Enterprise and Innovation Quiz

Which of the following is an economic benefit of enterprise?

• Established businesses are replaced

• Decreased living costs

• Increased community spirit

• Increased consumer spending

What does innovative mean?

• New and original

• Tried and tested

• Traditional and trusted

• Unoriginal and used

List three examples of innovative technology that we use every day:

• Electricity, Smart phones, Computers

• Electricity, Televisions, Radios

• Smart phones, Typewriters, Calculators

• Computers, Fax machines, Landline phones

Identify two qualities of an entrepreneur:

• Hardworking, organised

• Lazy, disorganized

• Unmotivated, risk-averse

• Unreliable, uncreative

Outline two benefits to the economy of new businesses opening:

• It stimulates new employment, which then results in the acceleration of economic development.

• It decreases competition and reduces innovation.

• It leads to higher taxes and reduced consumer spending.

• It causes market saturation and business closures.

Identify two benefits to society resulting from enterprise and entrepreneurship:

• Increased unemployment and economic stagnation

• Enhanced community development and job creation

• Reduced innovation and economic decline

• Decreased consumer choice and market competition

What are some benefits associated with entrepreneurship?

• Decreased customer choice for services and products

• Economic growth takes place

• Fewer employment opportunities are available

• Reduced business performance and choice

What is the definition of enterprise?

• A project, a willingness to take on a new project, an undertaking or business venture

• A large corporation with many employees

• A government initiative to support businesses

• A non-profit organization

How does product innovation take place?

• By copying existing products

• By achieving an improvement on existing products, though creating a true invention also happens

• By reducing the quality of existing products

• By eliminating competition

What is the meaning of economic growth?

• A decrease in people's real income

• An increase in the ratio between people's income and the prices of what they can buy

• A reduction in the availability of goods and services

• An increase in the number of unemployed people