Skip to main content
Business LibreTexts

7.8: Review Questions

  1. Last updated
  2. Save as PDF
  • Page ID
    51734

    • Michael Laverty and Chris Littel et al.
    • OpenStax
    \( \newcommand{\vecs}[1]{\overset { \scriptstyle \rightharpoonup} {\mathbf{#1}} } \) \( \newcommand{\vecd}[1]{\overset{-\!-\!\rightharpoonup}{\vphantom{a}\smash {#1}}} \)\(\newcommand{\id}{\mathrm{id}}\) \( \newcommand{\Span}{\mathrm{span}}\) \( \newcommand{\kernel}{\mathrm{null}\,}\) \( \newcommand{\range}{\mathrm{range}\,}\) \( \newcommand{\RealPart}{\mathrm{Re}}\) \( \newcommand{\ImaginaryPart}{\mathrm{Im}}\) \( \newcommand{\Argument}{\mathrm{Arg}}\) \( \newcommand{\norm}[1]{\| #1 \|}\) \( \newcommand{\inner}[2]{\langle #1, #2 \rangle}\) \( \newcommand{\Span}{\mathrm{span}}\) \(\newcommand{\id}{\mathrm{id}}\) \( \newcommand{\Span}{\mathrm{span}}\) \( \newcommand{\kernel}{\mathrm{null}\,}\) \( \newcommand{\range}{\mathrm{range}\,}\) \( \newcommand{\RealPart}{\mathrm{Re}}\) \( \newcommand{\ImaginaryPart}{\mathrm{Im}}\) \( \newcommand{\Argument}{\mathrm{Arg}}\) \( \newcommand{\norm}[1]{\| #1 \|}\) \( \newcommand{\inner}[2]{\langle #1, #2 \rangle}\) \( \newcommand{\Span}{\mathrm{span}}\)\(\newcommand{\AA}{\unicode[.8,0]{x212B}}\)

    1.

    ________ is like the origin story for a brand.

    1. problem-solution narrative
    2. purpose
    3. mission statement
    4. vision statement
    2.

    Identify the correct terms used in this text for setting SMART goals.

    1. specific, measurable, attainable, relevant, time-bound
    2. specific, marketable, attainable, relevant, time-bound
    3. specific, measurable, achievable, relevant, timely
    4. specific, measurable, attractive, relevant, time-bound
    3.

    What is defined as the thing your organization does that people will pay for or contribute to?

    1. earnings statement
    2. profit proposition
    3. value for revenue proposal
    4. value proposition
    4.

    When an entrepreneur’s story becomes part of the mythology of a corporation and its purpose, this is known as a/an ________.

    1. mission statement
    2. vision statement
    3. purpose statement
    4. corporate narrative
    5.

    When someone supports your products and your brand so much that they begin speaking on your behalf in person and on social media, they are known as a/an ________.

    1. brand advocate
    2. corporate narrative sponsor
    3. impetus
    4. entrepreneurial drive
    6.

    In previous decades, a term for a related phenomenon was “Keeping up with the Joneses.” This refers to a sense that if we are not living our best life, having the most fun, enjoying the best foods, fashion, and so on, then we are not living the life we should. This term can refer to both a short-term concern and a general anxiety that others are enjoying life more than we are.

    1. brand advocacy awareness
    2. FOMO, or fear of missing out
    3. “Jonesing”
    4. happy ever anxiety
    7.

    Pitches have different purposes, depending on the target audience. The constant in every pitch is that it ________.

    1. must be short
    2. makes a request for support
    3. includes six elements and about ten slides
    4. is derived from a corporate narrative
    8.

    An abbreviated pitch that you memorize is called an elevator pitch. Meant to be given in person, is should be ________.

    1. brief
    2. memorized
    3. connected to a request for more time to make a more complete pitch
    4. All of these options are correct.
    9.

    A graphic worksheet that sets forth the value proposition of any startup and allows you to identify stakeholders, and key inputs and outputs is the ________.

    1. business model generator
    2. business model canvas
    3. business mobility canvas
    4. business meditation and creativity matrix
    10.

    An agreement between an individual employee and a company that states that innovations belong to the company, even if an individual makes substantial contributions.

    1. nondisclosure agreement
    2. work-for-hire agreement
    3. noncompete clause
    4. patent
    11.

    A ________ is a license granting exclusivity, as in the exclusive rights to manufacture and sell a specific product.

    1. patent
    2. UI
    3. nondisclosure agreement
    4. noncompete clause
    12.

    Numerical measurements providing data on how people use a product or service results in ________ data.

    1. qualitative
    2. quantitative
    3. lean
    4. build-measure-learn
    13.

    More complex data indicating why and how people use or might use a product or innovation is known as ________ data.

    1. qualitative
    2. quantitative
    3. lean
    4. build-measure-learn
    14.

    The ________ is the specific request for funding, mentorship, collaborators, and/or business partners that appears in a pitch.

    1. ask
    2. request
    3. pitch
    4. contest
    15.

    The student entrepreneurship organization highlighted in this chapter is ________.

    1. CEO
    2. CFO
    3. Future Entrepreneurs of America
    4. Pitch Competitors International

    This page titled 7.8: Review Questions is shared under a CC BY 4.0 license and was authored, remixed, and/or curated by Michael Laverty and Chris Littel et al. (OpenStax) via source content that was edited to the style and standards of the LibreTexts platform; a detailed edit history is available upon request.