Entrepreneurial Mindset and Opportunity Financial Planning Quiz
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Questions and Answers

According to the text, what is the first thing you have in mind that you want to buy when you receive your allowance or salary?

  • A new book
  • A new experience (correct)
  • A new gadget
  • A new outfit

    • According to the text, what are some common or worst mistakes in personal finance?

  • Not having a budget
  • Not investing in the right opportunities
  • Not saving enough money
  • Spending too much on unnecessary items (correct)

    • According to the text, what is the root of all kinds of evil?

  • Faith
  • Money
  • Griefs
  • Love of money (correct)

    • According to the text, what is TIP #02?

    <p>Snowball Cashflow</p> Signup and view all the answers

    According to the text, what is TIP #04?

    <p>Invest Your Nest Egg</p> Signup and view all the answers

    According to the text, what does SOP stand for?

    <p>Standard Operating Procedure</p> Signup and view all the answers

    According to the text, what does POP stand for?

    <p>Passion of Purpose</p> Signup and view all the answers

    According to the text, what is a Mindset?

    <p>A flexible way of thinking</p> Signup and view all the answers

    According to Investopedia, what is an ENTREPRENEUR?

    <p>A person who starts a business</p> Signup and view all the answers

    According to the text, what is the main focus of Unit I?

    <p>Entrepreneurial Mindset and Opportunity</p> Signup and view all the answers

    Which one of the following is a key characteristic of an entrepreneur?

    <p>All of the above</p> Signup and view all the answers

    According to Harvard, what is entrepreneurship?

    <p>The pursuit of opportunity beyond resources controlled</p> Signup and view all the answers

    What is the purpose of a vision board?

    <p>All of the above</p> Signup and view all the answers

    How many dreams should be mapped out on a vision board?

    <p>At least 9</p> Signup and view all the answers

    What are the three terms for categorizing dreams on a vision board?

    <p>Short term, medium term, long term</p> Signup and view all the answers

    What should be created for each short term, medium term, and long term goal on a vision board?

    <p>A statement of completion</p> Signup and view all the answers

    What is the purpose of self-assessment and reflection in choosing an industry to pursue?

    <p>To identify personal interests and skills</p> Signup and view all the answers

    What are the personal entrepreneurial competencies (PECs) identified in the text?

    <p>Achievement Cluster, Planning Cluster, Power Cluster</p> Signup and view all the answers

    What is the Zuzunaga Venn Diagram of Purpose associated with?

    <p>Finding purpose, meaning, freedom, and personal growth</p> Signup and view all the answers

    What do we find when we discover our ikigai according to the Zuzunaga Venn Diagram of Purpose?

    <p>Purpose in lives, meaning in what we do, freedom in our day to day living, and personal growth</p> Signup and view all the answers

    According to the text, what is the purpose of TIP #01?

    <p>To be a goal setter</p> Signup and view all the answers

    According to the text, what is the root of all kinds of evil?

    <p>Love of money</p> Signup and view all the answers

    According to the text, what is the main focus of Unit I?

    <p>Entrepreneurial mindset and opportunity</p> Signup and view all the answers

    According to the text, what should be created for each short term, medium term, and long term goal on a vision board?

    <p>Action plan</p> Signup and view all the answers

    According to the text, what is the purpose of self-assessment and reflection in choosing an industry to pursue?

    <p>To identify personal entrepreneurial competencies</p> Signup and view all the answers

    According to the text, what is the Zuzunaga Venn Diagram of Purpose associated with?

    <p>Vision boards</p> Signup and view all the answers

    According to the text, what are the personal entrepreneurial competencies (PECs) identified?

    <p>All of the above</p> Signup and view all the answers

    According to Harvard, what is entrepreneurship?

    <p>The process of starting a business</p> Signup and view all the answers

    According to the text, what are some common or worst mistakes in personal finance?

    <p>All of the above</p> Signup and view all the answers

    What is the purpose of a vision board?

    <p>To visualize dreams and goals</p> Signup and view all the answers

    According to Harvard, what is the definition of entrepreneurship?

    <p>The pursuit of opportunity beyond resources controlled</p> Signup and view all the answers

    What is the purpose of a vision board?

    <p>To serve as a source of inspiration and motivation</p> Signup and view all the answers

    How many dreams should be mapped out on a vision board?

    <p>At least 9</p> Signup and view all the answers

    What is the main focus of Unit I?

    <p>Entrepreneurship</p> Signup and view all the answers

    According to the text, what are the personal entrepreneurial competencies (PECs)?

    <p>All of the above</p> Signup and view all the answers

    What does POP stand for?

    <p>Power of Purpose</p> Signup and view all the answers

    What is the Zuzunaga Venn Diagram of Purpose associated with?

    <p>All of the above</p> Signup and view all the answers

    According to Investopedia, what is an ENTREPRENEUR?

    <p>An individual who starts a new business</p> Signup and view all the answers

    What are the three terms for categorizing dreams on a vision board?

    <p>Short term, Medium term, Long term</p> Signup and view all the answers

    According to the text, what is TIP #04?

    <p>Reflect on aspects of yourself that you might not have thought about for a long time</p> Signup and view all the answers

    Which of the following is NOT one of the Three Ps of Creativity?

    <p>Problem</p> Signup and view all the answers

    What is the difference between creativity and innovation?

    <p>Creativity is the process of generating new ideas, while innovation is the implementation of those ideas.</p> Signup and view all the answers

    Which of the following is NOT a step in the Innovation Process?

    <p>Inspiration</p> Signup and view all the answers

    What is the purpose of the Three Ps of Creativity?

    <p>To harness creative potential and create opportunities</p> Signup and view all the answers

    What is the first step in the Innovation Process?

    <p>Inspiration</p> Signup and view all the answers

    What is the last step in the Innovation Process?

    <p>Implementation</p> Signup and view all the answers

    What is the purpose of the Creative Process?

    <p>To generate creative outputs</p> Signup and view all the answers

    How many Extreme Users were interviewed?

    <p>3</p> Signup and view all the answers

    What is the occupation of Loyal User 2?

    <p>Financial Planner</p> Signup and view all the answers

    What is the occupation of Non-User 1?

    <p>Student</p> Signup and view all the answers

    What is the age of Extreme User 3?

    <p>30</p> Signup and view all the answers

    What is the gender of Expert 2?

    <p>Female</p> Signup and view all the answers

    How many Non-Users were interviewed?

    <p>2</p> Signup and view all the answers

    What is the occupation of Loyal User 3?

    <p>Stewardess</p> Signup and view all the answers

    How many Experts were interviewed?

    <p>2</p> Signup and view all the answers

    What is the gender of Non-User 1?

    <p>Female</p> Signup and view all the answers

    Which group of people does not participate in the creative field at all?

    <p>Apathetic &amp; Non-users</p> Signup and view all the answers

    What are the two types of users who have deep knowledge of the creative product?

    <p>Experts &amp; Mavens and Extreme Users</p> Signup and view all the answers

    What is the purpose of crafting strong objectives?

    <p>To generate creative objectives</p> Signup and view all the answers

    Which of the following is a better objective idea for reducing cars on EDSA?

    <p>Implement 3-day workweek</p> Signup and view all the answers

    What is the purpose of conducting interviews with users in the field?

    <p>To assess user satisfaction</p> Signup and view all the answers

    Which user type has formally studied the creative field or spent a lot of time researching and writing about it?

    <p>Experts &amp; Mavens</p> Signup and view all the answers

    What is the main focus of Unit Assessment #01?

    <p>Generating Creative Objectives</p> Signup and view all the answers

    What are the four quadrants of the whole brain framework or The Herrmann Brain Dominance Instrument (HBDI)?

    <p>Analyst, Implementor, Connector, Ideator</p> Signup and view all the answers

    What are the two types of thinking described in the text?

    <p>Convergent thinking and divergent thinking</p> Signup and view all the answers

    What are the four steps of the innovation process described in the text?

    <p>Inspiration, ideation, incubation, implementation</p> Signup and view all the answers

    What is the purpose of the incubation phase in the innovation process?

    <p>To refine and test solutions</p> Signup and view all the answers

    What is the main lesson learned from the story about a man buying and selling coconuts?

    <p>Self-imposed assumptions can limit our thinking</p> Signup and view all the answers

    What are the three Ps of creativity?

    <p>Product, process, person</p> Signup and view all the answers

    What are the four creative personas described in the text?

    <p>Analyst, Implementor, Connector, Ideator</p> Signup and view all the answers

    What is the purpose of the ideation phase in the innovation process?

    <p>To generate many ideas</p> Signup and view all the answers

    What is the SCAMPER method used for in idea generation?

    <p>To substitute and replace elements</p> Signup and view all the answers

    Who are the interviewed people from the creative field in the innovation process?

    <p>Experts</p> Signup and view all the answers

    What are the three steps of the S.A.V.E. Framework?

    <p>Solution, Access, Value</p> Signup and view all the answers

    What is the purpose of the Triple Bottom Line in the context of the enterprise?

    <p>To monitor and evaluate the environmental impact</p> Signup and view all the answers

    What is the purpose of the Metaphoring Process in the Google Metaphoring Process?

    <p>To apply the idea to your own field</p> Signup and view all the answers

    What is the main focus of the Idea Flexibility Learning?

    <p>To generate unique ideas</p> Signup and view all the answers

    Which of the following is NOT one of the dimensions of the AEIOU framework?

    <p>Observations</p> Signup and view all the answers

    What is the purpose of the Power Brainstorming technique known as 'COMBINE'?

    <p>To merge or blend different ideas together</p> Signup and view all the answers

    What is the purpose of conducting observations in the AEIOU framework?

    <p>To observe the interactions between people and objects</p> Signup and view all the answers

    What is the main focus of the Reverse Brainstorming technique?

    <p>To generate ideas for making a project a failure</p> Signup and view all the answers

    Which of the following is a step in the SCAMPER technique?

    <p>Magnify</p> Signup and view all the answers

    What is the purpose of the Metaphoring technique in ideation?

    <p>To generate new ideas for a specific field</p> Signup and view all the answers

    What is the main focus of the Cross-Pollination technique?

    <p>Blending different ideas together</p> Signup and view all the answers

    What is the first step in the Idea Fluency technique?

    <p>Learning to generate many ideas</p> Signup and view all the answers

    Which of the following is NOT a benefit of circular business models?

    <p>Finite resources</p> Signup and view all the answers

    What is the need that the product/service of solar lamps and chargers fulfills?

    <p>The need for reliable lighting in areas with unreliable electricity</p> Signup and view all the answers

    Who is the target market for the solar lamps and chargers?

    <p>Homes and businesses in the area with unreliable electricity</p> Signup and view all the answers

    How will the environment be affected by the solar lamps and chargers?

    <p>The environment will be protected by using renewable solar energy</p> Signup and view all the answers

    What is the purpose of the Ideation phase in the innovation process?

    <p>To generate many ideas</p> Signup and view all the answers

    Which group of people were interviewed in the Innovation Process?

    <p>Non-Users</p> Signup and view all the answers

    What is the SCAMPER method used for?

    <p>Substituting, combining, adapting, modifying, putting to other uses, eliminating, and rearranging ideas</p> Signup and view all the answers

    Which of the following is NOT one of the AEIOU dimensions used in the observation process?

    <p>Organizations</p> Signup and view all the answers

    What is the purpose of the Power Brainstorming technique known as SCAMPER?

    <p>To generate new ideas by substituting elements</p> Signup and view all the answers

    What is the main focus of the Reverse Brainstorming technique?

    <p>To identify potential problems and obstacles</p> Signup and view all the answers

    What are the components of a ballad according to the example provided?

    <p>Group, object, saxophone</p> Signup and view all the answers

    What are some ways to modify a creative idea for the better?

    <p>Change the name</p> Signup and view all the answers

    What is one way to put a creative idea to other uses?

    <p>Interchange components</p> Signup and view all the answers

    What is one way to reverse a creative idea?

    <p>Transpose positive to negative</p> Signup and view all the answers

    What is one way to rearrange a creative idea?

    <p>Change the order</p> Signup and view all the answers

    Which one of these is NOT a step in the SCAMPER technique?

    <p>Combine/Adapt</p> Signup and view all the answers

    What is the purpose of the Metaphoring technique in ideation?

    <p>To generate new ideas by forcefitting ideas from unrelated fields</p> Signup and view all the answers

    What is the main focus of the Reverse Brainstorming technique?

    <p>To generate ideas by considering the opposite of the desired outcome</p> Signup and view all the answers

    What is the purpose of a vision board?

    <p>To map out short term, medium term, and long term goals</p> Signup and view all the answers

    Which of the following is NOT a benefit of circular business models?

    <p>Finite resources</p> Signup and view all the answers

    What is the main focus of the SDG WEDDING CAKE?

    <p>Planet</p> Signup and view all the answers

    What is the need that the product/service of solar lamps and chargers fulfills?

    <p>Need for lighting in areas where the electricity is unreliable, expensive and the power is often cut.</p> Signup and view all the answers

    Who is the target market for the solar lamps and chargers?

    <p>Homes and businesses in areas with unreliable electricity</p> Signup and view all the answers

    Study Notes

    Personal Finance and Mistakes

    • Common mistakes in personal finance include impulse spending, neglecting budgeting, and failing to save.
    • The root of all kinds of evil is often linked to the love of money.

    Tips for Financial Management

    • TIP #02 emphasizes the importance of financial education.
    • TIP #04 suggests setting clear financial goals.

    Understanding Concepts and Definitions

    • SOP stands for Standard Operating Procedure.
    • POP stands for Point of Purchase.
    • A Mindset refers to the established set of attitudes held by someone.
    • An Entrepreneur is defined as an individual who creates and manages a business, taking on financial risks to do so.

    Unit Focus and Entrepreneurial Traits

    • The main focus of Unit I is on foundational concepts in entrepreneurship.
    • Key characteristics of an entrepreneur include risk-taking, creativity, and resilience.

    Entrepreneurship Insights

    • According to Harvard, entrepreneurship involves the process of designing, launching, and running a new business or startup.
    • The purpose of a vision board is to visualize and manifest goals and aspirations.

    Vision Board Details

    • Dreams mapped on a vision board should ideally be limited to around 10-15.
    • The three terms for categorizing dreams are short-term, medium-term, and long-term.
    • An action plan should be created for each short-term, medium-term, and long-term goal.

    Self-Assessment and Personal Development

    • Self-assessment and reflection help individuals choose appropriate industries for their entrepreneurial pursuits.
    • Personal entrepreneurial competencies (PECs) comprise traits and skills crucial for success in entrepreneurship.

    Zuzunaga Venn Diagram of Purpose

    • The Zuzunaga Venn Diagram of Purpose is associated with identifying one's ikigai, or reason for being.
    • Discovering one's ikigai brings clarity and fulfillment.

    Creative Process and Innovation

    • The Creative Process involves stages of Idea Generation, Concept Development, and Implementation.
    • The Three Ps of Creativity are People, Processes, and Products.
    • The difference between creativity and innovation lies in that creativity is the generation of new ideas, while innovation is the application that turns those ideas into value.
    • The Innovation Process includes steps such as ideation, development, and execution.

    Research and Observation in Innovation

    • Interviews and observations are critical in understanding user needs and refining creative ideas.
    • The incubation phase in the innovation process allows for reflection and development of ideas over time.

    Brainstorming Techniques

    • The SCAMPER method aids in idea generation by prompting users to Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, and Reverse.
    • Reverse Brainstorming focuses on finding ways to cause problems instead of solving them, aiding in identifying must-have solutions.

    Circular Business Models

    • Circular business models aim to minimize waste and maximize resource efficiency, promoting sustainable practices.

    Application of Ideas and Modifications

    • Creative ideas can be modified through rearrangement, putting them to other uses, or reversing them to explore new perspectives.
    • The goal is to enhance an initial idea and maximize its impact across various scenarios.

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    Description

    Test your financial knowledge and mindset with this quiz on Entrepreneurial Mindset and Opportunity Financial Planning. Discover if you have the mindset of an entrepreneur or an employee, and learn about active income, passive income, and the common mistakes to avoid in personal finance. Find out how to save, earn, and provide for your financial future.

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