Key Terms Quiz

Define the key term: Automation

• The use of technology to perform tasks without human intervention

• A manual process requiring human effort

• A type of software development methodology

• A form of artistic expression

Innovation is defined as:

• The introduction of something new

• A routine process

• An outdated method

• A repetitive task

Crowdfunding is defined as:

• A method of raising small amounts of money from a large number of people

• A traditional form of bank loan

• A government grant for startups

• An investment from a single venture capitalist

Define the key term: Virtual marketing

• A type of marketing that uses digital platforms to promote products

• A traditional form of marketing using physical media

• A marketing strategy focused on in-person events

• A method of marketing that relies solely on word-of-mouth

Define the key term: Co-operatives

• A type of business organization owned and operated by a group of individuals for their mutual benefit

• A government-owned corporation

• A privately-owned company

• A non-profit organization

Define the key term: Fair trade

• A system of exchange that seeks to ensure fair prices and ethical treatment for producers

• A type of trade that focuses on maximizing profits for corporations

• A government policy to regulate international trade

• A method of trading stocks and bonds

Which of the following terms refers to the use of technology to perform tasks without human intervention?

• Innovation

• Virtual marketing

• Co-operatives

• Automation

• Crowdfunding

Define the term: Automation

• Robotic automation of manufacturing processes offers significantly greater consistency, accuracy, reliability, and productivity than human workers

• Automation is the process of manually controlling machines to perform tasks

• Automation refers to the use of animals to perform repetitive tasks

• Automation is the art of creating handmade products without any machinery

Define the term: Innovation

• A new invention or idea

• A traditional method

• A repeated process

• A common practice

Define the term: Crowdfunding

• Crowdfunding enables organizations to raise investment from individuals who believe in their idea

• Crowdfunding is a method of raising capital through the collective effort of friends, family, customers, and individual investors

• Crowdfunding is a way for businesses to obtain loans from banks

• Crowdfunding is a government grant program for startups