Principles of Entrepreneurship Quiz 2

Which of the following is not a principle of Innovation? Select one: a. Try/test/revise b. Start big c. Be action oriented d. Learn from failures

Start big

Creativity to the Entrepreneur is: Select one: a. another word for dreams b. None of the selections are correct c. something that can never be developed d. the generation of ideas that results in the improved efficiency or effectiveness of a system

the generation of ideas that results in the improved efficiency or effectiveness of a system

The combination of existing concepts & factors into a new formulation would define which of the following terms? Select one: a. Invention b. Extension c. Analysis d. Synthesis

Synthesis

Product design, reliability, & safety are all examples of: Select one: a. Market feasibility b. Technical feasibility c. Venture capital feasibility d. Entrepreneur profile feasibility

Technical feasibility

Most innovations result from: Select one: a. Lucky guesses b. A conscious & purposeful search for new opportunities c. The total genius of inventors d. The subconscious adaption to reality

A conscious & purposeful search for new opportunities

A code of ethics is: Select one: a. Duty to adhere to rules & laws are obligatory, regardless of the consequences of the action b. A set of moral principles & values that defines right & wrong c. A written statement of ethical practices or guidelines to which an entity adheres. d. An action is ethical & morally right if the consequences are more favorable than unfavorable as determined only by a non-monetary cost-benefit analysis

A written statement of ethical practices or guidelines to which an entity adheres.

Which of the following is not a type of innovation? Select one: a. Duplication b. Adaptation c. Invention d. Synthesis

Adaptation

When entrepreneurs rely on existing solutions, techniques, or products to try to do things better, they are utilizing what type of creative process? Select one: a. Adaptive b. Inventive c. Tried-and-True method d. Innovative

Adaptive

During the evaluation/Implementation phase of the creative process, a great deal of _______ is needed? Select one: a. All of the selections are correct b. Self-discipline c. Courage d. Perseverance

All of the selections are correct

The phase of the creative process when the idea or solution the individual is seeking is discovered is referred to as: Select one: a. Idea experience b. Incubation process c. Evaluation & implementation d. Background accumulation

Idea experience

Which statement is true about fads? Select one: a. Fun, but no lasting impact on society b. Has a slow acceptance rate c. Has a long window of opportunity d. Creates enduring memories

Fun, but no lasting impact on society

Which of the following questions concerning innovation is not relevant? Select one: a. "What costs are involved?" b. "Whom does it affect?" c. "When should the product go to market?" d. "What is the problem?"

"When should the product go to market?"

Most innovations result from: Select one: a. A conscious & purposeful search for new opportunities b. The subconscious adaption to reality c. Lucky guesses d. The total genius of inventors

A conscious & purposeful search for new opportunities

Most innovations result from: Select one: a. A conscious & purposeful search for new opportunities b. The total genius of inventors c. Lucky guesses d. The subconscious adaption to reality

A conscious & purposeful search for new opportunities

Which of the following ethical rationalizations are used to justify questionable conduct. Select one: a. The act is in the individual's or the firm's best interest. b. The act is not "really" illegal or immoral. c. The act will never be found out. d. All of the selections are correct.

All of the selections are correct.

Successful entrepreneurs are able to identify & implement ideas that: Select one: a. Will win instant approval from customers b. Will make money c. Are workable & that they have the skills to implement d. Are least feasible

Are workable & that they have the skills to implement

The creation of search engines is and example of what? Select one: a. Perceptual Changes b. Knowledge - Based Concepts c. Incongruities d. Process Needs e. Industry & Market Changes f. Unexpected Occurrences g. Demographic ChangesUnexpected Occurrences h. Trends/Fads

Industry & Market Changes

A bank in a small US town close to the border of Canada read a census report that the number of people who speak French as their first language has gone up 30% in the past 10-years. The bank decides to begin advertising their services in French in an attempt to gain some of the French speaking people in the town as patrons. This innovation in doing business was likely caused by? Select one: a. Trends/Fads b. Demographic ChangesUnexpected Occurrences c. Process Needs d. Perceptual Changes e. Unexpected Occurrences f. Knowledge - Based Concepts g. Industry & Market Changes h. Incongruities

Demographic ChangesUnexpected Occurrences

Code of ethics issues that impact society may include: Select one: a. Environmental issues, political issues, & social responsibility b. Honesty, health & safety, harassment, discrimination, & drug screenings c. Product quality, product safety, truth in advertising, & aggressive credit collections d. Philosophy of top management, reward systems & job dimensions

Environmental issues, political issues, & social responsibility

Which of the below best describes Donna Carman's actions: Select one: a. Her gambling addiction created pressure that led to her perceiving that stealing the money was the right thing to do. b. She rationalized that no one would miss the money or care about it. c. She saw an opportunity to win big and borrowed the money to do so. It wasn't her fault the big win didn't happen.

Her gambling addiction created pressure that led to her perceiving that stealing the money was the right thing to do.

Code of ethics issues that impact employees may include: Select one: a. Philosophy of top management, reward systems & job dimensions b. Environmental issues, political issues, & social responsibility c. Product quality, product safety, truth in advertising, & aggressive credit collections d. Honesty, health & safety, harassment, discrimination, & drug screenings

Honesty, health & safety, harassment, discrimination, & drug screenings

As the population of cars grew there was a shortage of parking area. The Smart car, a small car capable of fitting in to tiny spaces was created so that more cars could be fit in to the existing spaces. The Smart car really didn't catch on as a solution to the problem. This is an example of what form of innovation? Select one: a. Trends/Fads b. Unexpected Occurrences c. Demographic ChangesUnexpected Occurrences d. Perceptual Changes e. Industry & Market Changes f. Knowledge - Based Concepts g. Process Needs h. Incongruities

Incongruities

Which of the following statements is true about innovation? Select one: a. Innovation is the government's responsibility. b. Innovation blends imaginative and creative thinking with a systematic, logical process in order to recognize and create opportunity where others find only problems c. Innovation does not involve change. d. Innovation is the process by which entrepreneurs consume marketable ideas.

Innovation blends imaginative and creative thinking with a systematic, logical process in order to recognize and create opportunity where others find only problems

Why do we need ethics? Select one: a. Without it, our actions would be random and deadly. b. All of the selections are correct. c. Any flaw in our ethics will increase our ability to be successful in our endeavors. d. It is our means of deciding a course of action.

It is our means of deciding a course of action.

Today, we recognize that sanitation is extremely important to maintaining healthy and safe communities. This type of innovation is known as: Select one: a. Perceptual Changes b. Demographic ChangesUnexpected Occurrences c. Knowledge - Based Concepts d. Trends/Fads e. Industry & Market Changes f. Process Needs g. Incongruities h. Unexpected Occurrences

Knowledge - Based Concepts

The incubation process involves which of the following? Select one: a. Working harder b. Changing jobs c. Letting the subconscious work d. Talking to friends

Letting the subconscious work

On March 22, 2019 New York Daily News reporters Elizabeth Keogh, Thomas Tracy, and Stephen Rex Brown published the story "Charity volunteer for slain NYPD officers embezzled $410,000 and spent it on dentistry, landscaping, Barbra Streisand tickets: prosecutors". In the story, the journalist trio report on Lorraine Shanley, who served as volunteer treasurer for the Survivors of the Shield from 2010 to 2017. The article details how during her tenure, she spent $410,000 in donations on personal expenses including her son's legal bills, her grandchild's private school tuition, dentistry, landscaping for her Staten Island home and Barbra Streisand tickets. "Lorraine Shanley allegedly capitalized on tragedy and monetized people's generosity," Manhattan U.S. Attorney Geoffrey Berman said. "As alleged, Shanley stole over 20% of the donations to a charity whose sole mission is to help the families of NYPD officers killed in the line of duty." Which of the below best explain Lorraine Shanley's unethical choices: Select one: a. Lorraine Shanley perceived an opportunity to help her family and herself out of some financial barriers. b. Lorraine Shanley rationalized that no one would miss the money or care about what it was used for since there was so much of it. c. Lorraine Shanley perceived pressure to spend the money.

Lorraine Shanley perceived an opportunity to help her family and herself out of some financial barriers.

Which of the following is not a method of generating new ideas? Select one: a. Reverse Brainstorming b. Bug List c. Focus Group d. Mindtapping

Mindtapping

Factors that influence organizational managerial ethics include: Select one: a. Values of all organizational stakeholders b. Competition, economic conditions & social/cultural institutions c. Philosophy of top management, reward systems & job dimensions d. Personal values, work history & personality

Philosophy of top management, reward systems & job dimensions

Which of the following is not one of the four phases of the creative process? Select one: a. Idea Experience b. Post-mortem analysis c. Evaluation/Implementation d. Knowledge accumulation

Post-mortem analysis

Which of the following is not an impediment to creativity? Select one: a. Either/Or Thinking b. Security Hunting c. Stereotyping d. Problem Thinking

Problem Thinking

Code of ethics issues that impact customers may include: Select one: a. Environmental issues, political issues, & social responsibility b. Honesty, health & safety, harassment, discrimination, & drug screenings c. Product quality, product safety, truth in advertising, & aggressive credit collections d. Philosophy of top management, reward systems & job dimensions

Product quality, product safety, truth in advertising, & aggressive credit collections

Business ethics is defined as: Select one: a. Proper business policies & practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility & fiduciary responsibilities b. Actions that follow accepted principle of right & wrong c. A set of moral principles & values that defines right & wrong d. Written set of guidelines issued to workers & management to help them conduct their actions in accordance to primary values & standards

Proper business policies & practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility & fiduciary responsibilities

On January 27, 2018 Boston Globe ran the following article; "Employee theft 'shockingly common' at nonprofits", in which reporter Todd Wallack reported that a board member of the Somerville Homeless Coalition was reviewing the nonprofit's annual financial documents in 2015 when he spotted something odd. The forms said the chief operating officer, the No. 2 executive, earned $12,000 more than the organization's top executive the previous year. Could that really be correct, he asked? Turns out it wasn't a typo. It was theft. Somerville Homeless soon discovered that the COO — who handled all the finances — allegedly embezzled approximately $108,000 over 18 months. The charity said he brazenly added some of the money directly into his paycheck — where it showed up on the group's annual financial forms — used the organization's credit card for personal expenses, and added his middle-aged son to the group's health insurance. The COO's unethical behavior was caused by which of the following: Select one: a. Perceived opportunity to help his family out financially. b. Rationalization that they should earn as much or more than the CEO since they handled the money. c. Perceived pressure from his middle-aged child to continue taking care of their health care needs.

Rationalization that they should earn as much or more than the CEO since they handled the money

The unethical practice of "cooking the books" is an ethical issue affecting Select one: a. Shareholders and investors b. Employees c. Customers d. Employers

Shareholders and investors

Aging demographics indicates which type of trend? Select one: a. Societal b. Economic c. Governmental d. Technological

Societal

What are the four sectors we look to for the seed of a fad or trend? Select one: a. Societal, technology, commercial and governmental b. Societal, technology, economic and educational c. Societal, technology, commercial and educational d. Societal, technology, economic and governmental

Societal, technology, economic and governmental

Nobel's discovery that kieselguhr was the right substance to stabilize nitroglycerin is an example of what for of innovation? Select one: a. Industry & Market Changes b. Trends/Fads c. Demographic ChangesUnexpected Occurrences d. Perceptual Changes e. Process Needs f. Unexpected Occurrences g. Knowledge - Based Concepts h. Incongruities

Unexpected Occurrences

Psy's Gangham Style music video is an example of a societal acceptance and enjoyment best known as a _________. Select one: a. Unexpected Occurrences b. Knowledge - Based Concepts c. Demographic ChangesUnexpected Occurrences d. Incongruities e. Process Needs f. a fad g. Perceptual Changes h. Industry & Market Changes

a fad

Once seen as a niche product only consumed by vegans and vegetarians, plant-based meats have gained mainstream acceptance among traditionally carnivorous foodies in the coming year. The market is predicted to grow by 28% each year until it reaches a whopping $85 billion by 2030, thanks to an increasing number of consumers with health, environmental, and animal welfare concerns. Impossible Foods and Beyond Meat are leading the charge, producing alt-meats for grocery store shoppers and partnering with chain restaurants like Burger King, KFC, and Subway to bring affordable options to the masses. It is believed that even more restaurants will introduce plant-based meat menu items that go beyond (pun semi-intended) beef-free burgers. This type of societal change and acceptance is known as: Select one: a. Unexpected Occurrences b. Incongruities c. Process Needs d. Knowledge - Based Concepts e. a trend f. Industry & Market Changes g. Demographic ChangesUnexpected Occurrences h. Perceptual Changes

a trend