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Chapter 3 Creativity and Innovation: Keys to Entrepreneurial Success
1) ________ is the ability to develop new ideas and to discover new ways of looking at problems and
opportunities.
A) Showboating
B) Commoditizing
C) Innovation
D) Creativity
Answer: D
Page Ref: 72
Topic: Creativity, Innovation, and Entrepreneurship
Entrepreneurs hip
AACSB: Analytic Skills
2) ________ is the ability to apply creative solutions to problems and opportunities to enhance or to
enrich people's lives.
A) Showboating
B) Commoditizing
C) Creativity
D) Innovation
Answer: D
Page Ref: 72
Entrepreneurs hip
3) According to Ted Levitt, creativity

creativity is ________ new things.
A) thinking
B) doing
C) corroborating
D) emulating
Answer: A
Page Ref: 72
Entrepreneurs hip
4) According to Ted Levitt, innovation is ________ new things.

A) thinking
B) doing
C) corroborating
D) emulating
Answer: B
Page Ref: 72
Entrepreneur ship
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Page Ref: 73
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6) Which one of the following is NOT a small business innovation enabler, according to Intuit?
A) Compassion
B) Customer connection
C) Agility and adaptation
D) All are enablers
Answer: A
Page Ref: 73
Entrepreneurs hip
7) Some small businesses create innovations ________ in response to customer feedback or changing
market conditions.
A) responsibly
r esponsibly
B) compassionately
C) reactively
D) proactively
Answer: C
Page Ref: 73
Entrepreneurs hip
8) Some small businesses create innovations ________ by spotting opportunities on which to capitali
A) responsibly
r esponsibly
B) compassionately
C) reactively
D) proactively
Answer: D
Page Ref: 73
Entrepreneurs hip
9) Innovation is ________ when it creates market-changing, disruptive breakthroughs that are the res
of generating something from nothing.
A) mandatory
B) perfunctory
C) evolutionary
evolutionary
D) revolutionary
Answer: D
Page Ref: 73
Topic: Creativity, Innovation, and hip
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Answer: A
Page Ref: 73
11) The iPod is an example of a ________ innovation.

A) revolutionary
B) evolutionary
C) proactive
D) perfunctory
Answer: C
Page Ref: 75
12) ________ thinking is going from one logical conclusion to the next.
A) Vertical
B) Lateral
C) Simultaneous
D) Parallel
Answer: A
Page Ref: 79
Topic: Creative Thinking
13) ________ thinking is considering a problem from all sides and jumping into it at different points
A) Vertical
B) Lateral
C) Simultaneous
D) Parallel
Answer: B
Page Ref: 79
14) Another word for vertical thinking is ________ thinking.

A) lateral
B) linear
C) parallel
D) simultaneous
Answer: B
Page Ref: 79
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Page Ref: 79
16) The ________ brain processes information intuitively.

A) left
B) right
C) front
D) back
Answer: B
Page Ref: 79
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17) Which brain handles language, logic, and symbols?

A) Left
B) Right
C) Front
D) Back
Answer: A
Page Ref: 79
18) Which brain takes care of the body's emotional, intuitive, and spatial functions?
A) Left
B) Right
C) Front
D) Back
Answer: B
Page Ref: 79
19) Which one of the following is a barrier to creativity?

A) Searching for the one "right" answer
B) Focusing on being "logical"
C) Blindly following the rules
D) All of the above
Answer: D
Page Ref: 82
Topic: Barriers to Creativity
20) According to research, creativity among both children and adults in the United States has decline
markedly since:
A) 1990.
B) 1995.
C) 2000.
D) 2005.
Answer: A
Page Ref: 82
Topic: Barriers to Creativity
AACSB: Reflective Thinking
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Topic: The Creative Process

48) In the creative process, ________ occurs while the individual is away from the problem, often
engaging in some totally unrelated activity.
A) investigation
B) incubation
C) transformation
D) verification
Answer: B
Page Ref: 100
49) Often, ideas require a ________ period.

A) investigation
B) verification
C) gestation
D) preparation
Answer: C
Page Ref: 100
50) The goal of the ________ stage in the creative process is to subject the innovative idea to the test
cold, hard reality.
A) verification
B) gestation
C) investigation
D) transformation
Answer: A
Page Ref: 102
Chapter 4
1) The strategic management process:

A) is especially difficult for the small business because of its limited resources.
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Topic: Introduction
2) The primary output of the strategic management process should be:

A) a matching of its strengths and weaknesses to the opportunities and threats in the environment.
B) an enticement to outside investors and lenders to put money into the business.
C) a complete explanation of the company's product or service.
D) a description of the company's competitive situation.
Answer: A
Page Ref: 108
Topic: Introduction
3) A small business's "aggregation of factors that sets it apart from its competitors" is its:
A) strategic plan.
B) competitive advantage.
C) vision.
D) competitive strategy.
Answer: B
Page Ref: 108
Topic: Building a Competitive Advantage
4) The strategic planning process for small businesses is:

A) market-focused.
B) the same as it is for a large company.
C) generally done by top management with little or no participation by employees.
D) product-focused and similar to that for large companies.
Answer: A
Page Ref: 108
5) How is the strategic planning process for small companies different from that for large companie
A) The planning horizon should cover at least five years into the future.
B) The process should begin with setting objectives and conclude with competitive analysis.
C) The process should be informal and not overly structured — "a shirtsleeve approach."
D) It should be conducted by top management and provided to lower management.
Answer: C
Page Ref: 110
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Page Ref: 111

Topic: The Strategic Management Process
7) Which of the following is true about successful entrepreneurs and their vision?
A) It is created independently of their market or their customers.
B) It includes their understanding of the competition and their key market segments.
C) They are able to communicate it and their enthusiasm for it to all those around them.
D) They create it in cooperation with their employees.
Answer: C
Page Ref: 111
Topic: The Strategic Management Process — Develop a Clear Meaningful Mission
8) Answering the question "What business am I in?" defines the company's:

A) mission.
B) assessment of its own strengths and weaknesses.
C) external opportunities and threats.
D) goals and objectives.
Answer: A
Page Ref: 112
9) Which of the following best expresses the relationship of a company vision to its mission?
A) The company vision comes from the company mission.
B) The mission statement is the written expression of the company vision.
C) The company mission statement is the verbal expression of the written vision.
D) There is no relationship between the two.
Answer: B
Page Ref: 112
10) A mission statement should answer which of the following questions?

A) What are the needs and wants of the target customers?
B) How will we finance our growth and expansion?
C) Who are our competitors?
D) How much money will we make?
Answer: A
Page Ref: 112
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corporate form of ownership?

A) The inability to accumulate capital
B) The potential for diminished managerial incentives
C) Legal requirements and red tape
D) The potential loss of control
Answer: D
Page Ref: 155
Topic: Disadvantages of the Corporation: Potential Loss of Control by the Founders
47) Traditionally, ________ were always set up as nonprofit corporations.

A) businesses
B) corporations
C) social enterprises
D) partnerships
Answer: C
Page Ref: 160
Topic: Social Enterprises
48) A ________ organization uses its revenues to pursue social value rather than create personal valu
investors.
A) business
B) nonprofit
C) venture
D) corporate
Answer: B
Page Ref: 161
Topic: Nonprofit Organizations
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RELATED TITLES

Chapter 3 Test Bankk Creativity

Chapter 3 Creativity and Innovation: Keys to Entrepreneurial Success

3) According to Ted Levitt, creativity

4) According to Ted Levitt, innovation is ________ new things.

Chapter 3 Test Bankk Creativity

Chapter 3 Test Bankk Creativity

11) The iPod is an example of a ________ innovation.

14) Another word for vertical thinking is ________ thinking.

Chapter 3 Test Bankk Creativity

16) The ________ brain processes information intuitively.

Chapter 3 Test Bankk Creativity

17) Which brain handles language, logic, and symbols?

19) Which one of the following is a barrier to creativity?

Chapter 3 Test Bankk Creativity

Topic: The Creative Process

49) Often, ideas require a ________ period.

1) The strategic management process:

Chapter 3 Test Bankk Creativity

2) The primary output of the strategic management process should be:

4) The strategic planning process for small businesses is:

Chapter 3 Test Bankk Creativity

Page Ref: 111

8) Answering the question "What business am I in?" defines the company's:

10) A mission statement should answer which of the following questions?

Chapter 3 Test Bankk Creativity

corporate form of ownership?

47) Traditionally, ________ were always set up as nonprofit corporations.

Chapter 3 Test Bankk Creativity

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