Mid Term Exam

What is a business plan primarily used for?

• To define a business's objectives
• To create a prototype
• To conduct market research
• To secure a patent

Which of the following best describes creativity?

• The ability to follow instructions
• The use of imagination or original ideas
• The process of market research
• The act of managing a business

Market research is important because it helps to:

• Identify the value of a product
• Create a prototype
• Secure a patent
• Develop a business plan

Which of the following is NOT a step in the engineering design process?

• Ask
• Imagine
• Evaluate
• Create

Someone who manages, organizes, and assumes the risks of an enterprise or business is defined as

• business plan
• entrepreneur
• market research
• innovator

A precise statement of results the business expects to achieve

• Goal
• Innovator
• Vision Statement
• Integrity

The ability to motivate individuals and groups to accomplish important goals

• Leadership
• Facilitator
• Resilience
• Mediator

Someone who introduces something new

• Innovator
• Leadership
• Mediator
• Facilitator

The definition of value means

• The amount of time it takes to receive the product before distributing it to the customer
• A customer's assesment of benefits relative to the costs in determining the worth of a product
• The popularity of the product among peers
• The promotional offers associated with the product that is included in the products overhead

A Mediator is a self conscious state in which attention focuses on oneself. It makes people more sensitive to their own attitudes and dispositions.

• True
• False