Question 1

Which of the following is the main problem regarding experience in the role of decision making?

Accepted Answer

A) Times have changed since the experience was gained. 
B) Some new ideas are better than convention or what we thought we knew. 
C) The idea practiced in the past may have been wrong. 
D) Experience rarely relates to the current situation. 
A) Times have changed since the experience was gained. 
B) Some new ideas are better than convention or what we thought we knew. 
C) The idea practiced in the past may have been wrong. 
D) Experience rarely relates to the current situation.

Question 2

What are analytical experiments?

Accepted Answer

A) hypothesis tested using large stores of existing data 
B) experiments conducted by experts in the field 
C) experiments that use reasoning and advanced methods in determining the value of the data 
D) experiments that involve the summary of data in statistics 
A) hypothesis tested using large stores of existing data 
B) experiments conducted by experts in the field 
C) experiments that use reasoning and advanced methods in determining the value of the data 
D) experiments that involve the summary of data in statistics

Question 3

What was typical of the way the owners of Parlor Skis conducted experiments?

Accepted Answer

A) They concentrated on one big experiment, saving time in the development process. 
B) They followed the tenets of affordable losses, using small scale experiments to guide them. 
C) They used experimentation to support a "go-don't go" decision. 
D) They used external resources to conduct experiments so that they could concentrate on running the business. 
A) They concentrated on one big experiment, saving time in the development process. 
B) They followed the tenets of affordable losses, using small scale experiments to guide them. 
C) They used experimentation to support a "go-don't go" decision. 
D) They used external resources to conduct experiments so that they could concentrate on running the business.

Question 4

Maurice works for a company that stores all information from online shopping.Daily, he produces reports that test the effectiveness of online campaigns, using information that has been gathered.He can also see where people linked from into the website and links from other sites that land on a specific page or item.What is the name of what Maurice does?

Accepted Answer

A) analytical experiments ? 
B) database management 
C) field studies 
D) asking questions 
A) analytical experiments ? 
B) database management 
C) field studies 
D) asking questions

Question 5

What does one hope the storyboard will do when presented?

Accepted Answer

A) generate questions 
B) gain approval 
C) encourage people to invest in the idea 
D) answer all questions 
A) generate questions 
B) gain approval 
C) encourage people to invest in the idea 
D) answer all questions

Question 6

Describe how the idea of experimentation helps a company move forward in a careful and cost effective manner.

Accepted Answer

Experimentation allows the entrepreneur

Question 7

What question is asked when an entrepreneur draws conclusions from the results of the data analysis?

Accepted Answer

A) What can be put into charts and graphs? 
B) Can the results be communicated? 
C) Do the results support the hypothesis? 
D) How can the observations be summarized? 
A) What can be put into charts and graphs? 
B) Can the results be communicated? 
C) Do the results support the hypothesis? 
D) How can the observations be summarized?

Question 8

Anthony is thinking of starting a small hot dog cart that he will take to the beach area in San Diego, California.Before starting, he asks an ice cream vendor if he can offer hot dogs using his stand for a small rental fee.He will only need to use space for one day.Anthony is conducting what stage of the scientific process ?

Accepted Answer

A) testing the hypothesis by running an experiment 
B) implementation of the plan 
C) developing a hypothesis 
D) carrying out background research 
A) testing the hypothesis by running an experiment 
B) implementation of the plan 
C) developing a hypothesis 
D) carrying out background research

Question 9

Daijah creates a prototype that demonstrates all of the features her product will have in the next 10 years.Yet, she will not be able to launch this version for quite some time due to the technical issues with manufacturing.However, using the futuristic prototype, she assesses interest in the product and believes that, with these results, she can launch the product.What would you caution Daijah?

Accepted Answer

A) The prototype is adequate for this assessment both now and for the future. 
B) The prototype does not communicate what the product looks like or how it works at launch, thus, is invalid for the current launch. 
C) Prototypes do not need to be working modes, so the prototype is fine for the short term. 
D) Customers will be excited that they are participating in the evolution of the product. 
A) The prototype is adequate for this assessment both now and for the future. 
B) The prototype does not communicate what the product looks like or how it works at launch, thus, is invalid for the current launch. 
C) Prototypes do not need to be working modes, so the prototype is fine for the short term. 
D) Customers will be excited that they are participating in the evolution of the product.

Question 10

A prototype is often created before a pilot test is conducted.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following participant right is an ethical requirement when performing an experiment?

Accepted Answer

A) the right to informed consent 
B) the right to review the results of the experiment 
C) the right to be paid 
D) none of these 
A) the right to informed consent 
B) the right to review the results of the experiment 
C) the right to be paid 
D) none of these

Question 12

What assumption was proven untrue after the owners of Parlor Skis talked to customers?

Accepted Answer

A) the assumption that people would be willing to pay for high-end skis 
B) the assumption that handmade skis would be seen as a positive selling point 
C) the assumption that people purchased skis primarily in winter 
D) the assumption that most people buying the skis would be expert skiers 
A) the assumption that people would be willing to pay for high-end skis 
B) the assumption that handmade skis would be seen as a positive selling point 
C) the assumption that people purchased skis primarily in winter 
D) the assumption that most people buying the skis would be expert skiers

Question 13

What was the first step of experimentation that the founder of Amazon began using the process to assess online business opportunities?

Accepted Answer

A) He asked questions about shopping behavior and mail order shopping. 
B) He browsed the Internet for online shopping sites. 
C) He conducted a survey about interest in online shopping. 
D) He tested product online, using someone else's website. 
A) He asked questions about shopping behavior and mail order shopping. 
B) He browsed the Internet for online shopping sites. 
C) He conducted a survey about interest in online shopping. 
D) He tested product online, using someone else's website.

Question 14

Sean is thinking about creating an automatic cat feeder similar to one that he created for dogs.He believes that cats eat several times a day.He also believes that cats can be trained to come to the sound of a slight ding, indicating that a new tray of food has been opened.He has several friends set out small trays of food, sounding a ding to see if cats will associate the sound with curiosity about the food.This action is called ______.

Accepted Answer

A) testing the hypothesis 
B) forming a hypothesis 
C) analyzing data 
D) assessing results 
A) testing the hypothesis 
B) forming a hypothesis 
C) analyzing data 
D) assessing results

Question 15

The first step of the scientific process for an entrepreneur is which of the following?

Accepted Answer

A) to conduct a thorough Internet search 
B) to develop the hypothesis 
C) to ask a lot of questions 
D) to analyze the data 
A) to conduct a thorough Internet search 
B) to develop the hypothesis 
C) to ask a lot of questions 
D) to analyze the data

Question 16

Shelisa, an author, is on a TV show talking about her latest book.The host of the TV show holds up her book and says "This is a must read for all of my readers." What kind of customer is the TV show host?

Accepted Answer

A) a recommender 
B) an influencer 
C) an end user 
D) a decision maker 
A) a recommender 
B) an influencer 
C) an end user 
D) a decision maker

Question 17

Experiments do not have to have a clear purpose; they only need to be observed and have an outcome.

Accepted Answer

A) True 
 B)False

Question 18

In experimentation, an entrepreneur's goal should be to do which of the following?

Accepted Answer

A) Use continual iteration to test and shape ideas. 
B) Create perfect experiments for perfect outcomes. 
C) Use scientific rigor in the testing of his or her products. 
D) Use the scientific method sparingly so as to save resources. 
A) Use continual iteration to test and shape ideas. 
B) Create perfect experiments for perfect outcomes. 
C) Use scientific rigor in the testing of his or her products. 
D) Use the scientific method sparingly so as to save resources.

Question 19

Anthony is thinking of starting a small hot-dog cart that he will take to the beach area in San Diego, California.Before starting, he investigates city ordinances and talks to vendors in the beach area.He also talks to people at the local parks who sell hot dogs to find out what makes their business successful.Anthony is conducting what stage of the scientific process?

Accepted Answer

A) background research 
B) experimentation 
C) data analysis 
D) testing the hypothesis 
A) background research 
B) experimentation 
C) data analysis 
D) testing the hypothesis

Question 20

Customers who have the ability to approve the purchase others make are called which of the following?

Accepted Answer

A) recommenders 
B) economic buyers 
C) decision makers 
D) end users 
A) recommenders 
B) economic buyers 
C) decision makers 
D) end users

Which of the following is the main problem regarding experience in the role of decision making?

What are analytical experiments?

What was typical of the way the owners of Parlor Skis conducted experiments?

What does one hope the storyboard will do when presented?

Describe how the idea of experimentation helps a company move forward in a careful and cost effective manner.

What question is asked when an entrepreneur draws conclusions from the results of the data analysis?

A prototype is often created before a pilot test is conducted.

Which of the following participant right is an ethical requirement when performing an experiment?

What assumption was proven untrue after the owners of Parlor Skis talked to customers?

What was the first step of experimentation that the founder of Amazon began using the process to assess online business opportunities?

The first step of the scientific process for an entrepreneur is which of the following?

Shelisa, an author, is on a TV show talking about her latest book.The host of the TV show holds up her book and says "This is a must read for all of my readers." What kind of customer is the TV show host?

Experiments do not have to have a clear purpose; they only need to be observed and have an outcome.

In experimentation, an entrepreneur's goal should be to do which of the following?

Customers who have the ability to approve the purchase others make are called which of the following?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

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Exam 7: Testing and Experimenting in Markets

Which of the following is the main problem regarding experience in the role of decision making?

What are analytical experiments?

What was typical of the way the owners of Parlor Skis conducted experiments?

What does one hope the storyboard will do when presented?

Describe how the idea of experimentation helps a company move forward in a careful and cost effective manner.

What question is asked when an entrepreneur draws conclusions from the results of the data analysis?

A prototype is often created before a pilot test is conducted.

Which of the following participant right is an ethical requirement when performing an experiment?

What assumption was proven untrue after the owners of Parlor Skis talked to customers?

What was the first step of experimentation that the founder of Amazon began using the process to assess online business opportunities?

The first step of the scientific process for an entrepreneur is which of the following?

Shelisa, an author, is on a TV show talking about her latest book.The host of the TV show holds up her book and says "This is a must read for all of my readers." What kind of customer is the TV show host?

Experiments do not have to have a clear purpose; they only need to be observed and have an outcome.

In experimentation, an entrepreneur's goal should be to do which of the following?

Customers who have the ability to approve the purchase others make are called which of the following?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters