo a firm uses to distinguish itself or its products is called a ________.
- A.
  
  Trademark
- B.
  
  Patent
- C.
  
  Copyright
- D.
  
  Service mark
22.

Copyrights protect the creator of original works such as ________.
- A.
  
  software, choreography, and motion pictures
- B.
  
  symbols, names, and designs
- C.
  
  Text and verbiage of any kind
- D.
  
  Slogans and designs
23.

________ is a graphical technique that encourages thinking on both sides of the brain, visually displays the various relationships among the ideas, and improves the ability to view a problem from many sides.
- A.
  
  Brainstorming
- B.
  
  Mind mapping
- C.
  
  Prototyping
- D.
  
  Group think
24.

________ percent of all U.S. businesses are family-owned and managed.
- A.
  
  25
- B.
  
  50
- C.
  
  70
- D.
  
  90
25.

When "brainstorming," individuals should be encouraged to use "idea hitchhiking," or building new ideas on those already suggested.
- A.
  
  True
- B.
  
  False